Form of Plan / Standards of Loan Assistance
For non-reserved class students for higher studies abroad for post-graduate as well as post-graduation diploma or other equivalent course after Std-12 only M.B.B.S. 13.00 lakh foreign study loan will be provided by the corporation.
- Eligibility Criteria: 90% or more in Std-12.
- Interest rate: Simple interest at 5% per annum.
- Income Limit: Annual income limit of the family is less than Rs.5.00 lakhs.
No guarantee / document for loan:
- The total loan amount for the entire course is Rs. 2.50 lakhs or less.
- If the total loan amount of the entire course is more than Rs.2.50 lakh, the total amount will have to be mortgaged in favor of oneself or any other relative’s real estate corporation.
- Each borrower will have to provide five post dated checks signed in favor of the corporation
- In case of total loan up to Rs.5.00 lakhs, it has to be paid in 5 (five) years in equal monthly installments after 1 year of completion of study.
- In case of loan of more than Rs.2.00 lakh, it will have to be paid in equal monthly installments in 6 (six) years after 1 year of completion of study.
- The repayable loan money will have to be deposited at first interest.
- The borrower can repay the loan even before the fixed time limit
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