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RBI advises commercial banks to adopt Education Loan Scheme

Last Updated: June 25, 2019

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RBI advises commercial banks to adopt Education Loan Scheme

RBI advises commercial banks to adopt Education Loan Scheme

25 June 2019 Current Affairs: Reserve Bank of India advised all Scheduled Commercial Banks to adopt Education Loan Scheme.
The schemes are formulated by the Indian Banks Association.
The salient features are 
Collateral free loans up to Rs 7.5 Lakh under the Credit Guarantee Fund Scheme for Education Loans (CGFSEL).
No Margin for a loan up to Rs 7.50 Lakh.
Repayment period of 15 years
Loan up to Rs 10 lakh for study in India and up to Rs 20 lakh for study abroad.
One Year Moratorium for repayment after completion of studies in all cases.
Moratorium taking into account spells of unemployment/underemployment say two or three times during the life cycle of the loan.
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