Kerala announces feasible loan repayment plan for students

In what could be termed as a feasible plan which is likely to benefit tens of thousands of students who has studied using the bank loans, the Kerala government’s finance department has decided to launch a loan repayment package through which those students who have taken loans up to ten lakhs rupees are likely to get a huge relief as the government is planning to remit a huge portion of their loan. According to the report, the package will benefit those students who acquired admission in the professional and technical courses in the government quota and those students who gained admission in the nursing courses. As per the report, in the first year, the government will pay ninety per cent of the loan amount while the government will remit seventy-five per cent of the loan amount in the second year. Likewise, in the third year and in the fourth year the government will repay fifty per cent and twenty-five per cent of the loan amount respectively, says the report. Notably, in order to avail this benefit, the annual income of the beneficiary’s family should be below six lakhs rupees. In case the beneficiary is a physically handicapped person with a disability of more than forty per cent, even if his family’s annual income is above six lakh rupees he is eligible to acquire the benefit. But, in such scenarios also, his family’s annual income should not exceed nine lakhs rupees. It is to be noted that only those students who were admitted in the recognized universities can avail the benefit.

Vignesh

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