Thursday, 10 November 2011

Uttarakhand domiciles with annual income below 3 Lakh to get interest subsidy on Educational loans

Written by Anil Singh

On the eve of Uttarakhand’s 11th foundation day, the Uttarakhand CM announced some gifts for specific groups of people.

In total, the Chief minister B C Khanduri made 28 announcements. The key among them is:

Five per cent interest subsidy on Educational loans to Uttarakhand Domiciles with annual income below 3 Lakh: The Uttarakhand government would provide a five per cent interest subsidy for a maximum of five years for an education loan up to Rs 10 lakh on the interest rate prescribed by the bank for pursuing education by children, whose parents’ annual income is not more than Rs 3 lakh.

In simple if a Uttarakhand parent, with an annual income less than 3 Lakhs, avails loan up to 10 Lakhs for his/her child’s education, then the Uttarakhand Government will pay 5 percent of the interest paid on the loan.

[Only implementation of the scheme will reveal the hidden conditions]

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