Want education loan without collateral? 🧐
Look no further! ✨
The Credit Guarantee Fund Scheme for Education Loan(CGFSEL) was launched by the Government of India in 2015. This scheme was launched to guarantee education loans to students from the economically weaker sections. ✨
This scheme is meant for student borrowers who are unable to pledge any collateral for their loan and are also unable to provide any third-party guarantee. 🙌🏼
Under this scheme, a student can get a collateral-free loan, and without a third-party guarantee, of INR 7.5 lakhs. 🌱
The requirements to avail this benefit are as follows:
- The student should belong to the EWS (Economically Weaker Section) category.
- The annual income of the family should be less than INR 4.50 lakhs.
- The student should have got admission in a recognized University.
Please note: The subsidy is valid during the course period and the moratorium period only. (Covered this in detail in the previous reel)🙏🏼
Moreover, a student will be eligible for the subsidy only once in their lifetime - either for their first Bachelor’s degree or for a Postgraduate degree.💻
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