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Government To Increase Guarantee Limit For Education Loan To Rs 10 Lakh: Report
Soon, no guarantee will be required for education loans of up to 10 lakhs: Report The central government may increase the guarantee limit for education loans by 33 per cent to Rs 10 lakh from the current Rs 7.5 lakh. Education loans are guaranteed under the Central government's Credit Guarantee Fund Scheme for Education Loans (CGFSEL). The Department of Financial Services held a meeting with all the 12 government-owned banks in August to discuss disbursal targets of educational loans. The official had highlighted that while the CGFSEL scheme provides a guarantee for education loans up to Rs 7.5 lakh, some state governments had set up to Rs 10 lakh as the guarantee limit, the report added. The CGFSEL scheme benefits students who belong to the Economically Weaker Section (EWS). The annual gross family income of the student seeking a loan should not be more than Rs 4.50 lakh. Source: NDTV
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