What you get
- The maximum loan limit under this scheme is up to ₹ 15,00,000/-. | - The interest rate: | - 4% per annum for male students. | - 3.5% per annum for female students. | - Loan Contribution Breakdown: | - 90% by the National Corporation. | - 5% by the State Government. | - 5% by the beneficiary. | - The loan amount will include the following: | - Admission fees and tuition fees | - Accommodation and food expenses | Validity: This loan is to be repaid in 60 equal monthly instalments, including interest. The loan must be repaid within 6 months of completing the course or 1 month after getting a job, whichever is earlier.
Who can apply
Required Paperwork
- Aadhaar Card
- PAN Card
- Income Certificate
- Residence Proof (Domicile)
Common Questions
What is the purpose of this scheme?
This scheme provides financial support to socially and educationally backward class students to pursue graduate and postgraduate professional and technical education.
Who is eligible to apply under this scheme?
The applicant should belong to a socially and educationally backward class.
Is there any preference given based on family income?
Yes, preference is given if the applicant’s family income is up to ₹1,50,000 per annum.
What is the minimum percentage required in academics to apply under this scheme?
The applicant must have secured at least 50% marks in Class 12 or the qualifying examination.
What kind of admission process is required for eligibility under this scheme?
The student must have secured admission through a recognized entrance examination conducted by the Central/State Government or through a selection process with at least 50% marks in the qualifying examination.
Are there specific courses covered under this scheme?
Yes, this scheme covers MBA, MCA, graduate-level engineering, medical education, and hospitality management courses.
Does this scheme cover engineering courses from all institutions?
Only engineering courses conducted by IITs or other institutions recognised by AICTE are covered.
Is medical education included in this scheme?
Yes, medical education, including Ayurvedic, Homoeopathic, and Unani courses recognised by the Medical Council of India, is covered.
Is hospitality management covered under this scheme?
Yes, diploma courses in hospitality management recognized by the National Council of Hotel Management are included.
What expenses are covered under this scheme?
This scheme covers admission fees, tuition fees, accommodation, and food expenses.
Does this scheme deduct any other financial assistance before sanctioning?
Yes, the loan amount is sanctioned after deducting any amount received under the Mukhyamantri Yuva Swavalamban Yojana.
Will fees be paid if the student has failed or has ATKT?
No, if the student has failed or has ATKT, the fee for the second semester will not be paid.