Education and Career Forum

Tell me about the education loan in procedure & the details about tieup banks in which ignou has been recognised about the diploma programs in electrical engg?

There is no explicit loan provision available for IGNOU courses till date for the candidates, recently National Handicapped Finance and Development Corporation (NHFDC) introduced scholarship and loan facilities only for Physically challenged candidates where in 1500 selected candidates who are physically challenged are given this opportunity.

The scholarships provided from NHFDC are in two ways,

-> Scholarship scheme under ‘Trust Fund’ - 1000 physically challenged candidates are allotted to get around Rs.50,000 per year where 30% are for girls.

-> Scholarship scheme under National Fund - 500 physically challenged candidates are allotted to get around Rs.12,000 per year where 50% are for girls.

To know more about the scholarship given from NHFDC you can login to their official website - http://www.nhfdc.nic.in/

There are various scholarship and loan procedure provided from IGNOU which worth to check - http://mhrd.gov.in/Overview_Scholarship_Education

I have attached the bank association details of Central Scheme to provide Interest Subsidy (CSIS) on Educational Loans. Check it to get more information.

If your course fee is between Rs 4 lakh to Rs 7.5 lakh, you need a guarantor who promises to pay the amount in case you fail to pay back the loan. You need documents like passport size photo, income proof/latest income tax return, six months bank account statements during the sanctioning. There is a government’s policy too. Recently, it has launched a scheme to provide full interest subsidy during the period of course and one year or six months after getting job. One can return the loans within the time frame.

hello sir,kya koi option hai, civil exams preparation fees aour simultaneously
ignou se traditional degree couse santh karne ka...

Education is the only source of development and modernization of a country. It is really nice to see your desire of studying more even though it is from open school (IGNOU or Indira Gandhi National Open University). Indian government has also stressed upon education to a great extent and hence have made the norms of education loans much more lenient and easily feasible.

Education loans are easy to get nowadays. Even the time taken to formulate and sanction the loan process has become much shorter and quicker. You just needs to approach a bank and have a discussion with the branch manager first. Speak about the loan amount and he/she will say all the norms of the loan. If you want to take more than 4.5 lakhs then you need a third party
guarantee and if its above 7.5 lakhs you need to keep some property as mortgage. If it is below 4.5 lakhs, you just need to furnish the requisite document. Then the bank will authorize the originality of the documents and sanction the loan.

After the order from the Central Government, now all the nationalized banks will be entitled to give education loans to the students of IGNOU provided they satisfy the internal policies of the bank. Since you want to do diploma in electrical engineering from IGNOU, you can definitely take education loans from any of the nationalized banks.

Sir I am studying BA in IGNOU. Can I get loan for education?