Education and Career Forum

Hello sir, I got an education loan (vidyajyoti scheme) from IOB in 2014 to study M.Sc Biotechnology and submit the income certificate for loan subsidy. The branch manager said that they did not get any information about subsidy from the head office. After 2 years they said that M.Sc Biotechnology is not included in professional course and they deny the subsidy. I paid the monthly interest and repayment as installments. Now only know that they are taking compound interest. Is M.Sc Biotechnology not a professional course? Why bank charge me compound interest from the study period itself?

Normally, a B.Tech in biotechnology is considered as a professional course and those who have done B.Sc or M.Sc degrees are not considered. You haven't mentioned the fee structure of your course.

For B.Sc and M.Sc courses, the fee is not that hefty and that is the reason bank may have declined subsidy. Compound interest is calculated, when you have missed the date for EMI payment. Normally, after completion of course, you need to get a job and start paying loan.

Normally, a B.Tech in biotechnology is considered as a professional course and those who have done B.Sc or M.Sc degrees are not considered. You haven't mentioned the fee structure of your course.
For B.Sc and M.Sc courses, the fee is not that hefty and that is the reason bank may have declined subsidy. Compound interest is calculated, when you have missed the date for EMI payment.
Normally, after completion of course, you need to get a job and start paying loan.