Education and Career Forum

Hello sir, I want to study MBBS course but I don't have sufficient money. My father is a farmer and his total income from agriculture is 90 thousand. Can I claim for an education loan without interest rate? Can I get deduction at the time of repayment of loan?

I am extremely sorry to state that there is no interest free education loan offered by the banks irrespective of the factor whether they are public sector banks or private sector banks. You need to pay the interest to the bank for your education loan. However, since your father's income is less than 1 lakh so you can definitely get some subsidy in the interest of your education loan. For subsidy you need to consult with the branch manager of the concerned bank from which you are seeking education loan as different banks have different criteria of subsidy.

According to central government scheme those who belong to poor families can get interest subsidy with the help of income certificate issued by the tehsildar of your area.

It would make your education loan interest free but make sure you get admission in a government medical college because fee at private medical is very high and it will require collateral security.