With the Union HRD ministry issuing guidelines, availing an education loan for pursuing professional or technical courses is all set to become difficult from now.
 
According to reports, the Union HRD ministry has issued a guideline restricting the eligibility for the model educational loan scheme of the Indian Banks’ Association to students enrolling for professional and technical courses in NAAC-accredited colleges and universities, institutions of national importance and centrally funded technical institutions.

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This apart, programmes that have been accredited by the National Board of Accreditation (NBA) are also eligible.

The guideline pointed out any professional or technical course beyond this would need to be approved by the respective regulatory bodies such as the Nursing Council of India for nursing courses and the Medical Council of India for medical courses.

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Highlights
Students availing loan should keep in mind that all applications for education loans are now routed to the banks through the Vidya Lakshmi portal.
 
Students whose parents earn up to Rs 4.5 lakh can avail interest subsidy.

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