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May 14, 2009

Karnataka Government Offers Loan Subsidy to CET students

Karnataka Government Offers Loan Subsidy to CET students

Prospective students taking admissions to professional courses through the state government’s Common Entrance Test (CET) can apply for the government’s loan subsidy scheme. Under this, students can apply for loans at six per cent interest from any nationalized bank, with the state government paying the balance interest payment. The scheme was introduced for the first time in 2008 reports the Indian Express Bangalore

The loan subsidy scheme will be applicable to students, provided they are taking seats in engineering, medical, dental or Indian systems of medicine & homeopathy through CET conducted by Karnataka Examination Authority. The scheme is applicable for loans upto Rs five lakh. After getting a loan sanctioned by any nationalised bank, the student is eligible for the educational loan subsidy from the state government. While the student has to pay interest at six per cent, the balance interest will be paid by the government.

Guidelines state that the subsidy would be released periodically only if the student clears the earlier semester.

In case the student fails to clear any semester, and is not eligible to appear for the next semester, the subsidy will be stopped for the entire course. SOURCE:

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