Jharkhand Education Loan Scheme Details

The Jharkhand Government Education Loan Scheme is designed to support students from the state in pursuing higher education, both in India and abroad. The state government, in collaboration with banks and financial institutions, offers education loans at subsidized interest rates to eligible students.

Key Features of Jharkhand Education Loan Scheme:

1. Purpose:

   • Covers tuition fees, books, accommodation, and other education-related expenses for higher studies (professional, technical, medical, engineering, management, etc.).

2. Loan Amount:

   • Varies based on the course and institution.

   • Generally covers up to ₹10-20 lakhs for studies in India and ₹20-50 lakhs for abroad studies.

3. Interest Rate:

   • Subsidized interest rates (varies by bank).

   • Some schemes offer interest subsidies for economically weaker sections.

4. Repayment Period:

   • Moratorium period (course duration + 6 months to 1 year after completion).

   • Repayment tenure usually 5-7 years after the moratorium.

5. Eligibility Criteria:

   • Must be a resident of Jharkhand.

   • Admission to a recognized university/institution (India or abroad).

   • Good academic record.

   • Parent/guardian as co-applicant.

6. Documents Required:

   • Admission letter from the institution.

   • Fee structure details.

   • Identity & address proof (Aadhaar, Voter ID, etc.).

   • Income proof of parents/guardians.

   • Academic records (mark sheets, certificates).

Government-Backed Schemes in Jharkhand:

• Jharkhand Educational Loan Guarantee Scheme: Provides collateral-free loans up to a certain limit.

• Mukhyamantri Medhavi Vidyarthi Yojana (MMVY): Offers scholarships and financial aid for meritorious students.

• Central Government Schemes: Jharkhand students can also avail of Vidya Lakshmi Portal and Padho Pardesh (for overseas studies).

How to Apply?

1. Visit a nationalized bank (SBI, PNB, Canara Bank, etc.) or a regional rural bank in Jharkhand.

2. Apply online through the Vidya Lakshmi Portal (www.vidyalakshmi.co.in).

3. Check the Jharkhand government’s official education website for updates.

Contact for Assistance:

• Jharkhand Education Department – https://jhareducation.gov.in

• Bank Branches (SBI, Bank of India, etc.)

Would you like help with a specific bank’s education loan process in Jharkhand?