Bank educational loans facilities are available to all categories of students of Nancy College of Law for pursuing Higher Education in various fields. All the Banks provide Educational Loan facility under RBI guidelines and as per the prevailing schemes of UGC. Eligible and desiring students may contact Banks for providing Educational Loan facility as per prevailing UGC and RBI guidelines on different online portals of respective banks linked with url: https://ugc.ac.in/page/educational-loan.aspx
The Salient features of the scheme are as under:
- The Scheme envisages loans upto Rs.7.5 lakh for students in India and up to Rs.15 lakh for studies abroad.
- Fo loans upto Rs.4 lakh no collateral or margin is required and the interest rate is not to exceed the Prime Lending rate (PLR). For loans above Rs.4 lakh, the interest rate will not exceed PLR plus 1 percent.
- The loans are to be repaid over a period of 5 to 7 years with provision of grace period of one year after completion of studies.
Repayment of an education loan is deductible under Section 80E of the Income Tax Act. The yearly limit for deduction is Rs.40,000/- (for both the principal and the interest). Only loans taken for higher education – full time studies in any graduate or post-graduate, professional, and pure and applied science courses – may claim deduction. The deduction will be available for a maximum of eight years starting from the day you start repaying.