Tamil Nadu Board of Secondary EducationSSLC (English Medium) Class 9th
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What are educational loans? - Social Science

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Answer in Brief

What are educational loans?

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Solution

  1. Educational loan attempts to meet the educational aspirations of society.
  2. A student is the main borrower.
  3. A parent, spouse, or sibling can be the co-applicant.
  4. It is offered to students who want to pursue higher education in India or overseas.
  5. It can be taken for a full-time, part-time, or vocational course, and Graduation or Post Graduation.
  6. There is no security required for the loan amount up to 4 lakhs
  7. The loan is repaid by the student generally after employment.
  8. Students can apply through the “Vidya Lakshmi Portal Education Loan Scheme”
Concept: Introduction of Money and Credit
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