Tamil Nadu Cooperation Minister K. R. Periyakaruppan said that the cooperative banks of the state would provide education loans upto Rs 5 lakh from this academic year.
He said that these loans would cover hostel fees, book fees, food expenses, tuition fees and other related costs, and could be availed through Central District Cooperative Banks and other banks.
This facility is available to students studying in arts, science, engineering, medical and other professional courses, from the first year to the third year of study.
He further added that students who take education loans can start repaying their dues after six months of completing their studies six months and can repay it within five years. An interest of 10% will be charged on the loan amount.
