Loan assistance to Scheduled Caste students for pilot training.
Objective :
To get the Scheduled Caste students trained and prepare as Pilots.
Eligibility criteria:
- No income limit.
- SSC pass or more.
Pattern of Assistance:
Rs.20 lakhs as loan at the rate of interest at 4% p.a.
Conditions:
- Loan repayment commences after one year from the date of disbursement of the loan amount.
- Loan is to be repaid within 10 years by equal monthly installments and if so desired by the candidate, in quarterly installments with prior intimation.
- After repayment of entire loan amount, the interest payable thereon shall also be paid in the same fashion.
- Penal interest at the rate of 2.5% shall be charged on default of repayment of loan regularly.
- In case of default in repayment of installments including penal interest, all overdue amounts recoverable with other expenses shall be recovered through Revenue Recovery procedure.
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