The JITO (Jain International Trade Organization) Educational Loan Programme is a scheme designed to support Jain students in pursuing higher education by providing interest subsidies on education loans. Here’s a comprehensive description based on the provided information:
Description for JITO Educational Loan Programme:
The Jain International Trade Organization (JITO) understands the financial challenges faced by deserving members of the Jain community who have strong academic potential. To address this, influential individuals within the Jain community initiated the JITO Educational Loan Programme (JELP), which aims to provide equal opportunities by offering interest subsidies to Jain students. JITO, comprising businessmen, industrialists, professionals, and knowledge workers in India and abroad, administers the JELP.
The JELP provides interest subsidies on loans taken from banks or NBFCs (Non-Banking Financial Companies) for higher education. Jain students must register for the scheme within three months of loan sanctioning or before March 31st to be eligible. The interest subsidies are based on the previous year’s interest payments, concluding on March 31st. The application window for interest subsidies is from April 1st to July 31st. The subsidies are available only during the period of study and not after course completion. The subsidy is provided for the entire duration of a master’s degree, regardless of the loan repayment period.
Eligibility and Age Limit:
To be eligible for the JELP, the student must be a part of the Jain community and their age should not exceed 30 years. Additionally, the applicant must have secured more than 50% marks at all academic levels from the 10th standard onwards. The loan amount taken by the student must be more than INR 50,000 for the entire course.
The JELP committee evaluates applications based on predefined criteria, and their decision is considered final.
Last Date of Applications:
The application period for interest subsidies under the JELP scheme is from April 1st to July 31st.
The provided information does not include details about the salary associated with the JITO Educational Loan Programme.