The Educational Loan Scheme aims at providing financial support from the banking system to meritorious students for pursuing higher education in India and abroad.
The main emphasis is that a meritorious student, though poor, is provided with an opportunity to pursue education with the financial support from the banking system under affordable terms and conditions.
The ultimate objective is that no Deserving / Meritorious student is denied an opportunity to pursue higher education merely for want of financial support.
One of the major concerns of the Government of India is to ensure that nobody is denied professional education because he or she is poor. Indian Banks' Association (IBA) has formulated a comprehensive model educational loan scheme for adoption by all Banks. In order to support students from Economically Weaker Sections of the Society, Department of Education, Ministry of Human Resource Development, Government of India has launched this interest subsidy scheme.
Eligible students have to contact branches where they have availed / availing loans for further details.
Website : www.indianscholarshipexam.com
|Question : Who is eligible for the scheme?||Answer : Students who want to pursue Technical/Professional courses in recognized institute in India. (Loan Sanctioned From 01.04.2009 to 31.03.2018). Revised CSIS (Loan Sanctioned From 01.04.2018). Students who want to pursue Technical/Professional courses in NAAC, NBA, CFTI accredited or regulatory approved institutes in India.|
|Question : It is compulsory to avail education loan for getting interest subsidy benefit?||Answer : Yes, only students who availed education loan from scheduled banks are eligible for the interest subsidy.|
|Question : Is there any income criteria for claiming the subsidy||Answer : Yes, the total Family annual income from all sources shall not exceed Rs.4.5 lakhs.|
|Question : Is there any limitation of limit/ liability for claiming the interest subsidy ?||Answer : Interest charged on loan amount up to Rs 10.00 lakhs. (Loan Sanctioned From 01.04.2009 to 31.03.2018). Revised Interest Subsidy (Loan Sanctioned From 01.04.2018) Interest charged on loans sanctioned without any collateral security & third party guarantee and for maximum amount of Rs 7.5 lakhs.|
|Question : Is subsidy available for the entire Education loan period?||Answer : No, Subsidy benefit is available up to the Moratorium period i.e Course period + one year.|
|Question : Who is the income certificate issuing authority?||Answer : Appropriate authority designated by the state Governments.|
|Question : Whether it is necessary to submit the income certificate every financial year?||Answer : No, borrowers need not submit income certificate every year. Any subsequent changes in family income will not affect the eligibility.|
|Question : How Borrower can claim the subsidy to Government of India?||Answer : Borrower cannot claim the subsidy directly from GoI, it is the prime responsibility of the financing Bank/Branch to claim the subsidy on behalf of the borrower.|
|Question : When is the yearly subsidy claimed by banks?||Answer : Web Portal for claiming subsidy will be opened as per the instructions of Ministry and portal opening and closing dates will be intimated to all the Member Banks. Concerned Banks have to claim the subsidy during the portal opening for respective years.|
|Question : What is the procedure to check the subsidy claimed amount of individual education loan accounts?||Answer : We have created a dedicated web portal for this purpose i.e.: VIDYA BHARATI|
|Question : Whom should I have to contact for subsidy amount disbursed by the government?||Answer : The details of the amount credited may be obtained from the concerned financing bank Branch. Head office of the concerned Bank may be contacted if the Branch reply is not satisfactory.|