Thursday, 23 June 2011

Subsidy on Interest of Educational Loans

During the year 2009-10, the Ministry of Human Resource Development launched a new central scheme to provide full subsidy on interest of educational loans for students during the period of moratorium. This was for economically weaker sections (EWS) with parent’s income (family income) from all sources are less than Rs. 4.5 lakh in the year. This moratorium for educational loans under educational loan scheme of Indian Bank’s Association (IBA) from scheduled banks and for professional or technical studies from recognized institutions in India and the maximum limit of loan is Rs. 10 Lakhs.

The student should submit income proof from designated authorities at the Block/Tehsil/District Level for availing this benefit. They should approach the concerned branch of the bank from where they have taken the loan for completing the formalities so that the individual student’s accounts could be credited with the interest due on the Loans for the academic year 2009-10 onwards. All Scheduled member banks of IBA has been advised for necessary action to avail the benefit of the scheme for EWS students who have taken loan under educational loan. Canara Bank is the nodal bank for the reimbursement of interest to the students.

Those who have already submitted the Certificates from concerned authority are not required to submit them again. The last day for submitting Certificates by students to respective branches is 20.07.2011. For more details please visit the website www.education.nic.in

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