To make education loans cheaper, a scheme was finalised Thursday to provide full interest subsidy on the loans taken by students with annual family income below Rs.4.5 lakh to pursue technical and professional courses.
The format for the scheme was finalised after a meeting between the Human Resource Development (HRD) ministry and the Indian Banks' Association (IBA).
"The scheme provides interest subvention to students for the period of their course. The interest for this period will be paid to the banks by the government," a ministry official said.
The Canara Bank was finalised as the nodal bank for IBA member banks to claim the subsidy amount reimbursement.
The scheme, which was approved by the cabinet last year, provides interest subvention to students with annual family income below Rs.4.5 lakh for the period till there course finishes. It will provide interest subvention from the academic year 2009-10.
"The moratorium period also covers the time taken by the student to get a job, or one year, whichever comes first," the official said.
The scheme will be valid for all loans from scheduled banks for pursuing courses in professional and technical streams from recognised institutes in India.
"All eligible students who wish to avail the benefits should approach the respective bank branch from where they availed of the education loan and complete the necessary formalities, including obtaining the certification in respect of annual family income from the competent authority at the local level," the official said.
The individual student accounts will then be credited with the interest due on the loan for the academic year 2009-10 onwards, the official added.
The scheme is effective for all IBA-approved educational loans.
+1.jpg)
3 comments:
it is nice to see and hear such offers from govt. but the truth is no one can get the interest subsidy becoz bank insists that income cert be signed by Tahsildar & Tahsildars have power only up to Rs.1 lakh & there is no GO in AP.
very sad on how middle-class is fooled by all. this country willnever change and no one can change the fate of middle-class.
I think it is one of the better scheme which is finalised by the central government.
this scheme will very helpful to the students which are intelligent but not capable of paying the large amount of fees in there particular colleges or institutes.These students will get the support from this scheme.
My request to the government members is that they handle this scheme of "EDUCATONAL LOAN SUBSIDY" very carefully & upto the end of there completion.
-THANK YOU
-PADWAL RAMESH M.
this is a good scheme from the government, but how many can get benefited by this scheme. When I heard about this scheme, I was very happy, I applied also for that and bank gave format for that. I took edu.loan for 2009-11 batch and I applied for it the very next year, but till now I have not got that benefit. whenever I ask to bank about it, they always say that they have not got any instruction about it from the government. once they will get the instruction from their seniors or interest money from government, only then they will reduce that interest amount from my loan account. If anyone can help me in this regard, please suggest me what to do.
my name: Rakesh Kumar Gupta
Email ID: rk.gupta1987@yahoo.com
disisrakesh@gmail.com
Mob. no.:+91 98917 55327
Post a Comment