Monday, December 9th, 2019

Department of Higher Education has approved Central Scheme to provide Interest Subsidy

INVC,, Chandigarh,, The Government of India, Ministry of Human Resource Development, Department of Higher Education has approved Central Scheme to provide Interest Subsidy (CSIS) for the period of moratorium on Educational Loans taken by students from Economically Weaker Sections from scheduled banks under the Educational Loan Scheme of the Indian Bank’s Association to pursue Technical/Professional Education studies in India. The Scheme has been adopted by all scheduled banks and would be applicable only for studies in recognized Technical/Professional Courses in India. The interest subsidy shall be linked with the existing Educational Loan Scheme of IBA and restricted to students enrolled in recognized Technical/Professional Courses (after class XII) in India in Educational Institutions established by Acts of Parliament, other Institutions recognized by the concerned Statutory Bodies, Indian Institutes of Managements (IIMs) and other Institutions set up by the Central/State Governments. The interest payable by the student belonging to Economically Weaker Sections (EWS) for availing of Educational Loan for Technical/Professional Courses in India for the period of moratorium i.e. Course Period plus one year or six months after getting job, whichever is earlier, as prescribed under the Educational Loan Scheme for the Indian Bank’s Association shall be borne by the Government of India. The benefits of this scheme would be applicable to those students belonging to economically weaker sections, with an annual gross parental/family income upper limit of Rs. 4.5 Lacs per year (from all sources). The Sub Divisional Magistrates in U.T., Chandigarh have been designated as competent authority to issue income certificates based on economic index. Necessary instructions in this regard have also been given to the Lead District Manager, Punjab National Bank, Chandigarh to give further necessary guidelines to all Branch Managers of Banks enabling the Central Government to reimburse banks the amount of interest accruing to eligible beneficiaries.

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Aditya Rohatgi, says on March 31, 2012, 1:23 PM

respected sir i have taken education loan of amount 3lakhs from punjab national bank, gwalior and my fatner is state employee whose annual income is less than 4 lakhs and now we want interest subsidy given by HRD circular no.247/2010 dated 7/8/2010. the bank is not doing agreement even we have given the income proof issued from state authorities and giving lame,false and abusive excuses. may i know what to do now

tushar jena, says on March 29, 2012, 8:24 PM

dear sir i have taken study loan from andhra branch.the loan amount is 281000.my parent's annual income is less than 3 lakh.but they r not providing the interest subsidy by, giving lame excuses. may i know what to do now

Samrat Banerjee, says on March 17, 2012, 6:41 PM

I have taken an education loan for Rs.249517 from Punjab Nationa Bank, Belur Branch. But the Bank Manager is saying that there is nothing called Central Scheme to provide Interest Subsidy (CSIS)and that I will have to pay interest for the moratorium period. I have submitted him the proof of my family income which is less than Rs. 4.5 lakhs. Please advice what can I do to get what I am eligible. I am desperately seeking the advice. Please help.

90 дневна диета, says on October 26, 2011, 1:51 PM

Лесно отслабване... Бързо разкарайте натрупаните излични килца с 90 дневна диета...

mansoor alam, says on September 23, 2011, 7:18 PM

ihave felt that banks are not interested to grant education loan specialli to those students whose parents do not have strong financial background .banks also are not tacking prompt action to get interest subsidi from nodal bank.

rohit pandit, says on August 9, 2011, 4:45 PM

sir, i have taken an education loan of RS.700000 from PUNJAB NATIONAL BANK , kolkata. but they r not providing the interest subsidy by, giving lame excuses. may i know what to do now