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Interest subsidies scheme for Education Loans 

1.) CENTRAL SECTOR INTEREST SUBSIDY SCHEME

Central Scheme for Interest Subsidy has been announced by Ministry of HRD for providing interest on Education Loans during moratorium for technical and professional courses for studies in India under the IBA Model Education Loan Scheme for students from Economically Weaker Sections (EWS) with annual gross parental/family income upto Rs. 4.50 lacs per annum from the academic year 2009-10.

Eligible students may contact the Bank of Maharashtra Branch concerned for any further details along with Income Certificate from the authorised Certifying authority.

Eligibility

A. Education Loans taken under IBA Model Education Loan Scheme.

B. Students having parental income up to Rs. 4.5 lakhs per annum.

C. Students enrolled in professional/ technical courses only from NAAC accredited institutions or professional/ technical programmes accredited by NBA or Institutions of National Importance or Central Funded Technical Institutions (CFTIs). Those Professional lnstitutions / programmes, which do not come under the ambit of NAAC or NBA, would require approval of the respective regulatory body viz, approval of Medical Council of India for Medical courses, Nursing Council of India for Nursing courses, Bar Council of India for Law etc.

D. Admissible only for once either for UG, PG- Also admissible for integrated courses (graduate + post graduate).

2.) PADHO PARDESH - SCHEME OF INTEREST SUBSIDY ON EDUCATIONAL LOANS FOR OVERSEAS STUDIES FOR THE STUDENTS BELONGING TO THE MINORITY COMMUNITIES.

  • The Scheme provides scholarships for meritorious students from minority communities through interest subsidy. The scheme of Interest Subsidy on educational loans for overseas studies are to promote educational advancement of student from minority communities.

 

  • This is a Central Sector Scheme to provide interest subsidy to the student belonging to the communities declared as minority communities in terms of section 2 (c) of National Commission for Minorities Act, 1992, on the interest payable for the period of moratorium for the Education Loans under the Scheme of Interest subsidy on Educational Loans for Overseas Studies to pursue approved courses of studies abroad at Masters and M.Phil/Ph.D levels.
 

Eligibility:-

  • The student should have secured admission in the approved courses at Masters, M.Phil or Ph.D levels abroad for the applicable courses.
  • Total income from all sources of the employed candidate or his/ her parents/guardians in case of unemployed candidate shall not exceed Rs. 6.00 lakh per annum.
 

Eligible students may contact the Bank of Maharashtra Branch concerned for any further details along with Income Certificate from the authorised Certifying authority.

3.) Dr. Ambedkar Central Sector Scheme of Interest Subsidy on Educational Loans for Overseas Studies for Other Backward Classes (OBCs) and Economically Backward Classes (EBCs)

The scheme of Interest Subsidy on educational loans for overseas studies will promote educational advancement of students from Other Backward Classes and Economically Backward Classes.

This is a Central Sector Scheme to provide interest subsidy to the student belonging to the OBCs and EBCs on the interest payable for the period of moratorium for the Education Loans for overseas studies to pursue approved courses of studies abroad at Masters, M.Phil. and Ph.D. level

Eligibility

The students should have secured admission in the approved courses at Masters, M.Phil or Ph.D levels abroad for the applicable courses

Income Ceiling

A. For OBC candidates, total income from all sources of the employed candidate or his/her parents/guardians in case of unemployed candidate shall not exceed Rs.8.00 lakh per annum.

B. For EBC candidates, total income from all sources of the employed candidate or his/her parents/guardians in case of unemployed candidate shall not exceed Rs.2.50 lakh per annum.