Introduction
I have published article on Interest Free Education Loans on 2009 and updated with another article once the scheme becomes operational. There are lot of queries on each article about the eligibility to apply for the scheme and various doubts. I have decided publish another article with more details about the scheme and the official link for the scheme. If you have any doubts, please post it in the comments section. It would be good if any one of you already applied for this scheme, please share with other readers.
Important Points on Interest Free Education Loans
Govt. has published this announcement through this link:
Interest Subsidy on Education Loans and Education Loans. I have taken the important points and summarized below.
- The benefits under the Scheme would be applicable to those students belonging to economically weaker sections, with an annual parental income upper limit of Rs. 4.5 lakh per year.
- The interest subsidy under the Scheme shall be available to the eligible students only once, either for the first undergraduate degree course or the post graduate degrees/diplomas. Interest subsidy shall, however, be admissible for combined undergraduate and post graduate courses.
- Interest subsidy under this scheme shall not be available for those students who either discontinue the course midstream, or for those who are expelled from the Institutions on disciplinary or academic grounds. However, the interest subsidy will be available for the actual period of study, only if the discontinuation was due to medical grounds for which necessary documentation to the satisfaction of the Head of educational institution will have to be given.
- There would be a tag/marker on the degree of the student indicating his repayment liabilities.
- The Scheme shall be applicable from the academic year 2009-10.
- Income proof shall be required from the students from such public authorities as are authorized by the State Governments for certification of income status for various purposes, including Central and State Sector Schemes.
Summary
I hope this post will be useful for the students. If you have any doubts, post it in the comments section.
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January 31, 2012 at 11:31 pm
sir,
i am student of b-tech second year i want to take education loan
please tell me what is the subsidy of government provided for bpl student
thanks
February 9, 2012 at 2:45 am
hi sir,
Is this InterestSubsidy is refundable?
I taken loan 1.5 lac from SBI in 2009 and Interest got added to loan during the course(2009-2011).
Only once, Loan account credited 5068/- at 7thNov 2011 through this InterestSubsidy after my MCA course.
so,can I get interest amount which was debited during the course as refundable??
Looking forward to hearing from you soon..
Thanks and Regards,
Madhu.
May 16, 2012 at 10:18 am
dear sir
Is this scheme applicable in 2012?If this interest subsidy is not applicable in this year please let me know about any other schemes as i am in need ofeducation loan for my mba.
Awaiting ur reply.
Thank you.
May 17, 2012 at 4:17 am
dear sir,
is there any subsidy for loan taken before 2009?
May 17, 2012 at 9:34 pm
Respected Sir,
My loan is sanctioned from 2010 -2012 period.
I have submitted the income proof but no response from bank side since more than one (1) year.
Please update me if some action is pending from my side.
Regards :
Gourav Nagpal
May 17, 2012 at 9:47 pm
Respected Sir,
* I have taken loan from SBI branch for 2008-2012 period.
* I have submitted the income proof but no response from bank side.
* Is there any subsidy for loan taken before 2009 or we have to pay interest for the year 2008 only and not for remaining three years(2009-2010,2010-2011 and 2011-2012) because Scheme is applicable from the academic year 2009-10.
Please update me if some action is pending from my side.
I am looking forward for your reply.
Regards :
Deepak Kumar
June 23, 2012 at 1:24 am
sir,
i have taken loan from Canara Bank from 2009-2010,but now they are asking me to pay the interest for the loan taken.
please tell me whether i should pay the interest.
Awaiting your reply.
Thankyou
Regards:
Nithya
June 23, 2012 at 6:32 am
Please check with your bank.
Thanks,
Krishna
July 8, 2012 at 12:50 pm
is this scheme is applicable if i take lone in 2011.
July 8, 2012 at 12:53 pm
plz reply
July 30, 2012 at 12:34 pm
i study in m.b.b.s. i need 2 lacks per year for my study.my father is not able to pay it.so please give me this help at 0% interest.
September 5, 2012 at 10:45 pm
sir my family income is less than 2 lacs n m doing b.tech in comp. sci. is der any bank/organisation which can give me an education loan of 4lacs without taking the itr?????
September 15, 2012 at 4:43 pm
i had taken loan in 2011.i have submitted intrest subcidy forms before 6 months.eventhough iam not getting any subcidy(it is showing along with intrest in my onlie banking accounnt).can i know when i will intrest subcidy?
September 17, 2012 at 10:09 pm
Sir i am a third year B.tech student (batch 2010-14)and want loan for my studies. I want to know that how to approach bank for the interest free loan??
September 27, 2012 at 1:56 pm
sir I am student of b tech, i want to take loan for studies,my parents income is low,pls help me.