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.
Govt. has published this announcement through this link:
- 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.
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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