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STUDENTS NEED TO CLAIM THE EDUCATION LOAN INTEREST SUBSIDY FROM 2009-10

 
 
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STUDENTS NEED TO CLAIM THE EDUCATION LOAN INTEREST SUBSIDY FROM 2009-10
by System Administrator - Tuesday, 22 September 2015, 7:49 PM
 

By: M.S.Yatnatti: Editor and Video Journalist Bengaluru: Students and Banks have last option to claim subsidy for old  cases under CSIS .The Government of India has launched a scheme to provide full interest subsidy during the period of moratorium i.e., Course Period plus one year or six months after getting job, whichever is earlier, on loans taken by students belonging to Economically Weaker Sections from scheduled banks under the Educational Loan scheme of the Indian Banks' Association, for pursuing any of the approved courses of studies in technical and professional streams, from recognised institutions in India. For more details, click here - (1.30 MB).

A student belonging to economically weaker sections is required to repay only the principal loan amount to the bank concerned and the interest accrued during the moratorium on repayment was fully paid by the government under the interest subsidy scheme launched by the previous United Progressive Alliance regime in 2009. The period of moratorium includes the duration of the academic programme a student has undertaken and up to one year or six months after getting a job, whichever is earlier.

Objective of education loan:To provide the much needed financial support to deserving students for pursuing higher professional or technical education in India and abroad. The education loan would be provided to those students who have obtained admission to career-oriented courses e.g. medicine, engineering, management etc., either at the graduate or post-graduate level.Right support at right time ensures success for students. No deserving students should be stopped to pursue their dreams due to lack of money.

Nodal Bank Canara Bank has issuede a letter that (7th Sep 2015) opened the portal for claiming, unclaimed Education Loan interest subsidy for the loans disbursed during 2009-10 to 2013-14.  This is an one time opportunity for all Banks to claim the left out interest subsidy claims.  The portal will remain open for 30 days from 07-09-2015.