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Interest subsidy scheme on education loans mandated on all banks
I have used educational load for my MBA on 2013 with Canara Bank, & i completed course in 2015. While applying loan i thought there is no interest in studying period. But once i complete the course in may2015. But suddenely one day on June2015 bank persons calculate the interest from 2013 onwards & forced us to pay immediately by every month .
My Question is :-
1. Whether interest is applicable for studying period.
2. I read in Newsletter , Mr.Chidambaram (Minister) had cancelled the interest for Educational load, ( Regarding this bank persons telling, No instructions came to them)
3. As per above information . what is my position. My Family Annual Income will 2 L

If the Interest is applicable form 2013, then why suddenly they calculated in 2015. Both are same . No matter of date they imposed on us . Amount is same.

Kindly anyone direct me in this . Whom I want to contact for better clarification

Regards
Arief
9865796403 / arief3012@gmail.com
Arief (Posted: Sep 5, 2014)
Dear Sir/Madam,

Greetings of the day!!

I hope you are doing well.

This mail is in reference with the Central Government scheme to provide interest subsidy (CSIS).

Under this scheme central Government has allocated 2600 crs to provide interest subsidy to interest benefit to students in interim budget FY 2014-15.

I have taken the education loan of Rs 5.15 lacs in FY 2008-10 for my MBA program from a recognized institute, from Madhyanchal Gramin Bank (joint venture of Govt. of India, state bank of India & Govt. of M.P.). ( Earlier Rewa Sidhi Gramin Bank). It is a Regional Rural bank(RRB)

I have started paying my EMI from January 2011 i.e after 2.5 years.

When I applied the same with my branch in May’14, later when we enquired about the same with bank (Aug’14), the bank has informed us that I am not eligible for the scheme as this scheme is only applicable to defaulters (Who have not paid their EMI’s ). & they are not processing my file further for waiver. We have also contacted the Regional office but the same response is given.

Whereas, in the Govt. notification it is nowhere mentioned that this scheme is for defaulters.

I request you to pls. give the clarity on the scheme for the eligibility criteria. Whether I am eligible for the scheme or not, as my family income is less than 4.5 lacs per annum & the certificate of same has been deposited with the bank.

Request you to pls. look into the matter & revert as soon as possible.

I have also attached the notification of the central Government.

In case of any other details required from my side pls. do let me know.

Also suggest the future course of action from my end.


Thanks & regards,

Sumit Gupta
PH : 09096475320
sumit gupta (Posted: Aug 31, 2014)
AVAILED EDUCATION LOAN IN 2008 REPAYMENT STARTED FROM MARCH 2014 CAN I AVAIL INTEREST SUBSIDY DURING MORATORIUM PERIOD AS I HAD NOT PAID ANY INTEREST DURING THAT PERIOD
nikita s (Posted: Aug 22, 2014)
AVAILED EDUCATION LOAN IN 2008 REPAYMENT STARTED FROM MARCH 2014 CAN I AVAIL INTEREST SUBSIDY DURING MORATORIUM PERIOD AS I HAD NOT PAID ANY INTEREST DURING THAT PERIOD
nikita s (Posted: Aug 21, 2014)
Hello Everybody:
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Difficulties in financing my project/business initially when I started
And a good friend of mine introduced me to Mr Dan, who is a Business mogul/financier to get a loan from his company. When I Contacted them it took just 24 hours to get my loan approved and
Transfer to my account after meeting all their modalities as set forth in Their loan agreement/terms and conditions.
If you need urgent financial assistance you can contact them today via
This email address:Danfastglobalfinancecompany@gmail.com
Name: Mr Dan.
E-mail :Danfastglobalfinancecompany@gmail.com
Dan (Posted: Aug 17, 2014)
I have taken edu loan amount of 84260 in Nov 2008. and I repay 60000 till I not get any subcidy till. so please help in this matter
surendra (Posted: Aug 16, 2014)
Sir,

I have taken education loan of 2 Lakhs in Sep'2011 to 2013 fro completing my MCA. Now I am repaying it. Now I want to know whether am I eligible for this Interest subsidy scheme or not?
Harendra Singh (Posted: Aug 14, 2014)
I had taken educational loan 151000 in 2005. i had only 45000 subsidy. please tell me the detail for this and more subsidy
Neeraj Kumar (Posted: Aug 12, 2014)
sir,
i hv taken study loan amount 1,50,000 in 2007. from 2012 i am paying loan to bank. can i get interest subsidy according to budget 2014. kindly suggest me. waitn for reply
ravi (Posted: Aug 12, 2014)
Sir, I had taken educational loan of Rs.148000 from SBI during 2007-2011. The bank taking monthly interest of Rs.740 every month until now since 2008. My repayment period started from Dec 2012. Because I pursued my PG during 2011-2013 I didn\'t repay the main amount and keep on paying the interest of 740 only. Now the bank holding my account and today I have received the court notice from bank to repay the amount within 7 days. Recently I got job and ready to repay in EMI. But the bank asking 70000 to open the account and then in EMI. I am not in a position to pay more than 30000 to open the account. Also the bank saying no subsidy for me. What I have to do now.
K. Vijayakumar (Posted: Aug 8, 2014)
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