NEWS & ADVICE : EDUCATION LOANS
Interest subsidy scheme on education loans mandated on all banks
By Neelima Shankar
May 26, 2010
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All banks have been directed by the Government to implement interest subsidy scheme on education loans for unprivileged students who wish to pursue higher education.

The Government had been planning on implementing the interest rate subsidy since quite some time.

The Ministry of Human Resources and Development has generated a letter to the heads of all scheduled commercial banks wherein they have been asked to take appropriate measures in implementing the scheme so that the eligible students get a chance to avail higher education.

The scheme is made effective from academic year 2009-10, the HRD ministry said. A provision of Rs. 500 crore has been made for the scheme by the Government for the year 2010-11.

As per the scheme, student would be exempted from paying interest during the moratorium period.

Banks like Union Bank of India have come up with schemes benefitting students on a larger scale.


 


(Comments Posted : 278) Post Your Comments
1. sir i have taken loan of 1.90 lakh from Coporation bank in september 2009 for MCA.my income is below 1 lakh at that time but got subsidy for that year only.and i was also asked to pay interest after the course and i paid around 60 thousand up to at the time.but now interest of 60 thousand around is added to the original amount.so please tell me how to claim for subsidy.
Manish Kumar (Posted: Sep 27, 2014)
2. sir,
i have taken 235000 rs, from pnb in the year 2008 and my financial position is week .i completed my course in 2011, i have no job job right now ,sir am i eligible for the interest subsidy scheme, pls help me sir....
thanks
Rovin kumar (Posted: Sep 18, 2014)
3. My name Mrs Grace i applied for a loan of 15000usd from a scam pretend to be a loan lender he rip me off the some of 2000usd,i was totally frustrated so a good friend of my from UK told me how she was rescued when she was scam by the same lenders so she testify to me how she was rescued from a loan lender called Mr Razaq Azeez who gave a loan amount of 30000usd and i am now a family of 2 and i am happy today God will bless him more and more so contact him so that he can also give you loan amount you need here is the email: razaqazeezloanfirm @ outlook.com
James (Posted: Sep 17, 2014)
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