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 : 252) Post Your Comments
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Henry (Posted: Jul 22, 2014)
2. sir
I have taken loan Rs 1,60,000 from syndicate bank.2013-2014

I want to know what is last date for submission of form to avail the subsidy benefits we are entitled to.

please sir let me know its very much urgent.
JAMEER (Posted: Jul 21, 2014)
3. Dear Sir,

I had taken education loan of amount 3.00 lakhs from PNB in July 2009. My family income is less than 1 lakh. Still I am managing very hardly to pay the loan sincerely. I don\'t have any god job to bear this huge burden. When i approached PNB bank manager. He Said you are not eligible for the scheme as you are paying your loan amount and interest regularly and this scheme is available for students who have not paid interest amount or whose interest is pending as on date. kindly help in this reagrd. I shall be highly obliged to you for earliest reply at your convenience.
Thanking You,

Regards
Gagan Goswami
Gagan Goswami (Posted: Jul 14, 2014)
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