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 : 281) Post Your Comments
1. sir, i have avail edu loan in 2005 from boi for mbbs corse rs 750000/ out of which rs 11500/where disb after 1/4/2009 and int subsidy on that rs.11500/ rs 869/recd. than i have secured admission in ms ,so moratium period extended ,no further loan for ms (i e post graduation) WAS TAKEN. AS ON NOW NO REPAYMENT STARTS and also int is not capitalised. ifeel i am eligible for int outstanding as on 31/12/2013.so i contected boi but they interprited that i am not eligible for subsidy because i got subsidy once.(rs 869/ on disb after 1/4/2009-) BUT as per seheme onces means student is eligible for either graduation or post graduation once.so please guide me and suggest what i shoud do my loan a/c no is 312072200000552 yours faithfully-bharat popat
bharat popat (Posted: Oct 15, 2014)
2. sir i have taken loan Coporation bank in 2007 to 2010 Capital amount 1,80,000 till i paid rupees 1,40,000 but my balance amount now 1,85,000 interest subsidy given only 7,000 so pls let me know actual subsidy amount Government announced full interest subsidy but i got 7,000 rupees
Gobinath (Posted: Oct 13, 2014)
3. hi ,i hav taken education loan of 1,60,000 from sanctioned 2lac rupeesin nov 2008.and 40,000 rupees deducted for interest from sanctioned amount during my studies period itself.now i am paying remaining amount by instalments. am i eligible for repay of interest amount what i hav paid.
jyothsna (Posted: Oct 9, 2014)
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