Subsidy From Sbi


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HOMEPERSONAL

BANKINGPERSONAL

FINANCESCHEME OF1%INTERESTSUBVENTIONON HOUSINGLOANS

HOME LOANS

CAR LOAN

EDUCATIONLOANS(SBISTUDENTLOANSCHEME)

CENTRALSCHEMEFORINTERESTSUBSIDYONEDUCATIONLOANS

SCHOLARLOANS

LOANSAGAINSTPROPERTY

LOAN FOREARNESTMONEYDEPOSIT

TRIBAL-PLUSSCHEME

CREDITKHAZANA

CENTRAL SCHEME FOR INTEREST SUBSIDYON EDUCATION LOANS

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Central Scheme for Interest Subsidy has beenannounced by Ministry of HRD for providinginterest on Education Loans during moratorium

for technical and professional courses forstudies in India under the IBA Model EducationLoan Scheme for students from Economically

Weaker Sections (EWS) with annual gross

parental/family income upto Rs. 4.50 lacs perannum from the academic year 2009-10.

1. Applicability of the SchemeThe scheme would be applicable only for studies in

recognized Technical/Professional courses in India.The interest subsidy shall be linked with the existingEducation Loan Scheme of IBA and restricted to

students enrolled in recognized Technical/Professional

courses (after class XII) in India in Educational

institutions established by Acts of Parliament, otherinstitutions recognized by the concerned Statutory

Bodies, Indian Institutes of Management (IIMs) andother institutions set up by the Central/StateGovernment. Under IBA Model Education Loan

Scheme for studies in India maximum eligible loan

limit is Rs.10 lacs.2. Moratorium PeriodThe subsidy is provided for the period of moratorium

i.e. 12 months after completion of the course or sixmonths after getting the job,

whichever is earlier as prescribed under the IBAModel Education Loan Scheme. After the moratoriumperiod is over, the interest on the outstanding loanamount shall be paid by the student in accordance

with the provisions of the Education Loan Scheme.3. Criteria for Economically Weaker Section/

Income Limit
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SBI CAREERLOAN

LOANSCHEME FORVOCATIONALEDUCATIONAND

TRAINING

LOANSAGAINSTSECURITIES

PERSONALLOANS

GOLD LOANS

The benefit of the scheme would be applicable tothose students belonging to economically weaker

sections with an annual gross parental/family incomewith upper limit of Rs.4.5 lacs per year (from all

sources).4. Competent Authority to issue CertificateThe Ministry of HRD, Government of India has issued

an Advisory to all the State Governments requesting

them to designate appropriate authority or authoritieswho are competent to issue income certificates,based on economic index and not social background

for the purpose of this scheme. Banks shall

implement the scheme based on the notification ofthe certification authority by State Governments

communicated through District Level ConsultativeCommittees (DLCCs). The DLCCs would be given the

list and the signatures of the competent authority to

issue the income certificate.

5. Eligibility for Interest SubsidyThe interest subsidy under the scheme shall be

available to the eligible students only once either forthe first undergraduate degree course or the post

graduate degree/diploma in India. Interest subsidyshall however, be admissible for integrated courses

(graduate plus postgraduate).Interest subsidy under this scheme shall not be

available for those students once they discontinue the

course midstream, or who are expelled from theinstitutions on disciplinary or academic grounds.However, the interest subsidy will be available only if

the discontinuation was due to medical grounds for

which necessary documentation to the satisfaction ofthe Head of educational institution will have to begiven.6. Awards/ CertificatesThe Ministry of HRD has initiated the proposal todematerialize the educational awards/certificates,setting up of Depository for maintaining the records

in dematerialized form and providing service to theusers. Banks can have online access for verificationprocess which would eliminate fraudulent practices

like forging of certificates and mark sheets7. Nodal BankThe scheme shall be implemented through CanaraBank, which is the Nodal Bank for the Ministry of


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Human Resources Development.8. Applicable Academic YearThe scheme shall be applicable from the academicyear 2009-10 starting 1st April 2009. The scheme

shall be applicable only in respect of disbursementsmade by the Banks on or after 1st April, 2009 for theacademic year 2009-10, irrespective of date of

sanctioning. In case of loans sanctioned prior to1.4.2009, for the courses beginning prior to academic

year 2009-10, the interest subsidy is available to theextent of disbursements made after 1.4.2009.9. Disbursement of Interest Subsidy ClaimsThe disbursement of Interest Subsidy Claims to theBanks shall be on half-yearly or yearly basis whichhas to be worked out in consultation with the Ministry

of HRD.

10. Eligible students have to contact the SBIBranch concerned for any further details along

with Income Certificate from the certifyingauthority.Last opportunity for the students for submitting

income certificates and Interest Subsidy Claimsfor the years 2009-10 & 2010-11 at the

concerned Branch/ RACPC, Students to submit

the claims latest by 15.11.2012.Home|Sitemap|FAQs|Right to Information Act 2005|Disclaimer

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