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Education Loans
Central Scheme for Interest Subsidy has been announced by Ministry of HRD for providing interest on
Education Loans during moratorium for technical and professional courses for studies in India under the
IBA Model Education Loan Scheme for students from Economically Weaker Sections (EWS) with
annual gross parental/family income upto Rs. 4.50 lacs per annum from the academic year 2009-10.
The scheme would be applicable only for studies in recognized Technical/Professional courses in India.
The interest subsidy shall be linked with the existing Education 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, other institutions recognized by the concerned Statutory
Bodies, Indian Institutes of Management (IIMs) and other institutions set up by the Central/State
Government. Under IBA Model Education Loan Scheme for studies in India maximum eligible loan limit
is Rs.10 lacs.
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The subsidy is provided for the period of moratorium i.e. 12 months after completion of the course or six
months after getting the job, whichever is earlier as prescribed under the IBA Model Education Loan
Scheme. After the moratorium period is over, the interest on the outstanding loan amount shall be paid
by the student in accordance with the provisions of the Education Loan Scheme.
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2. Moratorium Period
The benefit of the scheme would be applicable to those students belonging to economically weaker
sections with an annual gross parental/family income with upper limit of Rs.4.5 lacs per year (from all
sources).
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The Ministry of HRD, Government of India has issued an Advisory to all the State Governments
requesting them to designate appropriate authority or authorities who 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 of the certification authority by State
Governments communicated through District Level Consultative Committees (DLCCs). The DLCCs
would be given the list and the signatures of the competent authority to issue the income certificate.
6. Awards/ Certificates
The Ministry of HRD has initiated the proposal to dematerialize the educational awards/certificates,
setting up of Depository for maintaining the records in dematerialized form and providing service to the
users. Banks can have online access for verification process which would eliminate fraudulent practices
like forging of certificates and mark sheets
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The scheme shall be implemented through Canara Bank, which is the Nodal Bank for the Ministry of
Human Resources Development.
Eligible students have to contact the SBI Branch concerned for any further details
along with Income Certificate from the certifying authority.
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