Dell New Product Development

In: Business and Management

Submitted By 9716710875
Words 286
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26 February, 2011

PRESS RELEASE

Interest Subsidy Scheme for Education Loans

Under a Scheme announced by the MoHRD students whose parental income is upto ` 4.5 lakhs per annum are eligible for 100% interest subsidy on Education Loans availed from scheduled banks. Interest subsidy is available for loans disbursed on or after 1st April, 2009. Students who had loan sanctioned prior to that date would also be eligible for interest subsidy on fresh disbursements made by banks on or after 1st April, 2009. The subsidy would be paid on interest charged during the study period as well as subsequent moratorium period before commencement of repayment. The subsidy is applicable for pursuing any of the approved courses of studies in technical and professional streams from recognized Institutions in India. Students eligible for subsidy under the Scheme are requested to approach the bank branch from where loans have been availed immediately along with income certificate issued by the Competent Authority designated by the respective State Governments/UTs. The Govt. is presently releasing interest subsidy for the financial year 2009-10.

Branch Managers of Scheduled banks granting educational loans on the lines of IBA Model
Educational Loan Scheme are requested to provide guidance to students / parents in filing their application for subsidy. They should ensure that applications are processed immediately and submitted to their head offices so that consolidated subsidy claims for the year 2009-10 are lodged with the Nodal Bank (Canara Bank) before 31st March, 2011 to ensure that all eligible students benefit from the Scheme.

The details of the Scheme are hosted in the website of MoHRD as well as IBA.
MoHRD: http://www.education.nic.in/uhe/IntSubsidyonELS.pdf
IBA: www.iba.org.in…...

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