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Interest Subsidy Educational Loans: Personal Banking

Central Scheme of Interest Subsidy for Educational Loans provides full interest subsidy on educational loans for students from economically weaker sections. Canara Bank administers the subsidy on behalf of the Government of India to help students from families earning less than Rs. 4.5 lacs annually to pursue higher education. Students who took educational loans from scheduled banks between April 1, 2009 to March 31, 2010 are eligible for full interest subsidy during their course period plus one year or six months after getting employment, whichever is earlier. Eligible students should contact Canara Bank branches for more details on availing this subsidy.

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70 views2 pages

Interest Subsidy Educational Loans: Personal Banking

Central Scheme of Interest Subsidy for Educational Loans provides full interest subsidy on educational loans for students from economically weaker sections. Canara Bank administers the subsidy on behalf of the Government of India to help students from families earning less than Rs. 4.5 lacs annually to pursue higher education. Students who took educational loans from scheduled banks between April 1, 2009 to March 31, 2010 are eligible for full interest subsidy during their course period plus one year or six months after getting employment, whichever is earlier. Eligible students should contact Canara Bank branches for more details on availing this subsidy.

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Chella
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Home >> Personal Banking >> Interest Subsidy Educational Loans

Interest Subsidy Educational Loans

Central Scheme of Interest Subsidy for Educational Loans


An initiative to help students from Economically Weaker Sections

CANARA BANK, Nodal Bank to administer subsidy to scheduled banks.


One of the major concerns of the Government of India is to ensure that nobody is denied professional education because he or she is
poor. Indian Banks' Association (IBA) has formulated a comprehensive model educational loan scheme for adoption by all Banks. In
order to support students from Economically Weaker Sections of the Society, Department of Education, Ministry of Human Resourse
Development,Governemnt of India has launched this interest subsidy scheme.
Eligibility:
1.

Only for Educational Loans availed from Scheduled Banks for pursuing any of the approved courses after Class XII in
Technical and Professional streams from recognized institutes in India under the Educational Loan Scheme of IBA.

2.

Students belonging to Economically Weaker Sections with annual gross parental/family income from all sources with an upper
limit of Rs.4.50 lacs.Certificate to this effect issued by authorized officers of State Government is to be submitted.

3.

Full interest subsidy is available for the period of moratorium i.e Course Period plus 1 year or 6 months after getting the job,
whichever is earlier.

4.

Scheme is applicable for the loan amount availed from April 01, 2009 to March31, 2010(Academic Year 2009-10)

5.

For Loans sanctioned earlier to 1.04.2009, only amounts disbursed during the above period are eligible.

Eligible students have to contact our branches where they have availed/availing loans for further details.
Canara Bank
Priority Credit Section,
PC Wing, Head Office,
No.112, J.C.Road, Bangalore-560 002
Email: [email protected]

Website: www.canarabank.com

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