Central Scheme to provide Interest Subsidy (CSIS) for the period of moratorium on Educational Loans taken by students from Economically Weaker Sections from scheduled banks under the Educational Loan Scheme of the Indian Banks' Association to pursue Technical/Professional Education studies in India
The Government of India has launched a scheme to provide full interest subsidy during the period of moratorium i.e., Course Period plus one year or six months after getting job, whichever is earlier, on loans taken by students belonging to Economically Weaker Sections from scheduled banks under the Educational Loan scheme of the Indian Banks' Association, for pursuing any of the approved courses of studies in technical and professional streams, from recognised institutions in India.
Introduction
One of the major concerns of the Government is to ensure that nobody is
denied Professional education because he or she is poor. The lndian Banks'
Association (IBA) had formulated a comprehensive model educational loan
scheme for adoption by all Banks aimed at providing financial support from
the banking system to deserving/meritorious students for pursuing higher
education in lndia and abroad.
Obiective of the Scheme
The Government of lndia has now approved a scheme to provide full interest
subsidy during the period of moratorium i.e., Course Period plus one year or
six months after getting job, whichever is earlier, on loans taken by students
belonging to Economically Weaker Sections from scheduled banks under the
Educational Loan scheme of the lndian Banks' Association, for pursuing any
of the approved courses of studies in technical and professional streams,
from recognised institutions in lndia. The nomenclature of the Scheme would
be " Central Scheme to provide Interest Subsidy (CSIS) for the period of
moratorium on Educat~onal Loans taken by students from Economically
Weaker Sections from scheduled banks under the Educational Loan Scheme
of the lndian Banks' Association to pursue Technical Professional Education
studies in lndia".
Applicabilitv of the Scheme
The Scheme wuld be adopted by all scheduled Banks and would be
applicable only for studies in recognised Technical/Professional Courses in
India. The interest subsidy shall be linked with the existing Educational Loan
Scheme of IBA and restricted to students enrolled in recognised
T e c h n i c a l / P r o s S I O n c S anal)
lnstitutions established by Acts of Parliament, other lnstitutions recognised by
the concerned Statutory Bodies, lndian Institutes of Management (IIMs) and
other lnstitutions set up by the CentrallState Government.
lnterest Rates
The interest rates charged on the educational loan shall be as per the
BPLRJBase Rate of the individual banks and as per the provisions for interest
rates under the IBA Model Educational Loan Scheme.
For More Details
http://www.education.nic.in/scholarship/IBAM.pdf
The Government of India has launched a scheme to provide full interest subsidy during the period of moratorium i.e., Course Period plus one year or six months after getting job, whichever is earlier, on loans taken by students belonging to Economically Weaker Sections from scheduled banks under the Educational Loan scheme of the Indian Banks' Association, for pursuing any of the approved courses of studies in technical and professional streams, from recognised institutions in India.
Introduction
One of the major concerns of the Government is to ensure that nobody is
denied Professional education because he or she is poor. The lndian Banks'
Association (IBA) had formulated a comprehensive model educational loan
scheme for adoption by all Banks aimed at providing financial support from
the banking system to deserving/meritorious students for pursuing higher
education in lndia and abroad.
Obiective of the Scheme
The Government of lndia has now approved a scheme to provide full interest
subsidy during the period of moratorium i.e., Course Period plus one year or
six months after getting job, whichever is earlier, on loans taken by students
belonging to Economically Weaker Sections from scheduled banks under the
Educational Loan scheme of the lndian Banks' Association, for pursuing any
of the approved courses of studies in technical and professional streams,
from recognised institutions in lndia. The nomenclature of the Scheme would
be " Central Scheme to provide Interest Subsidy (CSIS) for the period of
moratorium on Educat~onal Loans taken by students from Economically
Weaker Sections from scheduled banks under the Educational Loan Scheme
of the lndian Banks' Association to pursue Technical Professional Education
studies in lndia".
Applicabilitv of the Scheme
The Scheme wuld be adopted by all scheduled Banks and would be
applicable only for studies in recognised Technical/Professional Courses in
India. The interest subsidy shall be linked with the existing Educational Loan
Scheme of IBA and restricted to students enrolled in recognised
T e c h n i c a l / P r o s S I O n c S anal)
lnstitutions established by Acts of Parliament, other lnstitutions recognised by
the concerned Statutory Bodies, lndian Institutes of Management (IIMs) and
other lnstitutions set up by the CentrallState Government.
lnterest Rates
The interest rates charged on the educational loan shall be as per the
BPLRJBase Rate of the individual banks and as per the provisions for interest
rates under the IBA Model Educational Loan Scheme.
For More Details
http://www.education.nic.in/scholarship/IBAM.pdf