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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 Resource 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
ofRsA.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.
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