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Central Scheme of Interest Subsidy for Education Loans


Government of India, Ministry of Human Resources Development, Department of Higher Education has formulated an Interest Subsidy for Education Loans for the students of economically weaker section (EWS) for pursuing technical / professional courses in India.

Salient features of scheme are as under:

  • Scheme will be named as “Education Loan Interest Subsidy Scheme” specially designed to provide Interest Subsidy for the period of moratorium on educational loans taken by students from Economically Weaker Sections from our Bank under the educational loan scheme of the Indian Banks’ Association to pursue Technical / Professional Education studies in India.
  • Course fee (all inclusive) may exceed Rs. 10 lacs but subsidy amount will be calculated only upto loan amount of Rs. 10 lacs.
  • Government of India will provide full interest subsidy during the moratorium period on loans taken by students from the Bank. For loans sanctioned prior to 01.04.2009, only interst on the amount disbursed after 01.04.2009 are eligible.
  • After the moratorium period interest will be borne by student.
  • Student should belong to Economically Weaker Section (not on social background) having parental family income from all sources not more than    Rs. 4.5 lac per annum.
  • State Government will designate appropriate authority or authorities who are competent to issue Income certificate, based on economic index and not social background, for the purpose of this scheme.
  • Subsidy will be available only to students enrolled in recognized Technical / Professional courses (after 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.
  • Interest rates charged on the loan shall be as per interest rates applicable under our Education Loan Scheme.
  • Interest subsidy shall be available to the eligible students only once, either for first undergraduate degree course or the post graduate degrees / diplomas in India. Interest subsidy shall, however, be admissible for integrated courses (graduates + post graduates).
  • Subsidy shall not be available if a student discontinues the course in midstream, expelled from Institutions on disciplinary or academic grounds.
  • There would be tag / marker on the degree and marksheet of the student indicating his repayment liabilities. Electronic tag will enable employers to identify loanees. Nodal Bank for the scheme shall be Canara Bank and monitoring shall be finalized in consultation with the Canara Bank.
  • List of Technical / Professional courses for which the scheme would be applicable, shall be publicized from time to time by UGC and AICTE and the same would be immediately displayed at their websites, which may be accessed for verification purposes. 
  • Agreement is also to be signed by the student and Bank.

For more details, contact our branch where they have availed education loan.



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