The Bidya Lakshmi Loan Scheme was introduced by the Government of Assam to help students of Assam pursue higher education without financial constraints. This scheme is particularly focused on providing financial support to the children of State Government employees across various categories. It offers educational loans at a low interest rate to students pursuing technical education at recognized institutions.
Key Features & Benefits
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Loan Amount:
- Rs. 5.00 lakh to Rs. 10.00 lakh for higher education.
- For employees with annual income up to Rs. 4.50 lakh, the loan will be eligible for the Credit Linked Subsidy Scheme (CLSS), which provides 100% subsidy on the interest during the course period plus one year (moratorium period).
- After the moratorium period, the loan will be charged at an effective rate of 4% under the CLSS category.
- Loans above Rs. 10 lakh can be availed from State Bank of India (SBI), with the government providing interest subvention only for the first Rs. 10 lakh.
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Purpose of Loan:
- Tuition fees, books, educational materials, computers, etc.
- Financial support for studying abroad, including travel expenses.
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Eligibility Criteria:
- Students: Must have secured admission in recognized professional/technical courses.
- Parents: Only State Government employees of Assam with at least 5 years of residual pensionable service are eligible. Private employees are not allowed under this scheme.
- The student must be the child of a currently serving State Government employee.
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Interest Rate:
- 1-year MCLR + 1% for loans up to Rs. 10 lakh.
- Concessions: 0.50% for girl students and 1% rebate on loan closure if the interest is serviced during the course and moratorium period.
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Security:
- Up to Rs. 10 lakh: No collateral or third-party guarantee required. The student and parent (as co-borrower) are jointly liable for repayment.
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Repayment Period:
- The loan repayment can extend up to 15 years after the course completion, with monthly repayments during the moratorium period for loans up to Rs. 10 lakh.
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Processing Charges:
- No processing charges are levied for the loan application.
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Moratorium Period:
- Covers the course period plus one additional year.
Eligibility Criteria
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For Students:
- Must be pursuing technical education in India or abroad (such as ITI, Polytechnic, Engineering, Medical, etc.).
- Must have secured admission into a recognized course.
- Must not have failed in the last qualifying examination (e.g., Class XII).
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For Parents:
- Must be a State Government employee in Assam.
- Should have at least 5 years of residual pensionable service left.
- Must agree to repay the loan if the student fails to secure a job after course completion.
Application Process
Online Application:
- Visit the official website and download the application form.
- Fill in the required details, including basic personal information, course details, and financial details.
- Submit the application form online or as per the specific instructions on the official portal.
Documents Required
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For the Student:
- Aadhaar card (both student and parent).
- Passport-sized photograph (3 copies).
- Mark sheets of the last qualifying exams.
- Admission letter from the institution.
- Fee structure of the course from the institution.
- Bank passbook with account details (Account must be linked to Aadhaar).
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For the Parent:
- Pan card (identity proof for both parent and student).
- Bank statement or Bank passbook.
- Income Certificate or Form 16.
- Pension-related documents (if applicable).
Frequently Asked Questions (FAQs)
- What is the amount of available loan in Bidya Lakshmi Loan Scheme?
The loan is between Rs. 5 lakh to Rs. 10 lakh depending upon the need of the student. - Can this loan be availed to study overseas?
Yes, the loan will be for studying overseas and the transportation charges also. - What is the student eligibility under this scheme?
The students must be children of Assam State Government employees and must have secured admission in recognized professional courses. - What is the interest rate on the loan?
The interest rate is 1-year MCLR + 1% for loans up to Rs. 10 lakh. Girl students have an additional concession of 0.50%. - Is there an application fee for the loan?
There are no application or processing fees. - What is the course that this loan scheme is eligible for?
Technical and professional courses such as engineering, medical sciences, polytechnic, nursing, etc., are covered in the scheme. - How will the loan be provided?
The amount of loan will be paid to the institution at which the student is pursuing their studies. - What is the repayment moratorium period for the loan?
The repayment moratorium period is course duration plus one year.