In an effort to help students with their further education, the Assamese government launched the Subsidy Scheme for Abhinandan Education Loans. Students who have previously obtained loans from Assamese regional rural banks and scheduled commercial banks are eligible for subsidies under this program.
By providing loan subsidies, the program seeks to lessen the financial strain on parents and students, allowing them to finish their education without having to worry about large debt repayment amounts.
Benefits of the Scheme
- The program offers a ₹50,000 one-time education loan subsidy.
- The beneficiary’s loan account is immediately credited with the subsidy.
- All professional and postsecondary courses taken in India or overseas are covered by the program.
- This program has no restrictions on caste or economic levels.
Eligibility Criteria
For Students
- The applicant needs to be an Assamese permanent resident.
- The applicant must have obtained an education loan from an Assamese regional rural bank or scheduled commercial bank.
- sanction for student loans that were approved before March 31, 2019
- A minimum education loan amount of ₹1 lakh or more is required.
- At the time of application, the loan account shouldn’t fall into the Non-Performing Asset (NPA) category.
For Banks
- In Assam, the education loan must be obtained from a regional rural bank or a scheduled commercial bank.
- The loan should not be listed as a non-performing asset (NPA) and instead fall within the regular category.
Procedure for Applications
Application Process
Online Application Process
- Go to the Assam government’s official website.
- Select “Abhinandan Education Loan Subsidy Scheme” .
- Register and log in with the necessary information.
- completing the application by entering loan, academic, and personal information.
- uploading the necessary files, such as the bank account information, Aadhaar, and the education loan sanction letter.
- Fill out the application and save a copy for future use.
Documents Required
- A bank loan sanction letter that includes the loan account statement and all disbursement information.
- The applicant’s Aadhaar card.
- The applicant’s PAN card, if one is available
- Evidence of residency Voter ID, PRC, or any other legitimate residency document.
- letter of academic admission from the school to the student.
Exclusions
- This subsidy does not apply to loans that have turned into non-performing assets.
- This program does not cover loans from NBFCs or private financial institutions.
Frequently Asked Questions (FAQs)
Q1:The Abhinandan Education Loan Subsidy Scheme: What is it?
Students who pursue higher education can receive a ₹50,000 subsidy on their education debts under the Abhinandan Education Loan Subsidy Scheme, an Assamese government initiative.
Q2: How much has been paid out in subsidies?
Each eligible student receives a one-time ₹50,000 scholarship under this program.
Q3: Does income determine eligibility?
For this specific arrangement, there is no income cap.
Question 4: Should I receive a direct subsidy?
No, because the student’s loan account receives a direct deposit of the ₹50,000 subsidy.
Q5: Since I obtained the loan from both NBFC and a private bank, may I apply?
No, only from regional rural banks and scheduled commercial banks.
Q6: Does my debt fall under the NPA category?
One cannot receive subsidies for a loan that has become a non-performing asset (NPA).References and Sources