Education Loan Interest Subsidy Bank of Baroda

Hello sir would you please tell me what is the scheme of Interest Subsidy for Education Loans at bank of baroda???

[Quick Sam]

Government of India, Ministry of Human Resources Development, and 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.

Schemes 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 interest on the amount disbursed after 01.04.2009 is eligible.

After the moratorium period interest will be borne by student.

Student must 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 will 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.

Hi I am interested in knowing the central scheme whereby interest subsidy is provided on the education loans by Bank of Baroda?

[Raman Vij]

The Central Scheme of Interest Subsidy for Education Loans by Bank of Baroda has been explained in detail and mentioned below:

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

Salient features of scheme are as under:
Scheme has been named as “Education Loan Interest Subsidy Scheme” specially planned to provide Interest Subsidy for the period of moratorium on educational loans taken by students from Economically Weaker Sections of the society from Bank of Baroda, under the educational loan scheme of the Indian Banks’ Association to continue Technical / Professional Education studies in India.

Course fee which is all inclusive may exceed Rs. 10 lacs but subsidy amount will be calculated only on loan amount of Rs. 10 lacs.

Government of India will offer full interest subsidy during the moratorium period on loans taken by students from the Bank. For loans sanctioned prior to 01.04.2009, only interests on the amount disbursed after 01.04.2009 are qualified.

After the suspension period interest will be borne by student.

Student should fit in to Economically Weaker Section (not on social background) having parental family revenue from all sources not more than Rs. 4.5 lac per year.

State Government will delegate 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 accessible only to students enrolled in recognized Technical / Professional courses (after XII) in India in Educational Institutions established by Acts of Parliament, other institutions acknowledged by the concerned Statutory Bodies,

Indian Institutes of Management (IIMs) and other Institutions set up by the Central / State Government.

Interest rates levied on the loan shall be as per interest rates applicable under the Education Loan Scheme.

List of Technical / Professional courses for which the proposal would be applicable shall be revealed from time to time by UGC and AICTE and the identical 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