Union Bank of India- Product

Search

Home You are here : path  Products path Personal path Education Loan - Subsidies & CGFSEL

EDUCATION LOAN – SUBSIDIES & CGFSEL  EDUCATION LOAN – SUBSIDIES & CGFSEL

FEATURES

CREDIT GUARANTEE FUND SCHEME FOR EDUCATIONAL LOANS (CGFSEL)
  • The Ministry of HRD has launched Central Government scheme of Interest Subsidy on educational loans for economically weaker sections of the society. The students should satisfy all the following parameters:
    • Secured admission to any of the approved courses, after Class XII, in technical and professional streams from recognized institutes in India only.
    • The student should belong to Economically Weaker Section (EWS) with an annual gross family income not exceeding Rs.4.50 Lakh.





  • The other features of the scheme are as follow:
    • Subsidy for loan amount up to Rs.7.50 Lakhs (even if loan is more than Rs.7.50 Lakhs).
    • Student to submit proof of income from the competent authority appointed by the state government.
    • Scheme applicable for disbursements from the academic year 2009 (even if the loan was sanctioned earlier).
    • Subsidy for the course and moratorium period only.
    • Student will be eligible for interest subsidy only once either for the first undergraduate degree course or the post graduate degree / diploma course in India.
PADHO PARDESH SCHEME
  • Scheme to provide interest subsidy on educational loans for overseas studies for the students belonging to the minority communities.
  • The students should satisfy all the following parameters:
    • Secured admission to higher studies abroad viz. Masters, M. Phil and Ph.D. levels only.
    • The student belongs to the Economically Weaker Section (EWS) of Minority communities with an annual gross family income not exceeding Rs.6 Lakh.




  • The student has to submit income certificate issued by authorized officers appointed by the respective State Governments
  • Subsidy is available for interest charged on the loan amount disbursed during a financial year
  • Available for course and moratorium period only
  • The scheme is applicable for higher studies abroad.
  • The students obtaining benefits under this scheme shall not be given interest subsidy if he gives up Indian Citizenship during the tenure of the loan.
ACSISOBCEBC
  • Dr. Ambedkar Central Sector Scheme of Interest Subsidy on Educational Loan for Overseas Studies for Other Backward Classes (OBCs) & Economically Backward Classes (EBCs).
  • Scheme to provide interest subsidy on educational loans for overseas studies for the students belonging to the other backward classes (OBCs) & economically backward classes (EBCs).
  • The students should satisfy all the following parameters:
    • Secured admission to higher studies abroad viz. Masters , M. Phil and Ph.D. levels only
    • The student belongs to the other backward classes (OBC) & Economically Backward Classes (EBC) with an annual gross family income not exceeding Rs.3 Lakh & Rs.1 Lakh respectively.




  • The student has to submit income proof either of Form-16/ITR/certificate issued by authorized officers appointed by the respective State Governments
  • Scheme applicable for loans sanctioned from 01.04.2014 onwards
  • Subsidy is available for interest charged on the loan amount disbursed during a financial year
  • Available for course and moratorium period only
  • The scheme is applicable for higher studies abroad.
CENTRAL GOVERNMENT INTEREST SUBSIDY SCHEME (CSIS)
  • The Ministry of HRD, GOI has launched a scheme of Interest Subsidy on educational loans for economically weaker sections of the society.
  • The students who satisfy all the following parameters would only be eligible for the interest subsidy:
    • The scheme is applicable for inland studies only.
    • The student should secure admission after Class XII in any of the professional/technical courses approved by NAAC accredited Institutions or Professional Technical Programmes accredited by NBA or Institutions of National Importance or Central Funded Technical Institutions (CFTIs).
    • Those Professional Institutions /Programmes, which do not come under the ambit of NAAC or NBA, would require approval of the respective regulatory body viz, approval of Medical Council of India for Medical Courses, Nursing Council of India for Nursing Courses, Bar Council of India for Law etc.
    • Under CSIS scheme, only those education loans are eligible which are sanctioned without any collateral security or third party guarantee and subsidy is available up to a maximum amount of Rs.7.50 lakh irrespective of the sanction amount
    • Annual gross parental/ family income from all sources should not exceed Rs.4.50 Lakh.
    • The student should furnish the income certificate issued by competent authority appointed by the respective State Governments (such as Tehsildar) and submit the same to the branch from where the loan is availed and also execute the documents as required.
    • Aadhar number is mandatory for claiming the subsidy.


















  • The interest subsidy is towards the interest charged in the loan account during the course and moratorium period only.
VIDYA LAKSHMI PORTAL
  • Government of India has launched Vidya Lakshmi portal for providing single window for students to access information and make applications for educational loans. Students can apply education loan through Vidya Lakshmi portal(Click here for Vidya Lakshmi portal)
RATE OF INTEREST

union

union