Dr Ambedkar Central Sector Scheme of Interest Subsidy on Educational Loans for Overseas Studies for Economically Backward Classes

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Dr Ambedkar Central Sector Scheme of Interest Subsidy on Educational Loans for Overseas Studies for Economically Backward Classes. The Interest Subsidy on Educational Loan for Overseas Studies for EBC is started by central government (Ministry of Social Justice and Empowerment) Department of Social Justice. And this scheme is of Interest Subsidy on educational loans for overseas studies will promote educational advancement of students from Economically Backward Classes. The objective of the scheme is to award interest subsidy to meritorious EBC students to provide them better opportunities for higher education abroad and enhance their employability. This scheme is implemented by respective State Government and Union Territories and is fully financed by Central Government.

Benefits of Interest Subsidy on Educational Loan for Overseas Studies for EBC:

  • Under this scheme subsidy will be provided over the education loan interest for perusing master degree and Ph.D. level course
  • Rate of Interest Subsidy
  1. 50% Interest Subsidy will be given to the girl candidate
  2. Under the scheme, interest payable by the students availing the education loans of the IBA (Indian Bank Association)for the period of moratorium (i.e. course period, plus one year or six months after getting job, whichever is earlier) as prescribed under the education loan scheme of the IBA, shall be borne by the Government of India
  3. The candidate will bear the principal installments and interest beyond moratorium period
  4. After the period of moratorium is over, the interest on the outstanding loan amount shall be paid by the student, in accordance with the existing educational loan scheme as may be amended from time to time

Required Eligibility and Conditions for Interest Subsidy on Educational Loan for Overseas Studies for EBC:

  1. Student should have availed loan from a scheduled bank under the education loan scheme of the Indian Banks Association (IBA) for the purpose
  2. Total income from all sources of the employed candidate or his/her parents/guardians in case of unemployed candidate shall not exceed Rs.3.00 lakh per annum
  3. The students obtaining benefits under this scheme shall not be given the interest subsidy if he gives up Indian citizenship during the tenure of the loan
  4. Student should belong to OBC category
  5. The students should have secured admission in the approved courses at Masters, M.Phil. or Ph.D. levels abroad e.g. Arts/Humanities/Social Sciences for more please
  6. visit: http://www.nbcfdc.gov.in/res/pdf/Guidelines%20Dr.%20Ambedkar%20Interest%20Subsidy%20OBC.pdf

Documents Required for Interest Subsidy on Educational Loan for Overseas Studies for EBC: 

  1. Income certificate/ ITR/Form 16/Audited Accounts of employed candidate or his/her parents/guardians below Rs. 300000 (3 lakh)
  2. Admission proof that student is pursuing higher education in abroad e.g. I-20
  3. Aadhar card
  4. Identity proof e.g. passport
  5. Address proof e.g. electricity bill
  6. Bank details, account holder name, account number, IFSC code, MICR code

 Application Procedure:

  1. The scheme is applicable for higher studies abroad. The interest subsidy will be linked with the existing educational loan scheme of Indian Banks Association (IBA) and restricted to students enrolled for course at Masters, M.Phil. and Ph.D. level
  2. Student has to go designated bank the designated banks will lay down the detailed procedure for processing and sanctioning of interest subsidy to eligible students in consultation with NBCFDC

 Whom to Contact and Where to Contact:

  1. Student has to contact designated bank where he has applied for education loan and should check eligibility and apply with proper documents
  2. Should contact the District. Collector or District. Manager/Officer of respective SCA’s (state channelizing agencies)
  3. For getting state channelizing agencies address and contacts state wise please visit following link: http://nbcfdc.gov.in/nbcfdc-scas.php

References and Details:

  1. http://socialjustice.nic.in/writereaddata/UploadFile/g-ISELforOBC1415.pd
  2. https://factly.in/here-are-two-schemes-for-the-economically–backward–classes-ebcs

 

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