Ministry of HRD has announced concession on education loan interest it is common for all state students like tamilnadu , as per the department announcement students who got loan for pursuing professional courses from the year 2009 april 1 to 2014 march 31 can apply for cancelling their education loan interest through banks where they got the loan.
Who are eligible to get this subsidy
- Students who studied professional courses like Engineering and medical courses during above mentioned period are capable to get this.
- Annual income of parents must not be above 4.5 lakhs.
- This scheme will be available for only who got loan from IBA member banks (IBA is called indian banks association and it has 201 member which includes both private and public )
Note: this may be the final chance for the students so they need to complete the procedures within the IBA mentioned time limit, else they will lose the opportunity.
Banks are giving education loan for students inorder to continue higher study, After completing the course and joining job students need to pay the amount along with the interest is the procedure. For students who are applying for the consession central government will pay the amount.
Central government has appointed canara bank as a medium for this, so it will collect the interest subsidy details of all the banks and it will submit the details to central government. As per it government will give total concession amout to canara bank which will be handed over to all banks as per the details.
Ministry of HRD instructed all the banks to publish these details in their official website so it is available in most bank websites, you log on to your bank url inorder to get the details.
For who got loan between 2009 to 2014 – last date over
How to apply?
Contact your bank with required documents like income tax certificate of your parents obtained from tashildar, canara bank opens the portal for the member banks only during above period so you should contact as quickly as possible.
You need to submit education loan interest subsidy application form along with the needed documents, each student have right to check the bank whether their application is forwarded to canara bank to avail the consession, so you can confirm it by contacting your bank, incase if they refuse to give correct details then you can register a complaint regarding it to IBA.
Reference file: click here