Tuesday, March 18, 2014

Interest subsidy scheme for education loans availed prior to 31st March 2009

While presenting the interim budget for 2014-15 in Lok Sabha, Finance Minister of India announced interest subsidy for the education loans granted prior to 31st March 2009.  Already there is a system of interest subsidy for the loans granted on or after 1.4.2009.  This new scheme announced by Finance Minister extends the scheme to the loans granted earlier, but outstanding as on 31st Dec 2013.  

Though IBA and Ministry of HRD have not made the guidelines public, ELTF is able to procure a circular issued by Dena Bank, through one of its members.  Please go through the guidelines embedded below.  This guideline applies to all the Banks.

Students and parents may approach the concerned bank managers and take further guidance.  If the Bank Managers are not cooperating, the students may complain to the Chairman of the concerned bank and also to the Governor of Reserve Bank of India in writing.


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