Government of India, Ministry of Minority Affairs has now introduced a new scheme for providing 'interest subsidy' for minority students for overseas studies. This scheme comes into force from 2013-14. The loan for overseas studies for specific courses should have been sanctioned by the bank under IBA model scheme. The annual income of the parents should be less than 6 lakhs.
If the student is eligible, the Government of India provides full interest subsidy during the moratorium period. (course period plus one year or six months after getting employment, whichever is earlier).
Canara Bank is the nodal bank for managing the interest subsidy. The banks can file their interest subsidy claims from 1st July 2014.
This interest subsidy is applicable only for minority students. Eligible students may contact the concerned Branch Manager for completing the formalities.
Full details of the scheme may be downloaded from the link.
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