Saturday, July 30, 2016

Education Loan Interest Subsidy portal opens on 1st August 2016 for FY 2015-16

Ministry of HRD has advised Canara Bank to open the Interest Subsidy portal from 1st August 2016 to 31st October 2016 for primary claims of Interest Subsidy on Education Loan for Financial Year 2015-16.  As per guidelines, the Branch Managers have to identify the eligible student borrowers and submit the claim for interest subsidy for FY 2015-16 through Canara Bank portal.  In the past, many branch managers did not claim the subsidy for eligible students.  

In view of this, eligible students may submit a letter to the Branch Managers requesting them to claim the interest subsidy from the Government for FY 2015-16.  If the Bank does not submit the claim within the period, the students will not get any subsidy.  Though it is the responsibility of the Branch manager to submit the claim, in their own interest, students are advised to ensure that the branches submit the claim within the stipulated date.  

Students who have availed education loan under IBA scheme to pursue professional or technical courses are eligible for interest subsidy during the study period plus one year, if the parental income is less than 4.50 lakh per annum.  It is sufficient if the student submits the income certificate signed by Thasildar or competent authority only once at the time of availing the loan.  They need not submit the income certificate every year.  

ELTF does not entertain any direct contacts from the students and parents.  If they want any further clarification on interest subsidy, they have to approach the managers only.  If the Branch Managers do not respond properly or do not give proper information, the students can complain to the Regional Manager and also to the Chairman of the Bank in writing.  ELTF does not deal with individual grievances.  


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