Portal to claim Interest Subsidy for FY 2017-18 is open from 1st Sep 2018 till 28th Sep 2018

Ministry of HRD has advised Canara Bank to open the Interest Subsidy portal from 1st September 2018 to 28th September 2016 for primary claims of Interest Subsidy on Education Loan for Financial Year 2017-18. As per guidelines, the Branch Managers have to identify the eligible student borrowers and submit the claim for interest subsidy for FY 2017-18 through Canara Bank portal.  In the past, many branch managers did not claim the subsidy for eligible students. Because of this, many eligible students did not get the subsidy from the Government.  In those cases where the Banks had failed, ELTF has advised the aggrieved students to file a petition with 'District Consumer Forum' claiming damages and compensation from the Banks.   

In view of this, eligible students may submit a letter to the Branch Managers under copy to the respective Regional Managers,  requesting them to claim the interest subsidy from the Government for FY 2017-18.  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 managers to submit the claim, in their own interest, students are advised to ensure that the branches submit the claim within the stipulated date.  

Eligibility

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. Interest subsidy is eligible for students purusing higher education within India in the approved Institutions.  

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. 

Students can also submit their complaints to Prime Ministers Office through the portal http://pgportal.gov.in.  

For any policy guidelines which are not available in the site www.eltf.in, the students can write to us at info@eltf.in.

By K. Srinivasan, Convenor, ELTF