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EDUCATION LOAN
GOVT. INTEREST SUBSIDY SCHEME FOR ECONOMICALLY WEAKER
SECTION (EWS)
We are glad to inform that the Central Govt. has introduced a scheme for providing interest
subsidy on Education Loans during moratorium for technical and professional courses (after
class XII) for studies in India from recognized institutions in India under the IBA Model
Education Loan Scheme for students from Economically Weaker Sections (EWS) with
annual gross patental / family income upto Rs. 4.50lacs per annum from the academic year
2009-10.
3. Moratorium Period
The subsidy is provided for the period of moratorium i.e. courses period plus one year or six
moths after getting job whichever is earlier or as prescribed under Education Loan Scheme.
After the moratorium period is over, the interest on the outstanding loan amount shall be paid
by the student in accordance with the provisions of the Education Loan Scheme.
8. Nodal Bank
The scheme shall be implemented through Canara Bank, which is the Nodal Bank of the
Ministry of Human Resources Development. The subsidy claim will be lodged with Canara
Bank which in turn will claim the same from Ministry of Human Resources Development and
send to SBI. The interest subsidy amount will be credited to the education loan account only
after receipt from the Govt. through Canara Bank.
9. You are requested to contact the Branch concerned for any further details. If you are
eligible for subsidy you may submit the required documents for claiming the interest subsidy.
Yours faithfully,
SD/-
BRANCH MANAGER
EDUCATION LOAN
GOVT. INTEREST SUBSIDY SCHEME
FOR ECONOMICALLY WEAKER SECTION (EWS)
COVERAGE
Draft format
OFFICE OF THE TAHSILDAR
CERTIFICATE
Signature :………………………………….
Place: Signature of
Tahsildar:
Date: Name:
Seal
AGREEMENT
(To be stamped as an Agreement)
(Between the Student and the Branch of the Bank)
The Agreement for availing of interest subsidy under the Central Sector Scheme of
Interest
Subsidy on Education Loan for Professional Education in India made at
____________on this
___________day of ___________in the year __________.
BETWEEN
AND
Shri/Smt.____________________________________________________________
(Student) S/o
D/o________________________________________________ aged Years, residing
at_________________________________________________ represented by
father/guardian
Shri/Smt______________________________________________________________
________S/o
D/o_________________________________________________aged___________ye
ars residing
at______________________________________________________
Parent and Student hereafter jointly called the Borrowers and individually as
Borrower of
the FIRST PART (which term wherever the contact so requires or admits shall also
include
his/her/their heirs, executors and assigns).
AND
State Bank of India, a bank constituted under the State Bank of India Act, 1955 and
having one of its Branch at ........................................ and its Local Head Offices at
...................................................... hereinafter referred to as "the Bank" of the other
part.
Borrowers and State Bank of India shall be individually referred to herein as ‘Party”
and collectively as ‘Parties”.
WHEREAS
1. The Borrowers availed/intend to avail Education Loan from the Bank and the
Bank sanctioned/agreed to sanction
Rs._____________(Rupees___________________)
for pursuing technical/professional education in India. The Borrowers in
consideration of the said sanction/promise has executed/shall execute the
Educational Loan Agreement, besides such other agreements/s or security/ies as
per the Model Educational Loan Scheme.
2. Integrated Finance Division, Department of Higher Education, Ministry of
Human Resources Development, Government of India (MoHRD) has come out with
a Central Sector Scheme of Interest Subsidy on Education Loan for
Technical/Professional Education in India (hereinafter called the Interest Subsidy
Scheme) to provide interest subsidy on the education loans availed by students
having lower than a specified parental income as decided by the MoHRD in the said
Scheme for pursuing professional education in India, during their study/repayment
holiday, from the Academic Year 2009-10.
3. The Borrowers represented that they are eligible for interest subsidy under the
said Interest Subsidy Scheme and requested the Bank to grant such benefit to them.
4. Based on the documents submitted by the Borrowers, the Bank agreed to extend
the benefit under the said Interest Subsidy Scheme to the Borrowers and the parties
hereto desire to enter into an agreement setting out the terms and conditions as
hereinafter appearing in addition to the loan/security documents executed/to be
executed by the Borrowers.
1._________________________
2._________________________ ___________________________