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Interest Subsidy Educational Loans

CSIS-FAQ

 

 

CSIS

PADHO PARDESH

 ACSISOBCEBC

 

Who is eligible for the scheme?

 

Students who want to pursue Technical/Professional courses in recognized institute in India.

(Loan Sanctioned From 01.04.2009 to 31.03.2018)

 

Revised CSIS

(Loan Sanctioned From 01.04.2018)

 

Students who want to pursue Technical/Professional courses in NAAC, NBA, CFTI accredited or regulatory approved institutes in India.

 

Students who belong to Minority Communities and want to pursue Master, M.Phil & P.hd in abroad.

 

Students who belong to OBC/EBC  category and want to pursue Master.M.phil & P. hd in abroad

It is compulsory to avail education loan for getting interest subsidy benefit?

Yes, only students who availed education loan from scheduled banks are eligible for the interest subsidy.

 

Is there any income criteria for claiming the subsidy

 

Yes, the total Family annual income from all sources shall not exceed Rs.4.5 lakhs

 

Yes, the total annual income from all sources of the employed candidate or his/her parents guardians in case of unemployed candidate shall not exceed Rs 6.00 lakhs.

 

Yes, the total annual income from all sources of the employed candidate or his/her parents guardians in case of unemployed candidate shall not exceed present creamy layer for OBC and Rs 2.50 lakhs for EBC.

 

Is there any limitation of limit/ liability  for claiming the interest subsidy ?

 

Interest charged on loan amount up to  Rs 10.00 lakhs.

(Loan Sanctioned From 01.04.2009 to 31.03.2018)

 

Revised CSIS

(Loan Sanctioned From 01.04.2018)

 

Interest charged on loans sanctioned without any collateral security & third party guarantee and for maximum amount of Rs 7.5 lakhs.

 

Interest charged on loan amount up to Rs.20.00 lakhs.

 

Is subsidy available for the entire Education loan period ?

 

 No, Subsidy benefit is available up to the Moratorium period  i.e Course period + one year.

Who is the income certificate issuing authority?

Appropriate authority designated by the state Governments.

Whether it is necessary to submit the income certificate every financial year?

No, borrowers need not submit income certificate every year. Any subsequent changes in family income will not affect the eligibility.

 

How Borrower can claim the subsidy to Government of India?

 

Borrower cannot claim the subsidy directly from GoI, it is the prime responsibility of the financing Bank/Branch to claim the subsidy on behalf of the borrower.

 

 

When is the yearly subsidy claimed by banks?

 

Web Portal for claiming subsidy will be opened as per the instructions of Ministry and portal opening and closing dates will be intimated to all the Member Banks. Concerned Banks have to claim the subsidy during the portal opening for respective years.

 

What is the procedure to check the subsidy claimed amount of individual education loan accounts?

 

We have created a dedicated web portal for this purpose i.e.: 

https://www.canarabankcsis.in/SubsidyEnquiry/SubsidyEnquiry.aspx

(presently For CSIS scheme only)

Whom should I have to contact for subsidy amount disbursed by the government?

The details of the amount credited may be obtained from the concerned financing bank Branch. Head office of the concerned Bank may be contacted if the Branch reply is not satisfactory.

 

What is the role of Canara Bank as a Nodal bank?

 

Canara  Bank  has been nominated  as   a Nodal   Bank,   only   for the purpose of  administering the Interest Subsidy introduced by   the Government  of  India, New Delhi and our role as a Nodal Bank is for the limited purpose of consolidating the subsidy claims of Member Banks and forwarding the same to Concerned Ministry  and to pass on the subsidy to the Member Banks as and when it is received from the Ministry.