The students of Assam pursuing higher studies, Assam Chief Minister Sarbananda Sonowal on launched the state government’s Abhinandan scheme.Under this scheme, the Assam chief minister ceremonially distributed one-time subsidy sanction letters against education loans availed by the students for an amount of Rs 50,000 each to 1,546 students.
The aim of the scheme is to provide a loan waiver to students of Assam who have availed education loans.Geared towards permanent residents of the state, those benefiting from the scheme should have taken loans of a minimum of 1 lakh. The loan should have been sanctioned before March 31, 2019.
The government has established no minimum income criterion for students to avail of the benefits of this scheme.The scheme will be available through all commercial banks like the Federal Bank and HDFC and also the regional rural banks like Assam Gramin Vikash Bank within Assam.Through the Abhinandan Education Loan Scheme, the Assam govt aims to bolster its education infrastructure and urge more students to pursue higher education.
Students and their parents who have taken education loans of Rs 1 lakh or above can enrol themselves under the scheme.While education loans sanctioned before March 31 this year and amounting to Rs 1 lakh or more were included included in the scheme, for loans sanctioned since April 1, 2019, the applicant can avail benefits of the scheme after paying 25% of the sanctioned amount.
Eligibility Criteria for Abhinandan Education Loan Scheme
The government has established some eligibility criteria for students to be able to avail the benefits of this scheme.
The applicant student should be a permanent resident of the state of Assam.
The education loan should have been availed from a commercial or regional rural bank recognized by the Reserve Bank of India.
The education loan should be of a minimum of INR 1 lakh.
The loan should have been sanctioned before March 31, 2019.
The scheme also covers education loans sanctioned after March 31, 2019. However, in case of such loans, the subsidy will be provided only after 25% of the total sanctioned loan amount has been disbursed.
Also, the government has established no minimum income criterion for students to avail the benefits of this scheme.
How to Apply for Abhinandan Education Loan Scheme?
Once the application is approved, the subsidy amount will directly be deposited into your education loan account.
Get the direct link to access the Abhinandan Education Loan Scheme by clicking here.
FAQ- Abhinandan Education Loan Subsidy Scheme
What is the Abhinandan Education Loan subsidy (AELS) scheme
Abhinandan Education Loan subsidy scheme is program by government of Assam to provide Rs. 50,000/- to all loanees who have availed education loans sanctioned till 31st March, 2019. Further all education loans sanctioned during 2019-2020 shall also be eligible for this subsidy. What is the objective of the Program?
The objective of this program is to extend relief to those permanent residents of the State, who have taken education loans or are in the process of taking education loans for their children to pursue their dreams of getting higher education. This shall also promote many young and bright students who are unable to pursue their higher education due to financial constraints to take education loans in future.
Who are eligible to avail benefits from this scheme?
The scheme will cover all students who are permanent residents of Assam, studying in the state or outside, and have availed education loan from any commercial bank or Regional Rural Bank.
There shall be no income criteria.
Have not availed any benefit from Bidya Lakshmi Scheme.
The minimum education loan amount sanctioned to avail the benefits under the scheme shall be Rs. 1 lakhs.
Any account, which has not been classified as Non-Performing Asset (NPA) i.e. defaulting by the bank under Reserve Bank of India norms, will be eligible under the scheme.
Education loans availed during which time period duration is applicable for this scheme?
Education loans that has been sanctioned till 31st March 2019 are eligible to apply for this scheme. Further any loan that shall be sanctioned during current financial year i.e. 2019-20 shall also be eligible to avail this scheme.
Are personal loans taken to pursue education shall be subsidized under this scheme?No, only education loans shall be subsidized under this scheme.
Is Finance Department of Government of Assam providing education loans? Finance Department of Government of Assam is only providing subsidy for education loans sanctioned by the banks.
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