Education Loan Interest पे Subsidy कैसे लें? - YouTube

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Namaskar my name is Mukul

And welcome to Asset Yogi.

Where we unlock the knowledge of finance

In the last video, I discussed with you the whole process of education loan

If you haven't seen that video, then definitely watch that video.

You will find its link in the description below.

In this video, we will talk about education loan subsidy

For the economically weaker section

The subsidy is given by the government at the interest rate.

The interest rate accumulates during the moratorium period

That is paid by the government

So in this video, we will understand this whole process

how it works, and how you can claim a subsidy

So you must watch this video till the end

Let's go straight to the blackboard.

First of all, let us understand the education loan subsidy.

After all, what is this scheme?

The Central Government has approved this scheme,

the Ministry of Human Development. launched this scheme in 2009-10.

it was launched in the academic year 2009-10.

Its full name is Central scheme to provide interest subsidy

And it is an education loan scheme of Indian Bank association

Interest subsidy is given within this scheme in the moratorium period

What is the moratorium period in education loan?

Whenever you take an education loan it includes a course period.

The period for which your degree course is running

Plus some relaxation is provided to you until you get a job.

Right

So suppose you got a job after 3 months

So after 3 months, you get an extra 6 months.

After that, you can start repayment of your loan

But this maximum period can be extended up to 1 year.

So whatever is your course duration

The moratorium period is up to 1 year after that.

So after 1 year or 6 months after job whichever is earlier

Suppose you get the job after 3 months after the course period.

So plus 6 months more

Course duration plus 9 months is the moratorium period.

What happens in the moratorium period?

You do not have to repay the interest plus principal for the moratorium period.

No repayment.

I write here clearly

There is no repayment of any kind during the moratorium period.

You have to repay the loan after the moratorium period.

You are taking an education loan during the course period

Because your repayment capacity is not that good

And when you get the job you will be able to repay the loan easily

hence the moratorium period is given as a relaxation period

If we talk about eligibility

What is the eligibility for an education loan subsidy?

Who can avail of this?

So only economically weaker sections can avail it.

Whose parental income is less than 4.5 lakh per annum?

Your total family income from all sources.

After adding all, if its total amount is below 4.5 lakhs per annum

Then only you are eligible.

And it is available only for technical and professional courses in India

This is not applicable if you go outside India to study

A student can avail of interest subsidy only once

You can avail of this subsidy only once

either when you graduate,

When you pursue your undergraduate degree.

Or when you do a postgraduate degree or diploma.

So you can claim a subsidy in either of the two.

Suppose if you take education for both

So you will get a subsidy for either of the two

Along with this, there are many institutes for integrated courses.

In which Bachelors and Masters's courses are conducted by combining

So you can definitely get a subsidy for that.

for the entire course.

And such students who leave their course in the middle.

or they are fired for disciplinary or academic grounds

So they too cannot claim this interest subsidy.

So we discussed eligibility

Now let us see how the education loan interest subsidy is processed

Canara Bank has been made a nodal bank.

Canara Bank has been appointed as the Central nodal agency by the HR Ministry.

And Canara Bank does the complete process of subsidy.

You can take a loan from any bank

Whichever bank it is,

it will send a request for the subsidy to Canara Bank.

And Canara Bank releases the subsidy amount to them

And Canara Bank gets this amount directly from the

Ministry of Human resource development

So you don't need to go to Canara Bank

You can apply for an education loan at any bank as a student.

And you also have to apply for a subsidy in your bank.

You don't need to go to Canara Bank

I have given you this extra information.

I also want to clarify one thing.

Many people get confused

That they will have to claim the subsidy separately

and they will have to go to Canara Bank.

You do not have to go anywhere

From whichever bank you have taken an education loan.

to claim subsidy, you have to fill in only one form there.

And in a way, the loan agreement is signed Through which your subsidy process is done.

Now if we talk about the indicative list

For which courses do you get this subsidy

I have taken out the list of an Indian Bank

There they have given an indicative list. so you can see.

Undergraduate and postgraduate in engineering.

Courses of engineering and architecture

An indicative list of medical and paramedical courses is given.

Like, MBBS, MD, nursing degree

Pharmacy, physiotherapy

MOI, Siddha, Ayurveda

Homoeopathy, naturopathy

All these medicine degrees

Agriculture, veterinary law, dental, management, computer

All these technical and professional courses

For these, you get the subsidiary of all interest loans.

There are also many postgraduate diplomas

For example, a diploma is also available in IIMS.

So in such an institute you also get a subsidy on interest loans.

Then which course is not eligible Let's see that too

If you do any such course which you do before passing 12th then you are not eligible for that.

If you go abroad to study in any foreign country and take an education loan for that,

So you will not get an interest subsidy on that.

Then for non-professional and non-technical courses for undergraduates and postgraduate

such as BA, MA, BSC, MSC in Arts

Commerce, sociology, music

all the bachelor's and master's courses in music.

Or diploma courses, teacher training courses, skill development, or vocational training courses

You will not get an interest subsidy in these courses

For the technical or professional course, you can get an interest subsidy

Now let's talk about what kind of income proof you will have to give.

To get into EWS

You have to give an income certificate from the designated authority

where do you get it

A list of this has also been prepared, you will find it on the website of Canara Bank.

Here I have also mentioned the link

And you will also get the link in the description

Here the authority of every state has been given

from where you will get this income certificate.

You have to give this certificate to prove the economically weaker section

Apart from this, you can also get additional interest concessions of 1%

Additional interest concession is applicable

when the Government of India starts paying your interest subsidy amount

within the moratorium period on a half-yearly or yearly basis.

Whichever bank has taken your education loan

If they start getting a subsidy amount during the moratorium period.

So this additional interest concession of 1% is applicable.

If you also take a normal education loan

So the bank gives you a concession

If you start your repayment within the moratorium period

When you will claim for interest subsidy in any bank

You have to sign an agreement.

This agreement is signed between the student, student's parent or guardian

and the bank branch in which you have claimed the loan.

And based on this agreement

Any bank branch applies to Canara Bank.

Right

so what do you require?

You need an Income Certificate of EWS

Second, you have to sign an application and you have to sign an agreement

In whatever bank you will apply for an education loan.

So you only need two things first income certificate

and second, you have to sign an agreement for interest subsidy

That's all you don't need to go anywhere else.

Neither you don't need to go to Canara Bank

Nor do you need to go to any ministry

So I hope you have got the idea of ​​how to claim education loan subsidies.

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