The
Government is implementing a Central Sector Scheme, namely, Central Sector
Interest Subsidy Scheme (CSIS) for providing interest subsidy during the period
of moratorium on educational loans which is study period plus one year or up to
six months after getting a job, whichever is earlier, to students belonging to
economically weaker sections with an annual gross parental/family income upper
limit of Rs. 4.5 lakh per year (from all sources) for undergoing
professional/technical courses in higher educational institutions within the
country.
The
educational loans disbursed under the Indian Banks Association (IBA) Model
Educational Loan Scheme and those granted by the National Scheduled Castes
Finance and Development Corporation (NSCFDC), National Scheduled Tribes Finance
and Development Corporation (NSTFDC), National Backward Classes Finance and
Development Corporation (NBCFDC), National Handicapped Finance and Development
Corporation (NHFDC), National Minorities Development and Finance Corporation
(NMDFC) and National Safai Karamcharis Finance and Development Corporation
(NSKFDC) are covered under CSIS. A copy of the Scheme is available in
www.mhrd.gov.in.
The
CSIS Scheme covers students belonging to economically weaker sections with an
annual gross parental/family income upper limit of Rs. 4.5 lakh per year (from
all sources). Further, with a view to reduce the Non-Performing Assets on
educational loan, allow more loans at reasonable rates and in special cases
without any collateral security in the form of third party guarantee, the
Government has approved the Credit Guarantee Fund Scheme for Educational Loans
(CGFSEL).
This
information was given by the Union Minister of HRD, Smt. Smriti Irani in a
written reply to a Lok Sabha question today.
Source : PIB Release, 13th Aug, 2014
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