Abhinandan Education Loan Subsidy Scheme – Objectives, Eligibility

Currently, we can see that the educational level is steadily rising. As a result, students increase the bar for the competition. 60 percent is now considered a new third category. Because most students take their grades to the next level, some pupils are unable to afford an education in today’s competitive environment. And that’s where the government has stepped in to assist students by offering education loans.

The Assam Government’s responsible body has introduced the Abhinandan Educational Loan Subsidy Scheme for 2020. Around 50,000 educational loan subsidies would be granted to all students who intend to pursue higher education. We will share the eligibility requirements for the Abhinandan educational loan subsidy scheme, which was launched by the Assam government, with all of you today. We will also discuss all of the step-by-step application procedures in this article, which will be very useful if you are an Assamese student who wants to pursue higher education in your state.

In the presence of Finance Minister Himanta Biswa Sarma, Education Minister Siddharth Bhattacharya, senior officials from the State Finance Department, and bank officials, Chief Minister Sarbananda Sonowal launched the Assam Abhinandan Education Loan Subsidy Scheme at the Srimanta Sankardev International Auditorium on December 26, 2019.

Although, under this arrangement, a loan of up to Rs. 50,000 or one lakh can be obtained before the deadline.

The Reserve Bank of India has also approved the bank under this programme.

After that, the loan must be approved by March 31, 2022.

On the other hand, beneficiary loan accounts should not become non-performing assets.

Furthermore, students who have already received benefits through the Bidhya Lakshmi Scheme are ineligible to receive benefits under any other education-related scheme.

Objectives of the Scheme

The major goal of introducing the Abhinandan educational loan subsidy scheme is to assist all people who cannot pursue higher education due to a lack of financial resources to apply to large institutions and universities. The Chief Minister of Assam has already taken several steps to ensure that all of these youngsters who have excellent grades but cannot obtain an education receive free admission to educational institutions. This will aid in the development of Assam’s human capital and encourage people to pursue higher education more seriously. 

Abhinandan Education loan Subsidy Form 2022

With the internet portal details provided for the Assam financial department, you can apply under this plan. Only qualifying students can take advantage of the state’s particular scheme. However, the candidate must first complete the registration form. After that, the online department will analyse your application to see if you are eligible or not.

Eligibility Criteria for the Abhinandan Education Loan Subsidy

• First and foremost, the student applicant must be a permanent resident of the state of Assam.
• Second, the loans provided under this scheme will go to Assam’s Scheduled Commercial Banks or regional rural banks.
• In addition, there are no income restrictions for families whose pupils have applied for the yojana.
• Although, under this arrangement, a loan of up to $50,000 or one lakh can be obtained before the deadline.
• The Reserve Bank of India has also approved the bank under this programme.
• After that, the loan must be approved by March 31, 2022.
• On the other hand, beneficiary loan accounts should not become non-performing assets.
• Furthermore, students who have already received benefits through the Bidhya Lakshmi Scheme are ineligible to receive benefits under any other education-related scheme.

Beneficiary Who Isn’t Eligible

Only a few persons will be unable to benefit from the Abhinandan educational loan subsidy scheme, as listed below:

• You will not be allowed to apply for the scheme if your loan instalments are past due for a certain amount of time.
• After 90 days, all educational loans are classified as non-performing assets.
• The Assam government introduced the Bidya Lakshmi scheme in 2017. You will not be able to apply for the Educational Loan Subsidy Scheme if you are a beneficiary of the scheme.
• Government personnel were allowed to get educational loans of up to ten lakh rupees through the Bidya Lakshmi initiative.

Abhinandan Education Loan Subsidy Benefits

The key benefit that the government will provide to those who apply for this scheme is the availability of rupees 50000 on any educational debt obtained by students in the state of Assam. The pupils would be able to pay off their school loans with the 50000 rupees supplied visually by the Assam government. These 50000 rupees has already been distributed to 5,000 Assam State students who have taken out educational loans to pay their higher education fees. The government first introduced the scheme in the year 2016.

Document Required during registration:

• Photo Id Proof
• PAN Card
• Permanent Residence Proof
• Aadhar Card
• Also, Loan Sanction Letter
• Bank Account Passbook details
• Statement of Loan
• Student’s educational certificate.

Conclusion

This scheme aims to assist students pursuing higher education from good institutions with a loan subsidy of up to Rs 50,000 on education loans. With the Housing Scheme, the Abhinandan Education Loan Subsidy Scheme was launched. The government of Assam would grant a one-time loan subsidy to all students seeking higher education on education loans under this scheme. All big banks and commercial banks like Federal Bank and HDFC participate in the Abhinandan Scheme.

FAQs