It is a Government of India scheme known as Central Scheme to provide Interest Subsidy (CSIS) for the EWS students to pursue Technical/ Professional education studies in India. This scheme is independent of any other schemes which may cater to Economically Weaker Sections.
Under the scheme the interest payable on education loan by the students belonging to Economically Weaker Section (EWS) will be borne by the Government of India during moratorium period. The moratorium period means Course Period plus one year or six months after getting job, whichever is earlier, as prescribed under the Model Educational Loan Scheme formulated by the Indian Banks’ Association (IBA). After the period of moratorium is over, the interest on the outstanding loan amount shall be paid by the student, in accordance with the provisions of the existing Educational Loan Scheme of Banks and as may be amended from time to time. The scheme is effective from the academic year 2009-10.
Eligibility for subsidy: The eligibility for subsidy is restricted to following students;
Non eligibility: Interest subsidy shall not be available for the following student borrowers,
Nodal Bank: The Scheme shall be implemented through Canara Bank, which is the Nodal Bank for the scheme. However, the student can apply under the scheme only through branch where educational loan is availed.
Who are the lenders under this scheme?: lnterest subsidy scheme is available to students belongingto EWS for availing Educational loan schemes of scheduled Banks, NMDFC, NSKFDC, NBCFDC, NSCFDC and NHFDC .Theinterest charged by NMDFC, NSKFDC, NBCFDC, NSCFDC and NHFDC are to be paid by Government direct to the respective Corporations.
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