Govt. To Provide Subsidy on Education Loan

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New Delhi: The Ministry of Minority Affairs has operationalized the scheme of “Padho Pardesh – Interest Subsidy on Educational Loans for Overseas Studies” in 2014-15, under which interest subsidy is provided on educational loans for overseas studies to minority students for approved courses at Masters, M.Phil.and Ph.D. level. The claims for interest subsidy on the educational loans availed from 1st April, 2013 have been covered under the scheme.

The eligibility criteria for selection of beneficiaries are as follows:

(i)                 The student should have secured admission in the approved courses at Masters, M/.Phil. or Ph.D. level abroad as per guidelines.

(ii)               He/ She should have availed loan from a scheduled bank under the Education Loan Scheme of the Indian Bank’s Association (IBA) for the purpose.

(iii)             Total income from all sources of the employed or his/her parents/guardians in case of unemployed candidate, should not exceed Rs.6.00 lakh per annum.

This is a 100% Central Sector Scheme implemented by the Ministry of Minority Affairs through a Nodal Bank i.e. Canara Bank. Student can avail educational loan from the existing Educational Loan Scheme of any of the member bank of Indian Banks’ Association (IBA) and claim the interest subsidy through their respective bank.

The State/Union Territory-wise details of claims received for interest subsidy from the banks of various States/ UTs since operationalization of the scheme including the current year are-

  2012-13 2013-14* 2014-15* 2015-16  
Sl STATE   Number of Number of Number of  
No     claims received claimsreceived claimsreceived  
             
1 ANDHRA PRADESH   35 98 192  
2 ASSAM   4 7 21  
3 BIHAR   1 4 12  
4 CHANDIGARH   1 8 10  
5 CHHATTISGARH   1 3 6  
  DADRA AND          
6 NAGAR HAVELI   0 1 0  
7 DELHI   1 4 26  
8 GOA   0 3 17  
9 GUJARAT   3 22 86  
10 HARYANA launched 2 19 30  
11 JAMMU & KASHMIR 8 27 94  
12 JHARKHAND 0 1 3  
13 KARNATAKA not 26 88 291  
           
14 KERALA was 159 459 1254  
15 MADHYA PRADESH 8 30 130  
Scheme  
16 MAHARASHTRA 18 58 223  
17 MEGHALAYA 0 5 15  
18 MANIPUR   4 1 0  
19 MIZORAM   3 1 3  
20 PUDUCHERRY   5 6 12  
21 PUNJAB   22 117 188  
22 RAJASTHAN   3 10 32  
23 TAMIL NADU   49 89 267  
24 TELANGANA   1 3 199  
25 UTTAR PRADESH   7 16 46  
26 UTTARAKHAND   2 4 16  
27 WEST BENGAL   1 5 12  
  Grand Total   364 1089 3185  

* Scheme was operationalized in 2014-15. The claims for interest subsidy on the educational loans availed from 1st April, 2013 have been covered under the scheme.

The funds allocated, released and the number of students benefitted since operationalization of the scheme are –

          (Rs. in crore)
  2014-15   2015-16 as on 29.02.2016
Funds Funds Benefitted students Funds Funds released Benefitted students
allocated released   allocated    
4.00 3.50 573 4.19 4.00 770
           

Apart from the above, the Ministry also implements Pre-matric Scholarship Scheme (from Class I to X); Post – matric Scholarship Scheme (from Class XI to Ph.D. level); Merit-cum-Means based Scholarship Scheme (for technical and professional courses); and Maulana Azad National Fellowship for the educational empowerment of minority students across the country. In addition, Maulana Azad Education Foundation, an autonomous body under the Ministry, also implements

“Maulana Azad National Scholarship for Meritorious Girls”, an exclusive scheme for scholarship to minority girls studying in class XI and XII.

This Information was given by the Minister of State in the Ministry of Minority Affairs, Sh. Mukhtar Abbas Naqvi in Lok Sabha today.

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