dear all
Indian Banks Association (IBA) has issued a guideline now extending time for banks to claim interest subsidy on education loan from the nodal agency.
As per the scheme, students who have availed edu loan from the banks, under IBA model scheme for pursuing professional and technical courses are eligible for interest subsidy. Interest subsidy is granted to the students whose parents' annual gross income does not exceed Rs.4.50 lakhs. Even if the loan was sanctioned earlier, all the loans / part of the loans disbursed on or after 1.4.2009 are eligible for interest subsidy. The students are required to give the income certificate signed by the competent revenue authorities.
The students were given time to submit the income certificate, claiming interest subsidy. In many places, students did not submit the claim. Now, the Government has come forward to extend the time. Detailed IBA guideline is available in the following link.
This scheme is applicable for the entire country. The members may kindly spread the information to the students who have availed edu loan from the Banks. Edu loan borrowers who are otherwise eligible and who had not claimed interest subsidy earlier, may approach the concerned bank manager immediately for completing the formalities, before 15th November 2012.
If the Branch Managers do not respond properly or show ignorance, the students may immediately take up with the concerned Regional Managers or with the Chairman of the Bank.
Srinivasan
Convenor
Education Loan Task Force (ELTF)
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