Bank of India Education Loan interest Subsidy
As part of the Central Scheme to promote technical and professional courses among economically weaker sections, the Ministry of Human Resource Development along with Indian Banks Association has rolled out the Central Scheme to provide Interest Subsidy (CSIS).
As per the CSIS, any loan amount beginning in the Academic year 2009-10 and post that is eligible for the subsidy. Even if the loan is sanctioned prior to 2009, but some amount gets disbursed towards academic year 2009-10, it will be considered.
However, only the interest levied on the amount disbursed post 2009 will be eligible for subsidy. Subsidy on interest will be extended for the entire period, of course (after 2009) and up to 1 year or 6 months from getting a job (whichever is earlier). Please refer to the circular -
The possible reasons for the interest subsidy not being credited to your account could be:
- The course enrolled is not considered for the interest subsidy
- The family income document is incorrect/incomplete (as per the guidelines) or is more than INR 4.5 lacs per annum
- You may have availed the interest subsidy in your undergraduate and hence, is not applicable for PG
- The loan is closed before the 2009-10 academic year and hence, no interest is accrued