Assam Abhinandan Education Loan Subsidy Scheme 2023
The Assam Abhinandan Education Loan Subsidy Scheme, initiated on 26th December 2019 by the Hon’ble Chief Minister of Assam, is designed to provide financial support to students pursuing higher education in the state. Managed by the Finance Department, Govt. of Assam, the scheme offers a loan subsidy of up to ₹50,000 for students taking educational loans from commercial banks such as Federal Bank and HDFC, as well as regional rural banks like Assam Gramin Vikash Bank.
The primary objective of the scheme is to encourage students to pursue higher studies by easing their financial burden through subsidies on education loans. To avail the subsidy, students are required to pay 25% of their loans, and the benefits are exclusively for permanent residents of Assam.
The Abhinandan Education Loan Subsidy Scheme has played a significant role in providing a much-needed financial boost to aspiring students in Assam who face economic constraints in pursuing higher education. Launched on 4th September 2020, the scheme has already benefited 5000 students with a subsidy of ₹50,000 each.
Through this program, the Assam government aims to empower students and enable them to fulfill their educational aspirations without being hindered by financial limitations. By providing a scholarship of ₹50,000, the Abhinandan Education Loan Subsidy Scheme has become a stepping stone for students seeking higher education, fostering a brighter future for the youth of Assam.
|Abhinandan Education Loan Subsidy Scheme
|Government of Assam
|Students of Assam
|Providing 50000 Rupees to the Students Who Take Educational Loans
|Assam Government Schemes
Objective of Abhinandan Education Loan Subsidy Scheme:
- – To assist students in Assam who are unable to pursue higher education due to financial constraints.
- – To provide a subsidy on education loans to deserving students.
- – To empower students to apply to reputed colleges and universities.
- – To enable talented students with excellent test scores to access educational institutions free of cost.
- – To increase the human capital in the state by promoting higher education.
- – To encourage more students to take their educational pursuits seriously and improve their future prospects.
Benefits of Abhinandan Education Loan Subsidy Scheme:
- – The primary benefit of the Abhinandan Education Loan Subsidy Scheme is the availability of ₹50,000 on any educational loan taken by students in the state of Assam.
- – This subsidy amount of ₹50,000 is provided by the Assam government and can be used to pay off the student loans, thereby reducing the financial burden on the students.
- – The scheme has already benefited 5,000 students in the state who have taken student loans for their higher education, helping them pursue their academic dreams without worries about loan repayment.
- – The subsidy is applicable only for loan demands of ₹1 lakh or more, ensuring that it supports students with significant financial needs.
- – By providing this financial support, the scheme aims to increase the human capital in Assam and encourage more students to take their higher education aspirations seriously.
Eligibility Criteria for Abhinandan Education Loan Subsidy:
1. The applicant must be a legal and permanent resident of Assam state.
2. The bank from which the education loan is taken should be recognized by the Reserve
Bank of India.
3. The education loan should have been availed from one of Assam State’s Scheduled Commercial Banks or Regional Rural Banks.
4. The loan amount should be a minimum of ₹100,000.
5. The education loan must have been approved by March 31, 2019.
6. After the first 25% of the sanctioned loan amount disbursed since April 1, 2019, the applicant becomes eligible for the subsidy.
7. The loan account must not have a non-performing asset (NPA) status.
8. There are no income-based eligibility criteria for this scheme.
9. Applicants who have already received benefits under the Bidya Lakshmi Scheme are not eligible to apply for this scheme.
Beneficiaries Who are Not Eligible:
1. Applicants whose loan installment payments are overdue for a specified period of time will not be eligible to apply for the Abhinandan Educational Loan Subsidy Scheme.
2. If an individual is already a beneficiary of the Vidya Lakshmi Yojana 2017 scheme, they will not be eligible to apply for the Educational Loan Subsidy Scheme.
3. All student loans that have been classified as non-performing assets after a designated period of 90 days will make the applicants ineligible for the subsidy.
4. Government employees who have availed educational loans ranging from 5 to 10 lakhs through the Bidya Lakshmi program will not be eligible to apply for this subsidy scheme.
Documents Required to Apply for Abhinandan Education Loan Subsidy Scheme:
- 1. Student’s Aadhaar Card
- 2. Proof of Identity of the Parents
- 3. Residence Certificate
- 4. Bank Loan Documents
- 5. Passport-sized Photograph of the Student
- 6. Proof of Address
- 7. Residential/Domicile Certificate
- 8. Mark sheets/Passing Certificate of the Previous Educational Qualification
- 9. PAN Card
- 10. Bank Details
Application Process for Abhinandan Education Loan Subsidy Scheme:
Online Application Steps:
Step 1: Visit the official website of the Assam Government.
Step 2: On the homepage, click on the “Apply” option.
Step 3: Select “Abhinandan Education Loan Subsidy Scheme” from the list of schemes.
Step 4: The “Application for Release of Subsidy” form will appear. Fill in all the mandatory details, including Applicant Name, Father’s Name, Date Of Birth, Address, Mobile Number, PAN Card Details, and Bank Details.
Step 5: Upload the required supporting documents, such as Loan Proof (Loan Sanction Letter, Loan Account Passbook, Statement of Loan), Address Proof, and PAN Card.
Step 6: Check the declaration and click on “Save” to submit the application.
Offline Application Steps:
For offline application, visit the designated government office or bank branch where the scheme is being implemented. Collect the application form and fill it with all the necessary details.
Attach the required documents, including Loan Proof, Address Proof, and PAN Card.
Submit the completed application form along with the documents to the designated office or bank branch.
Upon successful application, the Assam Government will transfer the subsidy amount of ₹50,000 into the education loan account of the eligible students. Make sure to follow the instructions and provide accurate information during the application process to avail the benefits of the Abhinandan Education Loan Subsidy Scheme.
Steps to Track the Application Status for Abhinandan Education Loan Subsidy Scheme:
1. Visit the official website of the Assam Government.
2. On the homepage, locate and click on the “Track Status” button.
3. A new page will open, where you need to enter either your loan account number or application number, along with the registered mobile number.
4. After entering the required details, click on the “Track” button.
5. The system will then process the information, and the status of your application will be displayed on the screen.