Abhinandhan Education Loan Scheme is a loan subsidy scheme introduced by the Assam govt. The scheme will provide Rs 50,000 one time financial assistance to all the students who have availed loans till 31st March 2019. Further, educational loans that sanctioned during the 2019-20 session will also be eligible under this scheme. No personal loans taken for higher education will be subsidized under this scheme. The finance department of Assam state govt will provide the subsidized amount that is sanctioned by the bank.
If you are a student or parents from Assam and took an educational loan from any authorized bank, then you are eligible to get the subsidy under this scheme. Today, In this article, I will cover all the details such as eligibility criteria, benefits, how to apply related to Abhinandan Education Loan Scheme.
So, let’s start!!
|Scheme Full Name||Abhinandhan Education Loan Subsidy Scheme|
|Launched By||Chief Minister of Assam|
|Scheme announced on||08-07-2020|
|Objective of the Scheme||To waive the loans of students|
|Beneficiaries||Students who are availing educational loans in Assam|
|Monitored By||Finance Department|
Objective of the Scheme
The primary objective of the Abhinandan Education Loan Scheme 2020 is to waive the loans of students who have availed educational loans. The sole idea of this scheme is to encourage students for higher education through financial assistance. The scheme will set-up an example among youths that poverty or financial condition can not be an obstacle for higher education.
Key Features of Abhinandhan Education Loan Scheme
- The Scheme will cover all students who have availed education loans from any scheduled commercial or co-operative banks.
- The benefits of the scheme are valid for all the accounts which are active till date.
- To avail the benefit of this scheme, the minimum sanctioned loan amount should be Rs 1,000,000.
- There will be no upper limit on the annual income of the students seeking to avail the benefits of the scheme.
- The scheme will be available to all the permanent residents of Assam state.
- The government of Assam will directly transfer the subsidy to the respective bank accounts.
Eligibility Criteria for Abhinandhan Education Loan Scheme 2020
Below are the eligibilty crietria to avail the benefits of Abhinandan Education Loan subsidy Scheme 2020.
- The applicant should be a permanent resident of Assam state.
- The applicant should have taken a loan from any regional rural bank or scheduled commercial bank.
- There is no pre-defined condition on income criteria.
- The loan amount must have been sanctioned before the 31st of March 2019. The amount starting from Rs 100000 or more.
- For all educational loans approved from April 1, 2019, 25% of the amount of the approved loan, after the disbursement.
- Individual who is already benefitted under the “Bidya Lakshmi Scheme” are not eligible for this scheme.
- The applicant’s loan account should not be under NPA status.
Documents required for Abhinandhan Education Loan Scheme
Before applying for the scheme, student must ensure that they have the following documents ready:
- Address proof of the applicant (PRC/Ration Card/Aadhar Card/ Driving License/ Voter Card/ Passport)
- Loan Proof (Eg: Loan Sanctioned Letter, Loan Account Statement)
Benefits of Abhinandan Education Loan Scheme
The benefits of Abhinandhan Education Loan Scheme are as follows:
- Students will get Rs 50,000 one time subsidy on the loan amount and it will be directly deposited to the respective loan account.
- Students will be able to continue their higher education without any headaches during the pandemic.
How to apply for Abhinandan Education Loan Scheme 2020
To apply for Abhinandhan Education Loan Scheme, you have to follow these simple steps:
Step1: First visit the official website of the scheme. Click here to visit directly.
Step2: When you click on the link, you will be redirected to the Abhinandan Education Loan section. Now go to the “Apply now” option and click enter.
Step3: After that Abhinandan Education Loan Application form will be displayed on the screen.
Step4: Now fill all the necessary details such as name, father’s name, date of birth, etc. After that, upload the documents such as Loan proof, Address Proof, and PAN Card proof.
Step5: Finally, Click on the submit button and your application will be submitted. The government will verify the application and after verifying it will transfer the required amount to the beneficiary loan account.
After successful completion of application process, applicants are advised to take a printout copy the application for future reference.