In accordance with the guidelines of Chief Minister Raman Singh, the technical education department has implemented higher education loan interest subsidy scheme for the youths of such families of the State, whose annual income is less than Rs2 lakh.
A provision has been made in the scheme to sanction maximum four lakh rupees loan at four per cent interest to the eligible candidates for higher education purpose. Under the scheme, so far, more than 3 crore rupees have been sanctioned to 156 students for different technical and professional courses.
Technical Education Minister Ramvichar Netam said here on Monday that the CM higher education loan interest subsidy scheme had been launched in the State on November 29, 2012. Canara Bank has been authorized as the nodal bank for sanctioning the loan.
Under this scheme, the minister said, such students, the annual income of whose parents is less than Rs2l, would be given a maximum of Rs4l loan according to the prescribed fees at 4 per cent interest for pursuing studies in 35 professional courses.
In the interest subsidy scheme, the student concerned has to pay four per cent interest of the interest rate existing in the banks on higher education loans. The remaining amount of interest would be paid by the State Government, directly to the bank.
Under this scheme, the students would be exempted from paying interest on the loan amount during the moratorium period that is after the period of the course and one year or six months of getting employment, whichever is earlier, on the condition of regular repayment of the loan.
The Minister said that the scheme is meant only for the students who are domicile of State and the interest subsidy would be given to students only once for first graduate/diploma course or post graduate course. The benefit of this scheme would be given to the students studying in the recognised national-level high-standard institutions outside Chhattisgarh.
The State Government has authorized 28 public sector and 21 private sector banks for sanction of loan to the students. In the public sector Allahabad Bank, Andhra Bank, Bank of Baroda, Bank of India, Bank of Maharashtra, Canara Bank, Central Bank of India, Corporation Bank, Dena Bank, Indian Bank, Indian Overseas Bank, Oriental Bank of Commerce, Punjab and Sindh Bank, Punjab National
Bank, State Bank of Bikaner and Jaipur, State Bank of Hyderabad, State Bank of India, State Bank of Mysore, State Bank of Patiala, State Bank of Travancore, Syndicate Bank, Uco Bank, Union Bank of India, United Bank of
India Vijaya Bank, IDBI, Sourashtra Grameen Bank and all the regional banks have been marked.
Similarly, in the private sector banks, Axis Bank limited, Bank of Punjab ltd, Bank of Rajasthan, Catholic Syrian Bank, Centurian Bank ltd, Citi Union Bank, Development Credit Bank, Dhanalakshmi Bank, Federal Bank ltd, HDFC Bank, ICICI Banking Corporation limited, Indusind Bank, Ing Vaishya Bank, Jammu and Kashmir Bank, Nainital Bank, Karnataka Bank, Karoor Vaishya Bank, Kotak Mahindra Bank, laxmi Vilas Bank, Saraswat Bank and South Indian Bank limited have been authorised for sanction education loan.