Total 61,640 students from State of Jharkhand have been benefited from Central Sector Interest Subsidy Scheme (CSISS) in last three years. Total beneficiaries of this scheme at national level are 58,51,629. The Government has launched a web portal for uploading of claims for getting interest subsidy on education loan which is now open from August 1, 2016 to October 31, 2016. Dr. Mahendra Nath Pandey, Minister of State for Human Resource Development said in Rajya Sabha today in reply to the question raised by Parimal Nathwani.
The Minister informed that the scheme launched in 2009 aims to enable students from economically weaker sections to access higher education in technical and professional streams from recognised institutions in India.
Nathwani wanted to know about aims and objectives of the Central Sector Interest Subsidy Scheme to provide 100 per cent interest subsidy on education loan, total number of student beneficiaries of the scheme in last three years.
The Minister stated that CSISS is based on the Model Educational loan Scheme of Indian Banks Association (IBA) and it provides full interest subsidy during the period of moratorium on loans taken by the students belonging to Economically Weaker Sections (EWS) from scheduled banks of Reserve Bank of India under Model Educational loan Scheme of IBA for pursuing any of the approved courses of studies in technical/professional streams from recognised institutes of India. Interest Subsidy is linked with the existing scheme of IBA and restricted to students enrolled in professional/technical courses after 12th standard, said the minister.
The Minister also said that interest payable for the period of moratorium is to be borne by the Government and thereafter by the students. The upper limit of parental/family income for eligibility is Rs 4.5 lakh per annum, said the Minister. The subsidy is admissible only once either for undergraduate or for post-graduate or for integrated course and is not admissible for those who discontinue the course or are expelled from the institution for any reason other than discontinuation on medical grounds, said the Minister.