‘Abhinandan’- Education Loan Subsidy Scheme Upto Rs 50,000 Launched by Assam Government

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Assam Chief Minister Sarbananda Sonowal on December 26 has formally launched the ‘Abhinandan’ scheme by distributing subsidy sanction letters against education loans availed by students to pursue higher education. The programme was held at Srimanta Sankardev Kalakshetra in Guwahati. 

As a part of the scheme, CM Sonowal on Thursday distributed one time subsidy of Rs. 50,000 in education loan to 1546 students.

The Loan Subsidy Scheme benefits 1500 students in the first batch and 3000 students will earn benefit in the second batch.

The scheme will be available through all commercial banks like the Federal Bank and HDFC and also the regional rural banks like Assam Gramin Vikash Bank within Assam.

Through this subsidy scheme, the Assam govt aims to reinforce its education infrastructure and urge more students to pursue higher education.

Eligibility Criteria/s for ‘Abhinandan‘ Education Loan Scheme: 

 
* Applicant should be a permanent resident of Assam

* Education loan from any Scheduled Commercial Bank or Regional Rural Bank within the state.

* No income criteria.

* Education loans sanctioned before 31 March 19, amounting Rs. 1 Lakh or more.

* For all education loans sanctioned since 1 April 19, after disbursement of 25% of the sanctioned loan amount.

How to apply for ‘Abhinandan‘ Education Loan Scheme?

* Visit the official website of the Assam Government

* Select the Abhinandan Education Loan Scheme

* Fill out the application form

* Upload the documents

* Click on Submit

 
* Once the application is approved, the subsidy amount will directly be deposited into your education loan account.

Get the direct link to access the Abhinandan Education Loan Scheme by clicking here.

Exceptions to ‘Abhinandan‘ Education Loan Scheme: 

 
The minister, however, announced 2 exceptions to the scheme. Students won’t be able to enjoy the benefits of Abhinandan Education Loan Subsidy Scheme if:

* Their education loan falls under the NPA status.

* Their education loan is also benefited by the “Bidya Lakshmi” scheme.

Explanation of above two criteria:

* NPA or Non-Performing Assets refer to those loans which have been declared in default or are on the verge of being declared so. This happens when the repayment instalments of the loan are “past due” for a specific period of time. Generally, banks declare Education Loans as NPA after a period of 90 days.

* The second exemption refers to education loans sanctioned under the “Bidya Lakshmi” scheme. The Bidya Lakshmi education loan for higher education scheme was launched by the government in 2017 to assist the state govt. employees.

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