HRD announces Interest free Education for the needy

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) June 30, 2010 -- Recently Indian Education industry travelled another step towards bridging the gap between seekers and providers of education. The Banks and ministry of Human Resource Development (HRD) have joined hands for providing education benefits to weaker sections of society. StudyPlaces.com brings you all the details. Read on...

Under a new central scheme, the HRD Ministry has finalised the modalities to provide interest subsidy during the period of moratorium on education loans for students belonging to economically weaker sections, ie, students with parental income from all sources of less than 4.5 lakh per annum. This benefit will be availed from the banks scheduled under the educational loan scheme of the Indian Banks’ Association (IBA). These interest free loans are available to these students for pursuing professional/technical courses from recognised institutions in India.

The modalities of the education loan are drafted by HRD in consultation with IBA. The scheme is effective for all IBA approved educational loans sanctioned to eligible students for course of studies in the academic year 2009-10 and henceforth.

To avail the benefit, proof of family income should be attested/ certified by authorities to be designated by the state governments. The HRD ministry has written to all chief secretaries of states and UTs, to intimate the designated authority/authorities (at the District/Sub-District/Block levels) to the District Level Consultative Committee (DLCC). The purpose is to spread awareness among the Banking authorities at the branch level, once students approach them for availing the benefit of scheme. Scheduled IBA members have been advised to take necessary measures for adopting and implementing the scheme.

IBA members can claim reimbursement of interests (credited to student account) through Canara Bank which is the nodal bank for this purpose. We advise all eligible and willing students to approach respective bank branch to complete necessary formalities including certification of annual family income from designated authority at block/Tehsil/district level.

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