In a circular from the Indian Banks Association (IBA), the central government has asked all the banks to submit their claims for interest subsidy on educational loans taken up by the students who belong to scheduled cast or scheduled tribe communities. According to the circular issued on 5 November 2014, banks can submit their claims for the period 1 April 2009 to financial year 2013-14 to the nodal agency Canara Bank in respect of eligible SC and ST students by 31 December 2014.
Under the scheme that would subsidize the interest, the central government would reimburse the banks the interest that are due on the loan amount till the end of one year from the date of completion of the course or six months from the date on which the student lands a job after his course, whichever seems to be earlier.
The convenor of Education Loan Task Force (ELTF), which is an agency that guides students on rules and regulations on taking loans from various nationalized banks, K Srinivasan said, “The Centre would reimburse the interest to those students whose parental income is less than Rs.4, 50, 000 per annum, and on loans which are available only for professional and technical courses and not for arts/science, and students of diploma courses." He further added that the students from SC/ST community can approach various bank managers for claiming their interest subsidies by providing necessary papers in the bank and avail the benefit of the scheme. However the central government has given clear indication to IBA that those who are in the general category wouldn’t be having same subsidies in loan interests as that off SC/ST candidates due to lack of funds.
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