- Details
- Benefits
- Eligibility
- Application Process
- Documents Required
- Frequently Asked Questions
- Sources And References
- Feedback
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Ministry of Education
Pradhan Mantri Uchchatar Shiksha Protsahan Yojana: Central Sector Interest Subsidy Scheme
Details
List of Technical/Professional Courses:
- A list of Centrally Funded Technical Institutions and Institutions of National Importance is available on the Ministry of Education website URLs https://www.education.gov.in/technical-education-1 and https://www.education.gov.in/institutions-national-importance.
- The list of NAAC accredited universities/institutions is available at the NAAC website URL http://naac.gov.in/index.php/en/2-uncategorised/32-accreditation-status and NBA recognized professional courses are available at the NBA website URL https://www.nbaind.org/accreditationprogram/Accredited Program.
- In case of doubt, related to eligibility of course under the scheme, etc., banks may approach the University Grants Commission (UGC)/ All India Council for Technical Education (AICTE) and other councils for clarification, for which UGC/AICTE and other councils would be requested to create Cells and identify Nodal Officers, whom banks can approach for relevant information.
- It shall be the responsibility of the loan disbursing bank to ensure that only technical/professional courses are covered by them under the scheme.
Eligible Bank:
- The Scheme is adopted by all Scheduled Banks/Regional Rural Banks (RRBs)/Cooperative Banks and is linked with the existing Model Educational Loan Scheme of the Indian Banks’ Association.
Nodal Bank:
- The Scheme shall continue to be implemented through Canara Bank, which is the Nodal Bank for the Ministry of Education. Modalities for implementation and monitoring shall be finalized in consultation with the Canara Bank.
Benefits
- Under the scheme, interest subsidy on education loans is provided for a maximum amount of ₹10 lakhs (Even sanctioned loan amount in excess of ₹10 lakhs would qualify for interest subsidy up to ₹10 lakhs only).
- In the scheme, no collateral security or third-party guarantee is required for Education Loans sanctioned upto ₹7.5 lakhs. The lonee bank is to ensure that this part of the loan is covered for guarantee under Credit Guarantee Fund Scheme for Education Loan (CGFSEL).
- The interest subsidy is allowed for pursuing higher education in professional/technical courses only from NAAC accredited Institutions or professional/technical programmes accredited by NBA or Institutions of National Importance or Centrally Funded Technical Institutions (CFTIs) in India.
Interest Rates:
Moratorium Period:
- Under the Scheme, the moratorium period is defined as a Course Period plus one year. Interest for only the moratorium period, at a simple rate of interest, will be borne by the Government of India, subject to the condition that the student completes the course of study successfully.
- After the period of moratorium, the interest on the outstanding loan amount shall be paid by the student, in accordance with the provisions of the existing Model Educational Loan Scheme of Banks and as may be amended from time to time.
Interest Concession:
Eligibility
- Education Loans taken under the IBA Model Education Loan Scheme.
- The benefit of the Scheme is applicable to students belonging to economically weaker sections having gross parental/ family income up to ₹4.5 lakhs per annum from all sources.
- Students enrolled in professional/technical courses only from NAAC accredited Institutions or professional/technical programmes accredited by NBA or Institutions of National Importance or Central Funded Technical Institutions (CFTIs). Those Professional Institutions/programmes, which do not come under the ambit of NAAC or NBA, would require approval of the respective regulatory body.
- Admissible only once either for Undergraduate or Post Graduate degree courses. This is also admissible for Integrated Courses (Graduate + Post Graduate).
- Students availing any other Central /State Government Scholarship or Fee reimbursement shall not be eligible for availing benefits under the CSIS Scheme.
- Interest Subsidy under this Scheme shall not be available to those students who discontinue their course midstream, or who are expelled from the Institution on disciplinary or academic grounds. However, the interest subsidy would be available only if discontinuation is due to medical grounds for which necessary documentation to the satisfaction of the Head of an educational institution needs to be provided.
Application Process
Documents Required
Frequently Asked Questions
What is the objective of "Central Sector Interest Subsidy Scheme (CSIS)”?
Who is eligible for the scheme?
Is it compulsory to avail education loan for getting interest subsidy benefit?
Is there any income criteria for claiming the subsidy?
Where is the interest subsidy credited?
Who applies for CSIS?
When bank can file its interest subsidy claim?
Is there any upper limit of loan for claiming the interest subsidy?
Who is the income certificate issuing authority?
Whether it is necessary to submit the income certificate every financial year?
How Borrower can claim the subsidy to Government of India?
What is the procedure to check the CSIS subsidy claimed amount of individual education loan accounts?
What is the Payment Process of CSIS?
Whom should I have to contact for subsidy amount disbursed by the government?
What is the role of Canara Bank as a Nodal bank?
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You need to sign in before applying for schemes
You're being redirected to an external website. By proceeding, your details will be shared with the relevant department.
Your mobile number will be shared with Jan Samarth and you will be redirected to external website.
Something went wrong. Please try again later.
You have already submitted an application for this scheme. You may apply again only after 30 days i.e. after
It seems you have already initiated your application earlier.To know more please visit
Apply Now
Check Eligibility
Ministry of Education
Pradhan Mantri Uchchatar Shiksha Protsahan Yojana: Central Sector Interest Subsidy Scheme
List of Technical/Professional Courses:
- A list of Centrally Funded Technical Institutions and Institutions of National Importance is available on the Ministry of Education website URLs https://www.education.gov.in/technical-education-1 and https://www.education.gov.in/institutions-national-importance.
- The list of NAAC accredited universities/institutions is available at the NAAC website URL http://naac.gov.in/index.php/en/2-uncategorised/32-accreditation-status and NBA recognized professional courses are available at the NBA website URL https://www.nbaind.org/accreditationprogram/Accredited Program.
- In case of doubt, related to eligibility of course under the scheme, etc., banks may approach the University Grants Commission (UGC)/ All India Council for Technical Education (AICTE) and other councils for clarification, for which UGC/AICTE and other councils would be requested to create Cells and identify Nodal Officers, whom banks can approach for relevant information.
- It shall be the responsibility of the loan disbursing bank to ensure that only technical/professional courses are covered by them under the scheme.
Eligible Bank:
- The Scheme is adopted by all Scheduled Banks/Regional Rural Banks (RRBs)/Cooperative Banks and is linked with the existing Model Educational Loan Scheme of the Indian Banks’ Association.
Nodal Bank:
- The Scheme shall continue to be implemented through Canara Bank, which is the Nodal Bank for the Ministry of Education. Modalities for implementation and monitoring shall be finalized in consultation with the Canara Bank.
Share
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