Assam government has launched Abhinandan Education Loan Subsidy Scheme 2020 for students. Under this scheme, govt. will encourage students to pursue higher studies by providing subsidy on education loans. CM Sarbananda Sonowal distributed 1 time education loan subsidy sanction letters of Rs. 50,000 each to 1,546 students. Students can check eligibility criteria and apply online for Abhinandan Scheme at assam.gov.in to get your name enrolled in list of beneficiaries.
Assam CM on 26 December 2019 started Abhinandan Yojana during a programme held at Srimanta Sankardev Kalakshetra in Guwahati. This scheme would extend cooperation to students in pursuing higher education and to fulfill their dreams. CM urges students to take resolution to work towards putting Assam in list of front ranking states of India with their hard work, knowledge and service to society.
The state govt. of Assam has taken various initiatives to maximize academic opportunities for students. This includes scholarships, free admission into educational institutions, distribution of free textbooks etc. Now the new progressive education loan subsidy scheme will be implemented in a phase wise manner.
Assam Abhinandan Education Loan Subsidy Scheme 2020
The Abhinandan education loan subsidy scheme of Assam govt. will immensely help students who have availed students loan. This scheme would cover all commercial banks like the Federal Bank and HDFC and also the regional rural banks like Assam Gramin Vikash Bank within Assam. Here is the complete process to apply online for this scheme:-
How to Apply Online for Abhinandan Education Loan Scheme
- Visit the official website of Assam government
- Select the “Abhinandan Education Loan Subsidy Scheme” link
- Fill out the Assam Abhinandan Scheme application form and upload the supporting documents.
- Finally, enter the necessary details and click at “Submit” button to complete the application process.
Once the Abhinandan Scheme application form is approved, the subsidy amount will directly be deposited into your education loan account.
Eligibility for Abhinandan Education Loan Subsidy Scheme
All the applicants must fulfill the following eligibility criteria to become eligible for Abhinandan Education Loan Subsidy Scheme:-
- Applicant student must be a permanent resident of Assam.
- Education loan should have been availed from a commercial or regional rural bank recognized by the Reserve Bank of India.
- The education loan should be of a minimum of Rs. 1 lakh.
- All the loans should have been sanctioned before 31 March 2019.
However, the Abhinandan Scheme also covers education loans sanctioned after 31 March 2019. But in that case, education loan subsidy would be provided only after 25% of total sanctioned loan amount has been disbursed. Even the state govt. has not set any minimum income criteria for students to avail benefits.
CM Shri @sarbanandsonwal ceremonially handed over sanction letters to over 1,500 students under the ABHINANDAN scheme at Srimanta Sankardeva Kalakshetra, Guwahati.
— Chief Minister Assam (@CMOfficeAssam) December 26, 2019
Exceptions to Abhinandan Education Loan Subsidy Scheme
There are 2 exceptions to Abhinandan Education Loan Subsidy Scheme. All the students will not be able to enjoy benefits of this scheme in the following cases:-
- Education loan falls under NPA status – NPA or Non-Performing Assets refers to those loans which have been declared in default or are on the verge of being declared so. It generally happens when repayment installments of loans are “past due” for a specific time period. In general, all the banks declare education loans as NPA after specified duration of 90 days.
- Education Loan is benefited by Bidya Lakshmi Scheme – 2nd type of exemption refers to education loans under Bidya Lakshmi Scheme. This scheme was launched by govt. in 2017 to assist state govt. employees. The salient features of Bidya Laxmi Scheme are as follows:-
- In this Bidya Lakshmi Education Loan Scheme, all the state govt. employees can avail an education loan of Rs. 5 to 10 lakh.
- The rate of interest will be 4%.
- All those persons who wants an education loan of above Rs. 10 lakh can take this type of loan from State Bank of India (SBI). However, the govt. benefits would be limited to Rs. 10 lakh.
- There will be no collateral or security charged up to Rs. 10 lakh.
Assam govt. aims to transform Guwahati as the expressway to the South-East Asian countries. To realize this goal, youths of Assam will have to prove their potential as skilled human resource. CM urges students to pursue their academic activities seriously to shine in competitive world. Education builds strong foundation for students and help them to successfully overcome all adversities in life. Unified efforts are needed to develop positive and healthy environment in the society. Through the Abhinandan Education Loan Scheme, the Assam govt. aims to improve its education infrastructure and urge more students to pursue higher education.