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Ambedkar Scheme of Interest Subsidy on Educational Loan for Overseas…
Ambedkar Scheme of Interest Subsidy on Educational Loan for Overseas Studies for OBCs & EBCs
Background
Promoting educational advancement of OBCs and EBCs through interest subsidy on educational loans for overseas studies
Objective
Provide interest subsidy to meritorious students to enhance opportunities for higher education abroad and employability.
Scope:
Central Sector Scheme for interest subsidy on education loans for overseas studies at Masters, M.Phil., and Ph.D. levels.
Implementing Agencies:
Scheme implemented by Nodal Bank as per MoU between Banks and Ministry of Social Justice & Empowerment
Conditions for Interest Subsidy:
Applicable for higher studies abroad.
Available once for either Masters or Ph.D. level.
Various conditions regarding eligibility, violations, false statements, and citizenship.
Eligibility:
Secured admission in approved courses abroad at Masters, M.Phil., or Ph.D. levels.
Availed loan from a scheduled bank under the Education Loan Scheme of IBA.
Income criteria for OBC and EBC candidates.
Recommendatory Committee:
Examination and recommendation of applications for interest subsidy.
Earmarking a minimum of 50% for female candidates.
Monitoring and Transparency:
Monitoring by Ministry with web-enabled mechanism and quarterly reports by Nodal Bank.
Income criteria:
Rs. 8.00 lakh per annum
Launch year 2018