Abhinandan Education Loan Subsidy Scheme in Assam 2019- 2020 [50 Thousand] [How to Apply, Registration Form, Student List, Eligibility Criteria, Website, Toll free helpline number]
Higher education is rather expensive. Many needy families cannot arrange the money to pay the tuition fee. In that case, the applicants need to apply for education loans. The banks grant the credit at varying interest rates. The announcement of the Abhinandan Education Loan Subsidy Scheme can bring a smile on the faces of the students. The state government has stated that it will offer a subsidy to these students to assist them financially. In this article, you will read about the important features and application format. Additionally, one can gather information about the eligibility and necessary documents.
|Name of the scheme||Abhinandan Education Loan Subsidy Scheme|
|Launched by||Sarbananda Sonowal|
|Date of implementation||Soon|
|Target beneficiaries||Students of the state|
|Announced by||Himanta Biswa Sarma|
|Supervised by||Finance Ministry of Assam Government|
|Benefit||Subsidy On Education Loan|
Key features of the scheme
- Development of the students – The new scheme is one of the many educational welfare projects, which have been implemented by the Assam Government. It will boost the literacy rate and develop the education sector.
- Encouraging higher education – The main aim of the state government is to encourage the students to pursue their dreams of attaining higher education.
- Subsidy amount – It has been mentioned in the loan subsidy scheme guidelines that every beneficiary will attain Rs. 50,000 from the Assam Government.
- Payment of the subsidy – The state government will transfer the subsidy money in the students’ accounts on a one-time basis mode.
- Number of beneficiaries – During the official announcement, the minister stated that around 1546 students will acquire the benefit of the loan subsidy scheme.
- Phase wise implementation – The Finance Minister of Assam has highlighted that the implementation of this project will be done in different phases to ensure that all eligible applicants acquire the perks.
Eligibility for applicants
- Permanent residents only – The minister also highlighted that only the permanent and legal residents of the state will be able to acquire the benefits of this project.
- No income requirement – Applicants from all financial backgrounds will be able to partake in this project. No income related limitation has been mentioned in the scheme guidelines.
- Maximum and minimum loan amounts – The scheme draft also suggests that the minimum and maximum education loan amounts must be Rs. 1 lakh and Rs. 10 lakh respectively.
- Loan sanctioning organization – Only those students who have applied for education loan from the Rural and Gramin Banks will be able to apply. The same facility will be available for those who have opted for the credit services of private sector banks.
- Date of loan application – It has been stated in the scheme draft that only those applicants can opt for this benefit who have applied and attained the loan before 31st March, 2019. However, a special criterion has been kept to offer similar perks to students who have taken the loan after the above-mentioned date.
- Must pursue education in the state – The scheme will allow the participation of such candidate who are pursuing their education in the recognized educational institutes, located within Assam.
- Must have a bank account – The transfer of the subsidy amount will be done in the bank account via DBT. Thus, it is mandatory for the applicants to have a valid bank account.
Documents necessary for application
- Residential documents – If the applicant fails to produce such documents, which his/her claims of being a permanent citizen of the state, then his/her application will be rejected.
- Identification documents – All candidates have been requested to attach a digitized copy of their Aadhar Cards with the registration form.
- Admission certificate of the education institute – The candidate must attach a scanned copy of the admission document of the student, at the educational institute.
- Loan application documents – The applicants need to submit a scanned copy of the loan application document that highlights the bank, loan application date and the credit amount.
- Bank account details – It is mandatory for the candidate to attach a scanned document that contains the details of the bank account.
How to get application form and register?
- Online application process – The Assam authority has opted for the online application mode for the convenience of the students.
- Official government site – Interested applicants will have to click on the official link of the Assam Government website. One can land on this site by clicking on the link https://assam.gov.in/.
- Scheme activation – Once the applicant lands on the home page, he/she needs to click on the link that highlights the name of this scheme. It will activate the registration process.
- Digitized application form – There is a particular link that will give the candidates access to the digitized registration form.
- Form fill-up – Once the candidate gets the online application form, he/she needs to type in the necessary details in the corresponding fields.
- Document attachment – Once the form has been filled in, the applicant must attach the scanned copies of the necessary documents with the online registration form.
- Submission – Once the form fill-up and document attachment processes are complete, the candidate needs to click on the button that is marked as “Submit.” It will save the registration request.
- Scrutiny – It will be the responsibility of the officers of the State Finance Department to check the applications and create the beneficiary list.
- Subsidy distribution – The selected beneficiaries will get the subsidy amount transferred in their respective bank accounts.
Exceptions for applicants
The scheme will not allow the participation of the students, who have acquired the education loan as a non-performing asset. Another exception highlights that if the applicant is already registered as a beneficiary of the Bidya Lakshmi Scheme, then he/she cannot attain the subsidy under Abhinandan Education Loan Subsidy Scheme.
The implementation of this education loan subsidy scheme will encourage the students in the state to fund their academic pursuits. Additionally, they will not have to worry about arranging the necessary funds for continuing education. Families, which belong to financially weaker sections, will be greatly benefitted from the implementation of this project. With this welfare scheme, the Assam government will be able to increase the overall literacy rate in the region.