Central Sector Interest Subsidy Scheme (CSIS) launched by the Ministry of Human Resource Development (MHRD) in 2009 and existing Scheme has been modified with the approval of the Cabinet on March 28th, 2018 with objective to ensure that no student is denied the opportunity to pursue higher education because he or she is poor. Central Sector Interest Subsidy Scheme provides full interest subsidy during the moratorium period on modern education loans without any collateral security and third-party guarantee, for pursuing technical/professional courses in India. Government offers this Subsidy Scheme to those students whose annual gross parental or family income is up to Rs.4.5 lakhs.
How To Apply:
- Go to the official website.
- Complete sign up process to register.
- Fill the details which asked for register.
- Submit the Registration process and apply for educational loan.
Official Website: Dr. Ambedkar Central Sector Scheme Of Interest Subsidy (CSIS) 2022
Apply Online: Dr. Ambedkar Central Sector Scheme Of Interest Subsidy (CSIS) 2022
Dr. Ambedkar Central Sector Scheme Of Interest Subsidy (CSIS) 2022 – Notification, Interest Rates, Income Limit, Apply Form Online
Central Sector Interest Subsidy Scheme adopted by all Scheduled Banks and is linked with the existing Model Educational Loan scheme of the Indian Banks Association. The scheme is applicable to students belonging to Economically Weaker Sections and restricted to students enrolled in professional or technical courses only from NAAC accredited Institutions or professional or technical programmes accredited by NBA or Institutions of National Importance or Central Funded Technical Institutions (CFTIs) and those Professional lnstitutions or programmes, which do not come under the ambit of NAAC or NBA, would require approval of the respective regulatory body viz, approval of Medical Council of lndia for Medical courses, Nursing Council of lndia for Nursing courses, Bar Council of India for Law etc.
Under this Scheme, Subsidy is admissible only once either for undergraduate or post graduate or integrated course and education Ioan is provided without any collateral security and third-party guarantee and for a maximum amount of Rs. 7.5 lakhs. The objective of CSIS is to examine the existing geographical imbalance with respect to Gross Enrollment Ratio (GER) in higher education institutions. Central Sector Interest Subsidy Scheme is a unique government scheme which provides benefits to all categories of economically weaker students for pursuing professional or technical courses in India only, and intends to provide affordable higher education.
Dr. Ambedkar Central Sector Scheme Of Interest Subsidy (CSIS) 2022 Details – Eligibility, Interest Rates, Income Limit, Moratorium Period, Nodal Bank, Disbursement Of Interest Subsidy Claims, Interest Concession, Claims by RRBs
- Eligibility:
- In CSIS scheme education Loans taken under IBA Model Education Loan Scheme.
- Students whose parental income is up to Rs. 4.5 lakhs per year can apply for this scheme.
- Students who are enrolled in professional/technical courses only from NAAC recognized institutions or professional/technical programs recognized by NBA or Institutions of National Importance or Centrally Funded Technical Institutes (CFTIs) and those Professional lnstitutions or programmes, which do not come under the ambit of NAAC or NBA, would require approval of the respective regulatory body viz, approval of Medical Council of lndia for Medical courses, Nursing Council of lndia for Nursing courses, Bar Council of India for Law etc.
- Subsidy is admissible only for once either for UG, PG- Also admissible for integrated courses (UG + PG).
Key Feature Of CSIS Scheme:
- Interest Rates:
Under CSIS scheme, the interest rates charged on the educational loan shall be as per the BPLR/Base Rate of the individual banks and as per the provisions for interest rates under the IBA Model Educational Loan Scheme.
- Moratorium Period:
The interest payable on the Educational Loan for the moratorium period and 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.
- Income Limit:
Those students who belong to the economically weaker section, whose parents’ income is less than Rs. 4.5 lakh per year can, take advantage of the scheme.
- Nodal Bank:
Central Sector Interest Subsidy Scheme (CSIS) shall continue to be implemented through Canara Bank, which is the Nodal Bank for the Ministry of Human Resource Development and modalities for implementation and monitoring shall be finalised in consultation with the Canara Bank.
- Interest Subsidy claims Disbursement:
The disbursement of interest subsidy claims to the Banks shall be on half yearly or yearly basis which is decided by the Ministry of HRD, Govt. of India.
- Interest Concession:
Under the IBA Scheme, 1% interest concession is provided for the loanees if the interest is serviced during the period when repayment holiday is specified.
- Claims by RRBs:
RRBS should submit their claim directly to Canara Bank, the nodal bank and not through the sponsor bank.
Central Sector Interest Subsidy Scheme is the best government Scheme for student desiring to pursue higher education. Students who are denied of the opportunity if he/ she is financially poor can pursuing professional or technical courses in India only, and can intends to provide affordable higher education. If you are interested in this scheme and want to apply for Central Sector Interest Subsidy Scheme can please check its official website.