What is Interest Subsidy Scheme?
Students from the economically backward sections can claim interest on their educational loans from the government as subsidy. The scheduled banks in the nation provide the loans to students devoid of the want of any collateral safety against the loan.
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Eligibility
The maximum loan quantity which can be availed from the students below the scheme is up to Rs 7.5 lakh. It is also pertinent to note that the students can take advantage of the scheme only after in their life- either in their graduation course or their post-graduation or combined course. Only these students who are enrolled in technical and skilled courses and whose parents’ revenue is much less than Rs 4.5 lac per annum can advantage from the scheme.
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Total quantity of beneficiaries
A total of 1,32,825 availed the advantages of the scheme in the year 2017-18 out of which a total of 1,01,72 students came from the state of Bihar alone. The quantity of beneficiaries subsequently dropped to a total of 88825 in the year 2018-19 out of which about 3500 students have been from Bihar state. The quantity additional dropped to 75,417 out of which the total quantity of students from the state of Bihar was 2106. The quantity of loan sanctioned to unique students in the final 3 years remains unclear as the Education Minister did not provide a break up of the loan quantity availed by students in the final 3 years.