Sarkari Yojana
Bidya Lakshmi Loan
About Bidya Lakshmi Loan
Introduced in 2016-17 by the Finance (Audit & Fund) Department, Government of Assam, “Bidya Lakshmi” funds higher studies for children of regular State Government employees of Assam under the Uecha Siksha Hitoishona Achani (USHA) for Karmachari. Loans between ₹5,00,000/- and ₹10,00,000/- are offered at 4% interest, and employees covered by the Credit Linked Subsidy Scheme (CLSS) receive extra benefits. Professional and technical programmes in India and overseas, including Engineering, Medical, Management and Doctorate courses, qualify. The State Bank of India (SBI) implements the scheme through designated branches in every district and civil sub-division.
Scheme Overview
State Government
Individual
21 Mar 2017
Scheme Details
Eligibility Requirements
To qualify for Bidya Lakshmi Loan, applicants must satisfy the following conditions:
For the Parent
The parent must be a regular State Government…
The parent must be a regular State Government Employee of Assam currently in service.
A minimum of 5 years of pensionable service…
A minimum of 5 years of pensionable service must remain for the parent.
Employees earning above ₹4,50,000/- a year may borrow…
Employees earning above ₹4,50,000/- a year may borrow up to ₹10,00,000/-.
Employees earning up to ₹4,50,000/- a year qualify…
Employees earning up to ₹4,50,000/- a year qualify under CLSS.
A salary account with a check-off facility for…
A salary account with a check-off facility for EMI deductions is compulsory.
The employee has to be a co-borrower, with…
The employee has to be a co-borrower, with his or her name shown in the loan application together with the child (the student). For the Child
The child must hold admission at a technical/higher…
The child must hold admission at a technical/higher educational institution recognised by UGC (University Grants Commission)/ AICTE (All India Council for Technical Education)/ Government-approved colleges/universities in Assam or elsewhere in India/ Premier institutions (for studies abroad).
The child must be enrolled in one of…
The child must be enrolled in one of these approved courses: In India: Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer Science, Chartered Accountancy (CA), Cost and Management Accountancy (ICWA), Chartered Financial Analyst (CFA), Master of Computer Applications (MCA), Master of Science (MS), Graduation in professional/technical courses, Doctorate (PhD). Abroad: Programmes run by premier institutions such as CIMA (Chartered Institute of Management Accountants, London) or CPA (Certified Public Accountant, USA).
The child also has to be a co-borrower,…
The child also has to be a co-borrower, named in the loan application along with the parent (government employee).
Benefits Provided
Bidya Lakshmi Loan provides the following benefits to eligible applicants:
Loans from ₹5,00,000/- up to ₹10,00,000/- are made…
Loans from ₹5,00,000/- up to ₹10,00,000/- are made available by the State Government at 4% interest.
Where annual salary income is above ₹4,50,000/-, the…
Where annual salary income is above ₹4,50,000/-, the employee can borrow up to ₹10,00,000/- at 4% interest once State Government interest subvention is applied.
Employees with yearly income up to ₹4,50,000/- fall…
Employees with yearly income up to ₹4,50,000/- fall under the Credit Linked Subsidy Scheme (CLSS) and get 100% subsidy for the moratorium period (course duration plus one year); after the moratorium, the effective rate is 4%.
The money can cover course fees, books, computers,…
The money can cover course fees, books, computers, educational equipment and, for overseas study, travel costs.
Loans up to ₹10,00,000/- need no collateral security…
Loans up to ₹10,00,000/- need no collateral security or third-party guarantee.
A life insurance policy can be taken to…
A life insurance policy can be taken to cover the loan amount.
Tax rebate is available under Section 80(E) of…
Tax rebate is available under Section 80(E) of the Indian Income Tax Act. Mode of Disbursement Funds go straight to the educational institution's account rather than to the parent/student. They cover Tuition fees, books, computers, equipment and travel (for abroad studies), and are released either as a lump sum or in installments according to the institution's fee structure. Frequency of Disbursement Interest is levied every month, and subsidy amounts are returned to the individual's account after the claim is cleared. Conditions for Disbursement A utilization certificate has to be furnished at the close of the financial year.
Documents Required
Applicants should keep the following documents ready before starting the application:
To Be Submitted By The Student
Three recent passport-size photographs
Three recent passport-size photographs.
A copy of the PAN Card as identity…
A copy of the PAN Card as identity proof.
Address proof in the form of an Electricity…
Address proof in the form of an Electricity Bill/ Landline Telephone Bill, Aadhar Card/ Driving License/ Passport.
Mark sheets and pass certificates of every examination…
Mark sheets and pass certificates of every examination from Matric up to the last qualifying one.
Offer letter or bonafide certificate issued by the…
Offer letter or bonafide certificate issued by the institution.
Course prospectus along with the AICTE/UGC or Governing…
Course prospectus along with the AICTE/UGC or Governing Body approval for the course.
Full fee structure of the course printed on…
Full fee structure of the course printed on the institution's letterhead.
Scorecard of entrance tests such as JEE/PMT
Scorecard of entrance tests such as JEE/PMT.
Any further documents that may be needed
Any further documents that may be needed. Additional Documents for Studies Abroad
A valid passport
A valid passport.
An unconditional letter of offer
An unconditional letter of offer.
Any further documents that may be needed
Any further documents that may be needed. To Be Submitted By The Parent(s)
Three recent passport-size photographs
Three recent passport-size photographs.
A copy of the PAN Card as identity…
A copy of the PAN Card as identity proof.
Address proof such as an Electricity Bill, Landline…
Address proof such as an Electricity Bill, Landline Telephone Bill, Aadhar Card/ Driving License/ Passport.
A copy of the bank passbook or a…
A copy of the bank passbook or a bank account statement.
Income proof in the form of Form 16/…
Income proof in the form of Form 16/ Income Tax Return/ an Income Certificate from the competent authority.
Any further documents that may be needed
Any further documents that may be needed.
2017-03-21
How to Apply
Offline Application
Applicants can apply for Bidya Lakshmi Loan through the offline application process outlined below.
Application Portal: Open Application Portal ↗
The eligible employee prints the official loan application…
The eligible employee prints the official loan application form in its prescribed format.
All compulsory fields are completed, and copies of…
All compulsory fields are completed, and copies of every mandatory document are attached, self-attested where needed.
The completed and signed form, with documents, is…
The completed and signed form, with documents, is handed to the concerned Drawing and Disbursing Officer (DDO) within the prescribed period, if any, along with a written undertaking allowing EMI deduction from salary.
The DDO forwards the full package (form, documents…
The DDO forwards the full package (form, documents and check-off letter) to the designated SBI branch in that district or civil sub-division. Post-Application Processes
The bank examines the application, checks eligibility and…
The bank examines the application, checks eligibility and sanctions the loan when every criterion is met, after which the money is paid directly to the educational institution.
When repayment starts, SBI deducts the Equated Monthly…
When repayment starts, SBI deducts the Equated Monthly Installments (EMIs) automatically from the applicant's salary account through the check-off facility.
Official Application & Website
Verify the latest eligibility, dates and instructions before applying.