Sarkari Yojana
Dr Ambedkar Central Sector Scheme of Interest Subsidy on Educational Loans for Overseas Studies for Other Backward Classes (OBCs) and Economically Backward Classes (EBCs)
About Dr Ambedkar Central Sector Scheme of Interest Subsidy on Educational Loans for Overseas Studies for Other Backward Classes (OBCs) and Economically Backward Classes (EBCs)
The “Dr Ambedkar Central Sector Scheme of Interest Subsidy on Educational Loans for Overseas Studies for Other Backward Classes (OBCs) and Economically Backward Classes (EBCs)” is an Education Loan Scheme run by the Department of Social Justice and Empowerment, Ministry of Social Justice and Empowerment.
Implementing Agency A Nodal Bank implements the scheme, per an MoU between the banks and the Ministry of Social Justice & Empowerment.
Scope The scheme subsidizes the interest payable during the moratorium period on education loans taken by OBC and EBC students for approved Masters, M.Phil., and PhD-level courses abroad.
Objective To give meritorious OBC and EBC students an interest subsidy that improves their access to higher education abroad and boosts their employability.
Scheme Overview
Central Government
Ministry Of Social Justice and Empowerment
Nodal Bank As Per The MoU Between The Banks And The Ministry Of Social Justice & Empowerment.
Individual
Scheme Details
Eligibility Requirements
To qualify for Dr Ambedkar Central Sector Scheme of Interest Subsidy on Educational Loans for Overseas Studies for Other Backward Classes (OBCs) and Economically Backward Classes (EBCs), applicants must satisfy the following conditions:
The applicant must be a student
The applicant must be a student.
The student must have secured admission to an…
The student must have secured admission to an approved course at the Masters, M.Phil., or PhD level abroad, from the listed courses.pdf).1. The applicant must have taken a loan from a scheduled bank under the Indian Banks Association's (IBA) Education Loan Scheme for this purpose.
The applicant's total income (from all sources) must…
The applicant's total income (from all sources) must not exceed ₹ 8,00,000 per annum. Reservation/ Relaxation/ Preference/ Priority At least 50% of the total annual outlay is earmarked for interest subsidy to girl candidates.
Benefits Provided
Dr Ambedkar Central Sector Scheme of Interest Subsidy on Educational Loans for Overseas Studies for Other Backward Classes (OBCs) and Economically Backward Classes (EBCs) provides the following benefits to eligible applicants:
The Government of India bears the interest payable…
The Government of India bears the interest payable by students on IBA education loans during the moratorium period (course period plus one year, or six months after getting a job, whichever comes first), as set out under the IBA's Education Loan Scheme.
For a student, the eligible loan amount for…
For a student, the eligible loan amount for the interest subsidy claim is the actual loan taken, capped at ₹ 20,00,000. NOTE 1: Once the moratorium period ends, the student pays interest on the outstanding loan under the existing Educational Loan Scheme, as amended from time to time. NOTE 2: The candidate bears the principal instalments and interest beyond the moratorium period. Release of Funds Funds are released to applicants on a first-come-first-served basis, subject to a maximum amount worked out each year based on that year's budget allocation for the scheme.
Documents Required
Applicants should keep the following documents ready before starting the application:
One photograph of passport size
One photograph of passport size
The student's Aadhaar number
The student's Aadhaar number
Documents proving educational qualifications
Documents proving educational qualifications
A bonafide certificate from the institution
A bonafide certificate from the institution
Candidates applying in the OBC category must submit…
Candidates applying in the OBC category must submit an OBC Caste certificate issued by the competent authority in the prescribed Performa.
Proof of income submitted by the student to…
Proof of income submitted by the student to obtain the Educational Loan, such as ITR, Form 16, Audited Accounts, or an income certificate from the State Government/UT Administration authority.
Particulars of the bank account linked with Aadhaar
Particulars of the bank account linked with Aadhaar.
How to Apply
Offline Application
Applicants can apply for Dr Ambedkar Central Sector Scheme of Interest Subsidy on Educational Loans for Overseas Studies for Other Backward Classes (OBCs) and Economically Backward Classes (EBCs) through the offline application process outlined below.
The interest subsidy is tied to the current…
The interest subsidy is tied to the current Educational Loan Scheme of the Indian Banks Association (IBA) and is available only to students enrolled in Master, M.Phil and PhD level courses.
In consultation with the Ministry, the Nodal Bank…
In consultation with the Ministry, the Nodal Bank sets out the detailed procedure for processing and sanctioning interest subsidies for eligible students.
Every quarter, applications for interest subsidy are examined…
Every quarter, applications for interest subsidy are examined and recommended by the Recommendatory Committee. It is chaired by the Joint Secretary in charge of the Backward Classes Division and includes representatives of the Finance Division, a representative of the Nodal Bank, and the concerned Director/Deputy Secretary as convener.
Official Application & Website
Verify the latest eligibility, dates and instructions before applying.