The Scheme is applicable to students who have availed educational loans from 2013-14 (1st April, 2013) onwards and have a family income up to Rs. 6 lakhs / annum.
The objective of the Scheme is to award interest subsidy to meritorious students belonging to economically weaker sections of notified minority communities declared as minority communities in terms of section 2 (c) of National Commission for Minorities Act, 1992, on the interest payable during the period of moratorium ( i.e. course period plus one year or six months after getting job whichever is earlier) for Education Loans for Overseas studies to pursue approved courses of studies abroad at Masters , M. Phil and Ph.D. levels only once either for Masters or Ph.D. levels.
Subsidy shall not be available to those students who either discontinued the course mid-stream due to any reason or those who are expelled from the institutions on disciplinary or academic grounds. If a student violates any conditions of the scheme, the subsidy will be discontinued forthwith.
The scheme is applicable for higher studies abroad. The interest subsidy shall be linked with existing Educational loan scheme of IBA.
After the period of moratorium is over, The borrower/s will bear the Principal installments and interest beyond moratorium period.
Total income from all sources of the employed candidate or his /her parent’s, guardians in case of unemployed candidate shall not exceed Rs. 6.00 lakh per annum.
INCOME CERTIFICATE should be submitted from the competent authority of the State/Union Territory.
The students obtaining benefits under this scheme shall not be given interest subsidy if he gives up Indian Citizenship during the tenure of the loan.
The Branch to ensure that Students from the minority communities, who may also belongs to SC/ST/OBC category, do not avail interest subsidy from other sources for the same purpose.
For further information, please contact your nearest BOI Branch.