Dr. Ambedkar Scheme of Interest Subsidy on Educational Loan for Overseas Studies for Other Backward Class | Subsidy to students from Other Backward Class

Operated by
Ministry of Social Justice and Empowerment - Welfare of Other Backward Class (OBC), Central Govt
Purpose 
Subsidy on educational loans for overseas studies for educational advancement of students from Other Backward Class (OBC) for their Masters studies
Probable duration
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Eligibility

  •  The students should have secured admission in the approved courses at Masters, M.Phil. or Ph.D. levels abroad for the courses listed in Annexure

  •  He/she should have availed loan from a Scheduled bank under the Education Loan Scheme of the Indian Banks Association (IBA) for the purpose

  •  Total income from all sources of the employed candidate or his/her parents/guardians in case of unemployed candidate shall not exceed Rs.3.00 lakh per annum.

  •  Under this Scheme, Income certificate produced by the student for availing Educational Loan viz. ITR/Form 16/Audited Accounts/Income certificate issued by the authority of State Government/UT Administration is acceptable to determining Income ceiling.

Benefit Description

To provide assistance in the form of subsidy to meritorious students belonging to Other weaker sections of the society and to provide them better opportunities for higher education abroad and enhance their employability.

Application process

The process for application is given in the below link
http://socialjustice.nic.in/pdf/hostelOther  backward classes-2015.pdf

Other Details

Conditions if Any
  • The interest subsidy under the scheme shall be available to the eligible students only once, either for Masters or Ph.D. levels. Interest 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 condition of the scheme, the subsidy will be discontinued forthwith.
  • If a student is found to have obtained the subsidy by false statement/certificates, the subsidy will be withdrawn/ cancelled forthwith and amount of the subsidy paid shall be recovered with penal interest, apart from taking criminal action as per law.
  • The students obtaining benefits under this Scheme shall not be given the interest subsidy if he gives up Indian citizenship during the tenure of the loan
  • The interest on the outstanding loan amount shall be paid by the student, in accordance with the existing Educational Loan Scheme as may be amended from time to time
  • The candidate will bear the Principal instalments and interest beyond moratorium period.
More Information
Annexure Link: 
Indicative Subjects/Disciplines covered under the Scheme - Page 5 of the link http://socialjustice.nic.in/pdf/g-ISELforOther  backward classes1415.pdf

Link: 
http://socialjustice.nic.in/writereaddata/UploadFile/Scheme%20of%20Interest%20Subsidy636181089437985140.pdf

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