Assam Abhinandan Education Loan Subsidy Scheme

Assam Abhinandan Education Loan Subsidy Scheme

Under this scheme, the govt. will encourage students to pursue higher studies by providing subsidy on education loans.

Brief Description of Assam Abhinandan Scheme

Category	Assam Govt Scheme
Name of the Scheme	Abhinandan Education Loan Subsidy Scheme
Authority	Government of Assam
Department	Department of Finance
Academic Year	2024
Objective	To provide Rs. 50,000 as a subsidy to the educational loan loanees
Mode of Application	Online
Application Status	To be announced
Official Website	www.assamfinanceloans.in

 

"Assam Abhinandan Education Loan Subsidy Scheme" was launched on 26 December 2019 by the Hon'ble Chief Minister of Assam. The scheme is managed by the Finance Department, Govt. of Assam. The govt. will provide a loan subsidy of up to ₹ 50,000 on education loans to students pursuing higher education. This scheme would cover all commercial banks like the Federal Bank and HDFC and also the regional rural banks like Assam Gramin Vikash Bank within Assam. The objective of this scheme is to encourage students to pursue higher studies by providing subsidies on education loans. The applicant students can apply for the subsidy by paying 25% of their loans. Only the students who are permanent residents of the state of Assam can apply to this scheme.

Benefits of Assam Abhinandan Scheme 

• A subsidy of Rs 50,000 will be provided to students by the Government of Assam on education loans up to Rs 1 lakh.
• In this scheme, all the applicant students can apply for the subsidy by paying 25% of their loans.
• Under this scheme, the subsidy can be obtained only on loans taken from commercial banks like Federal Bank and HDFC and regional rural banks like Assam Rural Regional Bank.
• In this scheme, all students have to get financial help by encouraging students on education loans.

Eligibility for AAELSS

• The applicant student should be a permanent resident of Assam.
• The Education Loan should have been availed from any Scheduled Commercial Bank or Regional Rural Bank within the state recognized by the Reserve Bank of India.
• The education loan should be a minimum of ₹ 1,00,000.

How to Apply for Abhinandan Education Loan Subsidy Scheme of Assam

Step 1: Visit the official website. Navigate to the "Click here for Loan Subsidy" section.

Step 2: Click "Assam Abhinandan (Education Loan Subsidy Scheme)". You will be taken to "Application for Release for Subsidy". 

• Fill in all the mandatory details: Applicant Name, Father’s Name, Date Of Birth, Address, Mobile Number, PAN Card Details, and Bank Details.
• Upload the Supporting Documents: Loan Proof (Loan Sanction Letter, Loan Account Passbook, Statement of Loan), Address Proof, and PAN Card.

Step 3: Check the Declaration, and click "Save".

Documents Required:

• Passport Sized Photograph of the Student
• Student’s Aadhaar Card
• Proof of Identity of the Parents
• Bank Loan Documents
• Proof of Address
• Residential/Domicile Certificate
• Marksheets / Passing Certificate of the Previous Educational Qualification
• PAN Card
• Bank Details

 

Additional Information

However, the Abhinandan Scheme also covers education loans sanctioned after 31 March 2019. But in that case, education loan subsidy would be provided only after 25% of total sanctioned loan amount has been disbursed. Even the state govt. has not set any minimum income criteria for students to avail benefits. There is no income criteria to be eligible for Abhinandhan Education loan Subsidy Scheme.