Abhinandan Education Loan Subsidy Scheme

The Assam government launched the Abhinandan Education Loan Subsidy scheme to provide financial assistance to students who want to pursue higher education but cannot pursue it because of their financial situation. This scheme was launched on 4 September 2020. The Department of Finance, Assam, regulates and supervises this scheme. Beneficiaries can access this scheme through the portal created by the Department of Finance.

Objectives of the Abhinandan Education Loan Subsidy Scheme

The objectives of the Abhinandan Education Loan Subsidy scheme are as follows:

• To help students to gain higher education and apply to prominent colleges and schools
• To encourage students to continue higher studies by giving subsidies on the existing educational loans
• To strengthen the education sector in Assam
• To prevent students in Assam from dropping out of colleges and schools due to financial constraints
• To optimise the academic capabilities of students

Eligibility of Abhinandan Education Loan Subsidy Scheme

Applicants who meet the below criteria are eligible to get benefits of this scheme:

• Applicants must be permanent residents of Assam state
• Applicants must have taken an educational loan from a scheduled commercial bank or regional rural bank in Assam state recognised by the RBI
• The loan must be sanctioned before 31 March 2019
• The loan must be of more than Rs.1,00,000

The following people are not eligible to get the benefits of the Abhinandan Education Loan Subsidy scheme:

• When the repayment of the loan instalments is past due for a specific time
• When the educational loans are declared as Non-Performing Assets (NPA) after the specific duration of 90 days
• When the applicant is a beneficiary of the Bidya Lakshmi scheme

Benefits of the Abhinandan Education Loan Subsidy Scheme

The Abhinandan Education Loan Subsidy scheme provides subsidies and helps students repay their educational loans. Under the Abhinandan Education Loan Subsidy scheme, the state government sanctions a one-time deposit amount of Rs.50,000 as a subsidy to the students who have availed of educational loans to continue their higher education. However, the loans should have been sanctioned before the 31 March of the year. 

This scheme provides subsidies to all educational loans obtained within Assam from commercial banks like the HDFC bank, federal bank, etc., and regional rural banks like Assam Gramin Vikash Bank. Every year, this scheme disburses subsidies to 5,000 selected students.

Abhinandan Education Loan Subsidy Scheme Application Process

The process to apply for Abhinandan Education Loan Subsidy Scheme is as follows:

• Visit the official portal for Abhinandan Education Loan Subsidy Scheme.
• Click on the ‘Apply’ option on the ‘Abhinandhan Education Loan Subsidy’ tab on the homepage.
• Fill the online application form containing the necessary details, applicant details and loan details.
• Upload the required documents and click on the ‘Submit’.
• The Assam government will go through the application form and deposit a subsidy amount of Rs.50,000 into students’ education loan accounts.

Documents Required for Abhinandan Education Loan Subsidy Scheme 

The documents required for the Abhinandan Education Loan Subsidy scheme are as follows:

• Loan proof, any one of the following:
  • Sanction letter
  • Loan account passbook page containing loan details
  • Loan account statement
• Address proof, any one of the following:
  • PRC certificate
  • Ration card
  • Aadhaar card
  • Driving license
  • Voter card
  • Passport
• PAN card

The Abhinandan Education Loan Subsidy scheme helps students continue their studies and provides financial assistance to repay their educational loans. The Assam government introduced this scheme to encourage students of Assam state to complete their studies in their chosen fields.