Under the 'Central Scheme to provide Interest Subsidy', the ministry of Human Resource Development is offering financial help to a number of students belonging to the SC, ST and OBC category to help them in pursuing higher education from abroad.
According to this scheme, the students are offered complete interest subsidy for a period which extends up to one year after the course or 6 months after getting a job (whichever is earlier). This provision is valid on all the loans offered to the students from the EWS (economically weaker section) from all the scheduled banks. This comes under the 'Education Loan Scheme of the Indian Banks' Association'. It is valid for the students opting to pursue any approved course in the professional and technical stream from a duly recognized college / university within India.
The students whose family's yearly income is less than 4.5 lacs per annum are eligible for this scheme. This can only be availed once by a student and is valid for the 1st undergraduate degree course or the post graduate degree in India. The interest subsidy can also be availed for integrated courses (Bachelors and masters). This scheme is exclusive of all the other schemes run for the EWS students.
The above information was furnished in the Rajya Sabha by Smriti Irani, the Union HRD minister.