Dr. Ambedkar Scheme of Interest Subsidy on Educational Loan for Overseas Studies for EBCs

Dr. Ambedkar Scheme of Interest Subsidy on Educational Loan for Overseas Studies for EBCs and OBCs

Dr. Ambedkar Scheme of Interest Subsidy on Educational Loan for Overseas Studies for EBCs and OBCs: Dr Ambedkar Central Sector Scheme of Interest Subsidy on Educational Loans for Overseas Studies for Other Backward Classes (OBCs) and Economically Backward Classes (EBCs). The objective of the scheme is to award interest subsidy to meritorious EBC students to provide them better opportunities for higher education abroad and enhance their employability. To be eligible under the scheme, a student should come under the income ceiling of Rs. 1.00 lakh per annum. 50 % of the outlay every year is earmarked for Girl students. The provisional list of selected students is regularly uploaded on the website of the Ministry of Social Justice. The scheme of Interest Subsidy on educational loans for overseas studies will promote educational advancement of students from Other Backward Classes and Economically Backward Classes.

Objective: The objective of the scheme is to award interest subsidy to meritorious students belonging to the Other Backward Classes and Economically Backward Classes so as to provide them better opportunities for higher education abroad and enhance their employability.

Scope: The is a Central Sector Scheme to provide interest subsidy to the student belonging to the OBCs and EBCs on the interest payable for the period of moratorium for the Education Loans for overseas studies to pursue approved courses of studies abroad at Masters, M.Phil. and Ph.D. level.

Conditions for Interest Subsidy:
i. The Scheme is applicable for higher studies abroad. The interest Subsidy shall be linked with the existing Educational Loan Scheme of Indian Banks Association (IBA) and restricted to students enrolled for course at Masters, M.Phil and Ph.D level.
ii. 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.
iii. If a student violates any condition of the scheme, the subsidy will be discontinued forthwith.
iv. 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.
v. 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.
vi. The nodal bank will maintain a separate account and records relating to the funds received from the Ministry of Social Justice and Empowerment and these will be subject to inspection/audit by the officers of the Ministry, or any other agency designated by the Ministry and C&AG.
vii. The Nodal Bank shall place all relevant details of financial and physical achievements on its website and implement the scheme as per the Memorandum of understanding to be signed between the designated Banks and the Ministry of Social Justice and Empowerment.
viii. The Nodal Bank will lay down the detailed procedure for processing and sanctioning of interest subsidy to eligible students in consultation with the Ministry.
ix. The Scheme will be evaluated at regular intervals by the Ministry or any other agency designated by the Ministry and the cost of the evaluation study will be borne by the Ministry.
x. The term and conditions of the Scheme can be changed at any time at the discretion of Ministry of Social Justice and Empowerment to improve procedure and achieve more effective implementation. However, there should not be financial implications.

Eligibility:
i. The students should have secured admission in the approved courses at Masters, M.Phil or Ph.D levels abroad for the courses listed at Para14.
ii. He/She should have availed loan from a scheduled bank under the Education Loan
Scheme of the Indian Banks Association (IBA) for the purpose.
iii. For the candidate applying under the OBC category, OBC Caste certificate in the prescribed Performa (as per Annexure) issued by the competent authority must be taken by the Banks.


Income Ceiling:
i. For OBC candidates, 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.
ii. For EBC candidates, total income from all sources of the employed candidate or his/her parents/guardians in case of unemployed candidate shall not exceed Rs.1.00 lakh per annum.
iii. 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.

Recommendatory Committee:
i. Recommendatory Committee headed by Joint Secretary in-charge of Backward Classes Division with representatives of Finance Division, representative of Nodal Bank and concerned Director/Deputy Secretary as convener will examine and recommend the applications for award of interest subsidy on quarterly basis.
ii. Out of the total outlay in a year, a minimum of 50% amount will be earmarked for
Interest Subsidy to the girl candidates.

Rate of Interest Subsidy:
i. Under the scheme, interest payable by the students availing the education loans of the IBA for the period of moratorium (i.e. course period, plus one year or six months after getting job, whichever is earlier) as prescribed under the Education Loan Scheme of the IBA, shall be borne by the Government of India.
ii. After the period of moratorium is over, 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.
iii. The candidate will bear the Principal installments and interest beyond moratorium period.

Implementing Agencies:
The Scheme will be implemented by the Nodal Bank as per MoU between the Banks and the
Ministry of Social Justice & Empowerment.

Administrative Expenses:
i. A provision not exceeding 2% of the annual budget allocation for the scheme will be made to meet the administrative and allied costs viz. expenditure for office equipments, including computers and accessories, advertisements, engagement of personnel, third party evaluation etc.
ii. This provision will also be used for evaluation and monitoring of the scheme, through outside reputed institutions/agencies engaged by the Ministry of Social Justice and Empowerment, Government of India. Administrative cost of the Banks will be shared as per provision in the MoU.

Monitoring and Transparency:
i. The Ministry of Social Justice and Empowerment shall monitor the performance of the scheme.
ii. For this purpose, a web enabled monitoring mechanism shall be put in place by Nodal
Bank.
iii. The Nodal Bank will be required to furnish quarterly financial and physical progress reports to the Ministry.
iv. The Nodal Bank will maintain year-wise details of the students receiving interest subsidy, indicating institute, location of the institute, course, gender, new or renewal, permanent address and parents address.
v. The Nodal Bank will place relevant physical and financial details on their official website.

Minor Modifications/Changes:
Minor Modifications/Changes in the Scheme with no financial implications may be made by the
Competent Authority.

Evaluation:
The monitoring of the financial and physical performance of the scheme will be periodically evaluated by the assigning evaluation/impact studies to reputed institutions/agencies by the Ministry of Social Justice and Empowerment, Government of India.

Dr. Ambedkar Scheme of Interest Subsidy on Educational Loans for Overseas Studies for the Students belonging to EBCs and OBCs
Objective To award interest subsidy to meritorious EEC students so to provide them better opportunities for higher education abroad and enhance their employability.
Eligibility The income ceiling of parents/guardians for eligibility is 55.1.00 lakh per annum (including self income, if employed). 50 % of the outlay every year is earmarked for Girl students.
Other Eligibility The students should have secured admission in the approved courses at Masters, M.Phil or Ph.D levels abroad. He/She should have availed loan from a scheduled bank under the Education Loan Scheme of the Indian Banks Association (IBA) for the purpose.
What is the scheme? Interest payable by the students availing the education loans of the IBA for the pedod of moratorium (i.e. course period, plus one year or six months after getting job, whichever is earlier) ,shall be borne by the Government of India. After the period of moratorium is over, the interest on the outstanding loan amount shall be paid by the student The candidate will bear the Principal instalments and interest beyond moratorium period.
Implementing Agencies The Scheme will be implemented by the Nodal Bank as per Moll between the Banks and the Ministry of Social justice & Empowerment
Recommendatory Committee Recommendatory Committee headed by Joint Secretary of Backward Classes Division with representatives of Finance Division, representative of Nodal Bank and concerned Director/Deputy Secretary as convener will examine and recommend the applications for award of interest subsidy on quarterly basis.
How to Apply? Contact the District Collector or Any Nationalised Bank

Dr. Ambedkar Scheme of Interest Subsidy on Educational Loan for Overseas Studies for EBCs and OBCs, Educational Loan for Overseas Studies, Eligibility Criteria, How to apply, Online Application Form, Last date, Overseas Studies Education Loan Details at https://scholarships.gov.in/main.do
Dr. Ambedkar Post-Matric Scholarship for EBC Students
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