To provide financial assistance through a subsidy, a scheme is introduced in favour of students who are pursuing higher education. This scheme is introduced with the name of ‘Abhinandan Education Loan Subsidy Scheme. This scheme was announced by Sarbananda Sonowal in 2019.
Under this scheme, the state government provides one-time financial help so that the financial reduced for students and their families. In this scheme, the subsidy amount upto Rs.50,000 will be given to all the eligible students who are continuing their higher study from a recognised institute. The financial help which is given in this scheme is given only one time. This scheme also covers all the major banks of the Assam state.
Now, via this blog article, you will get the information on which students and their families will get the financial help of this scheme and what the actual application process is. Read the blog.
Assam Abhinandan Education Loan Subsidy Scheme
WE all know that most of the time, every family, if their kids are very good at studying and they are unable to spend more money on their studies, they will take the help of an education loan. And after completing the study, the students will have to pay the loan, and the burden of the loan also falls on the family. Now the government of Assam is going to reduce the burden of the education loan of the family who have taken the education loan for the study of their kids.
In this scheme, all families and students who avail the education loan of Rs. 1 lakh or more from any bank will be able to get the one-time subsidy amount of Rs. 50,000. Students must belong to the Assam state and be pursuing his/her higher studies from any good institute.
The scheme initially started on the 26th of December 2019. In this, students who take an education loan for pursuing their higher studies in a reupdated institutes will get a subsidy of Rs 50,000 on their education loan. This is a one-time subsidy that will be provided to students if they take a loan to pursue their higher studies. All the banks, like government banks, private Banks are included in this scheme. Subsidy is only provided for the students who take a loan of more than 1 lakh rupees.
Students who pay 25% of the loan amount are eligible to apply. Students who are permanent residents of Assam and take an education loan will get the benefit of this scheme. This is a very good initiative started by the state government, in which they encourage higher studies. At the time of registration, there is a requirement for a student’s Aadhaar Card, parents’ ID Proof, bank loan documents and permanent residence proof of Assam.
Overview of the Abhinandan Education Loan Scheme
| Scheme | Abhinandan Education Loan Subsidy Scheme |
| Type of Scheme | One-time subsidy Grant |
| Beneficiary | Family and students who have taken an education loan |
| Loan amount | It must be Rs. 1 lakh and above |
| Subsidy amount | Rs. 50,000 |
| Apply Mode | Online/offline |
Objective of the Scheme
This is imitative of the state government of Assam, which reduced the financial burden of families and students after taking the education loan. The government provides them with financial support by providing them with a one-time subsidy amount, which is up to 50,000 rupees. It will also encourage people to take an education loan for the future of their kids if they are good at studying.
Features of Scheme
- Financial Help: With the launch of this scheme, the government decided to provide one-time financial help in the shape of a subsidy amount.
- Subsidy Benefits: All the families and students who avail a loan of Rs. 1 lakh more will get one-time subsidy benefits of Rs. 50,000.
- Beneficiaries Targeted: In this scheme, students and their families who are permanent citizens of the state.
- Coverage of scheme: Every year, the government sets the target to provide the subsidy benefits to 5K students.
Benefits of the Scheme
- In this scheme, the direct financial benefits of a one-time subsidy amount of Rs. 50,000 will be given in the loan account of the students, which helps to reduce the outstanding amount of their loan.
- Scheme work in every big bank in the Assam state, like HDFC, Assam Rural Regional Banks, etc.
- The government wants to encourage families and students to pursue higher studies.
- To apply for this scheme, students need to pay only 25% of their loans.
- Other families will also be encouraged to take the help of the education loan for their children’s bright future.
Eligibility Criteria for Abhinandan Education Loan Scheme
- Citizenship: All the students need to have permanent citizenship of the state of Assam.
- Amount of Loan: The education loan amount must be Rs. 1 lakh or more.
- Type of Loan: The loan must be an educational loan and must be taken from any commercial or regional bank.
- No Beneficiary: The applicant is not added as a beneficiary in any such kind of scheme.
Who is not eligible for this scheme?
- In this scheme, government employees are not eligible to avail benefits.
- All students who are already taking advantage of any other scheme.
Documents List
- Students and Parents Aadhar Card
- Assam Permanent Residence Documents like Ration card, Bonafide
- Educational Record of Students
- Loan Sanction letter issued by the Bank
- Bank account statement of the loan
- ID Card of students and parents
- PAN Card
Assam Abhinandan Education Loan Subsidy Scheme Apply Online
- Have to visit the concerned Department website who inviting the online application for this scheme.
- On this portal, click on the link Apply Online, and you will get the Register Now link.
- All the applicants registered with your email ID and Mobile Number and created the account.
- After creating the account, you will receive your email ID and password. All the students who have already registered with this scheme can log in to their accounts.
- On the home page of the portal, you will get the Section of the scheme which is financed by the Assam government.
- Click on the Abhinandan Education Loan Subsidy Scheme if you get and then another webpage of the Assam Finance Department opens.
- Now, check all the instructions and then fill out the application form.
- Upload the documents in support and then submit.
Related: Atmanirbhar Assam 3.0 Apply Online
FAQ’s
This is a subsidy scheme in which the government provide financial help to the eligible people.
All parents and students who have an education loan.
It must be Rs. 1 Lakhs to above.
It is Rs. 50,000/-.
This scheme only provides one-time benefits.