Abhinandan Education Loan Subsidy Scheme:- The government has introduced the Abhinandan Education Loan Subsidy Scheme to provide loan subsidies to the students of Assam in the form of a 50000 scholarship through this scheme to encourage all Assamese students who are pursuing higher education. The Abhinandan Education Loan Subsidy Scheme 2024 has begun. Read below to get detailed information related to the Subsidy Scheme like highlights, objectives, benefits, eligibility criteria, documents required, the application process, and much more
Table of Contents
Abhinandan Education Loan Subsidy Scheme 2024
The Abhinandan Educational Loan Subsidy Scheme was established to help Assamese students who desire to pursue higher education but are unable to do so due to a lack of resources. All those who desire to apply for educational loans from banks to pursue their higher education will be given Rs. 50000. This program was introduced on September 4, 2020. 1500 pupils received rupees 50,000 earlier from the Assam state chief minister. Under this program, 5000 students have already received 50000 rupees. The students will benefit much from this plan.
Abhinandan Education Loan Subsidy Scheme Details in Highlights
| Name | Abhinandan Education Loan Subsidy Scheme |
| Introduced by | Chief Minister of Assam |
| State | Assam |
| Beneficiaries | Students of Assam who are pursuing higher education |
| Objective | Giving students who take out student loans 50,000 rupees |
| Official Website | https://www.assamfinanceloans.in/ |
Scheme Objective
The scheme was established with the primary goal of assisting all those who are unable to pursue higher education because they lack the resources to apply to prestigious colleges and universities. The Chief Minister of the state of Assam has already made several steps to enable free entry into educational institutions for all of these children who have excellent test scores but are unable to pursue higher education. Both the human capital in the state of Assam and the number of people who take higher education seriously will rise as a result of this.
Subsidy Benefits
The availability of rupees 50,000 on any educational debt that students in the state of Assam have taken would be the primary benefit that the government will offer to those who wish to apply for this program. The 50000 rupees granted to the students in cash by the Assam government would be used to pay off their student loans. This 50000 rupee has already been given to the 5,000 Assam State students who have taken out student loans to pay for their higher education. The government initially introduced the program in 2016 as well.
Eligibility Criteria for Abhinandan Education Loan Subsidy
The eligibility criteria for subsidy are as follows:
- The candidate must reside in Assam state legally and permanently.
- The Reserve Bank of India must approve the bank.
- The applicant must have obtained the student loan from one of Assam State’s Scheduled Commercial Banks or Regional Rural Banks.
- The loan must be for at least Rs. 100,000.
- The loan must be approved by March 31, 2019
- After the first 25% of all student loans approved since 1 April, 2019 have been disbursed
- A loan account cannot have a non-performing asset status.
- This program has no eligibility requirements based on income.
- Applications for this scheme are not accepted from beneficiaries who have already received benefits under the Bidya Lakshmi Scheme.
Beneficiaries who are Not Eligible
The beneficiaries who are not eligible for subsidy are as follows:
- You will not be eligible to apply for the program if your loan installment payments are past due for a set length of time.
- The Assam government introduced the Bidya Lakshmi program in 2017. You cannot apply for the Educational Loan Subsidy Scheme if you are one of the recipients under the program
- After a defined period of 90 days, all student loans are classified as non-performing assets.
- Government personnel were able to obtain educational loans ranging from 5 to 10 lakh through the Bidya Lakshmi program
Documents Required to Apply
The documents required for the scheme are as follows:
- Student’s Aadhaar Card
- Parent Identification Documents
- Residence certificate
- Bank loan documents
Steps to Apply for Abhinandan Education Loan Subsidy
To apply for the scheme, the user needs to follow the below-given steps:
- First of all, go to the official website i.e., https://finance.assam.gov.in/
- The homepage of the website will open on the screen
- Click on the Apply Option
- The Abhinandan Education Loan Subsidy Application Form will open on the screen
- Now, fill in the form with all the required details like
- Applicant Name
- Mobile Number
- Father’s Name
- Pan Card Details
- Date Of Birth
- Address
- Bank Details
- After that, upload all the required documents like
- Loan Proof
- Pan Card Proof
- Finally, click on the Submit button to complete the application process
- The Assam Government would then transfer Rs. 50,000 in subsidy funds to your education loan account.
Steps to Track the Application Status
To track the Application Status, the user needs to follow the below-given steps:
- First of all, go to the official website
- The homepage of the website will open on the screen
- Click on the Track Status button
- A new page will open on the screen
- Now, enter your loan account number or application number and the registered mobile number
- Finally, click on the track button to track the Application’s Status