Abhinandan Education Loan Subsidy Scheme is a state-sponsored scheme run by the Assam government for students. To provide the subsidy support and to reduce the interest liability on education loans for students, the state government of Assam launched this scheme. With the help of this scheme, the Assam government provides a subsidy of INR 50,000 to all eligible students who have taken education loans for higher education. The Abhinandan Loan Subsidy Scheme is managed by the Finance Department, Govt. of Assam.
All the students who are permanent residents of Assam and are pursuing higher education on education loans can apply for Abhinandan Education Loan subsidy. Read below to check all the crucial details about the Abhinandan Education Loan Subsidy Scheme 2024.
Abhinandan Education Loan Subsidy Scheme Launch Date
The Assam Abhinandan Education Loan Subsidy Scheme was primarily launched on December 26, 2019 to provide subsidy support to students who undertake education on education loans. The scheme provides subsidy support up to INR 50,000 to each eligible student. This scheme covers all scheduled banks, commercial banks, the Federal Bank and HDFC, and also the regional rural banks like Assam Gramin Vikash Bank within Assam. Students who have taken loans from these banks can avail of the scheme subsidy. In September 2024, Chief Minister Hemanta Biswa Sarma announced the second phase of the scheme that will cover all those students who took education loans before March 31, 2024.
Abhinandan Education Loan Subsidy Scheme 2.0 Details in Summary
| Name of Scheme | Abhinandan Education Loan Subsidy Scheme |
|---|---|
| Concerned Government | State Government of Assam |
| Department | Finance Department, Govt. of Assam |
| Scheme type | Education Loan Subsidy Scheme |
| Objective | To support students education with financial assistance in the form of loan subsidy |
| Benefit | Loan Subsidy Up to INR 50,000 |
| Beneficiaries | Students of Assam |
| Application Process | Online |
| Official Website | Launch Soon |
Aims and Objectives
The main objective of this scheme is to encourage students to pursue higher studies and secure their future, which will eventually improve the overall education outcome in Assam. By providing subsidy support to students, the Assam government aims to ensure an increase in professional and vocational courses to be adopted by a large number of students. Thus, the government is supporting the students education with financial subsidies. All those students who already paid at least 25% of their loan can apply and avail the benefits of the Abhinandan Education Loan Subsidy Scheme.
See Also: Atmanirbhar Asom Abhijan 2.0
Key Features
- Abhinandan Education Loan Subsidy Scheme is a state-sponsored scheme run under the Department of Finance, Government of Assam.
- Through this scheme, the Assam government provides subsidies to students who are pursuing higher studies with the help of education loans.
- All those students who successfully repay at least 25% of the loan are eligible to apply and get the loan subsidy assistance up to INR 50,000.
- All students who are original residents of Assam and pursuing courses as listed under this scheme can avail of the scheme benefit.
Financial Assistance
- A maximum of INR 50,000 will be provided to each eligible student. The amount will be provided as a loan subsidy to reduce the burden of interest liability on students. Students who have taken a minimum of INR 1.00 lakh education loan will be eligible.
Eligibility Criteria for Abhinandan Education Loan Subsidy Scheme 2024
- The applicant should have permanent residency in the state of Assam.
- The applicant should have taken an education loan from any scheduled commercial banks, government banks, or regional rural banks approved by the Reserve Bank of India.
- The minimum loan should be INR 1.00 lakh.
- The students pursuing higher studies only will be eligible.
Required Documents
- Student’s Aadhaar Card
- Proof of Identity of the Parents
- Bank Loan Documents
- Proof of Address
- Residential/Domicile Certificate
- Marksheets / Passing Certificate of the Previous Educational Qualification
- PAN Card
- Bank Account Details
- Passport-sized Photograph of the Student
Pre-requisites
- The student should have an active and operating bank account in his/her name.
- The bank account should be Aadhar seeded and DBT enabled.
- The minimum loan amount should be INR 1.00 lakh that should be taken from an RBI-approved bank.
- At least 25% of the loan liability should be already repaid.
See Also: cmaaa.assam.gov.in Registration
Application Process for Abhinandan Education Loan Subsidy Scheme 2.0
The Assam state administration would launch the dedicated portal for the Abhinandan Education Loan Subsidy Scheme that will enable students to fill out the application form online without visiting any government office. Once the official portal is launched, students will need to proceed with the following steps.
- For the first, go to the Abhinandan Loan Subsidy Official Website of Assam Government.
- On doing so, you will reach the home page of the website.
- On the home page, click on the Create Account option.
- Next, provide your Aadhar number, fill in the captcha code, and click the Get OTP option.
- Provide the OTP detail and click Submit.
- Now, your registration will complete, and you will receive a notification regarding it.
- Return to the home page and click Login.
- Login to your profile with the help of login credentials.
- You will reach the dashboard of the portal.
- Now fill out the application form with all mandatory fields.
- Information to be filled up by you includes your Personal details, Address, educational details, Loan account details, loan details, etc.
- Next, scan and upload necessary documents in the said file type and size.
- Review your application and proceed with the final submission.
- Your application will be submitted successfully.
- On approval, the subsidy amount will be reimbursed to your bank account.
Note: The Assam government has not yet launched any dedicated portal for the second phase of Abhinandan Loan Subsidy. It is expected to be launched soon. You will be updated about the same on this page.
Important FAQs
Which government runs the Abhinandan Education Loan Subsidy Scheme?
The government of Assam administers the Abhinandan Education Loan Subsidy Scheme.
How much financial support is provided through this scheme?
Up to a maximum of INR 50,000 is provided.
Who is eligible to avail the benefits of the Abhinandan Education Loan?
All the students who are original residents of the state of Assam and have taken education loans for higher studies are eligible.
Which banks are covered under this scheme?
All the scheduled commercial banks, private banks, and regional rural banks approved by the RBI are covered.
Can students from other states apply?
No, only the original residents of Assam State can apply.
What is the official website of Assam Abhinandan Education Loan Subsidy Scheme?
The official website for the second phase has not yet been launched by the Assam government.