Pradhan Mantri Uchchatar Shiksha Protsahan Yojana: Central Sector Interest Subsidy Scheme
in Punjab
Last updated:
Key dates and updates (Punjab)
Nationwide and Punjab-specific milestones. Verify on the official portal before you apply.
| Milestone | Date |
|---|---|
| Scheme launch |
Pradhan Mantri Uchchatar Shiksha Protsahan Yojana: Central Sector Interest Subsidy Scheme in Punjab
Pradhan Mantri Uchchatar Shiksha Protsahan Yojana: Central Sector Interest Subsidy Scheme is a government scheme available to eligible residents of Punjab.
Apply for Pradhan Mantri Uchchatar Shiksha Protsahan Yojana: Central Sector Interest Subsidy Scheme in Punjab
Scheme Overview
The scheme provides full interest subsidy during the moratorium period on loan availed under Model Education Loan Scheme of Indian Banks’ Association (IBA) to students belonging to economically weaker sections whose annual parental income is up to ₹4.5 Lakhs from all sources.
Eligibility Criteria
Education Loans taken under the IBA Model Education Loan Scheme.
The benefit of the Scheme is applicable to students belonging to economically weaker sections having gross parental/ family income up to ₹4.5 lakhs per annum from all sources.
Students enrolled in professional/technical courses only from NAAC accredited Institutions or professional/technical programmes accredited by NBA or Institutions of National Importance or Central Funded Technical Institutions (CFTIs). Those Professional Institutions/programmes, which do not come under the ambit of NAAC or NBA, would require approval of the respective regulatory body.
Admissible only once either for Undergraduate or Post Graduate degree courses. This is also admissible for Integrated Courses (Graduate + Post Graduate).
Students availing any other Central /State Government Scholarship or Fee reimbursement shall not be eligible for availing benefits under the CSIS Scheme.
Interest Subsidy under this Scheme shall not be available to those students who discontinue their course midstream, or who are expelled from the Institution on disciplinary or academic grounds. However, the interest subsidy would be available only if discontinuation is due to medical grounds for which necessary documentation to the satisfaction of the Head of an educational institution needs to be provided.
Benefits
Under the scheme, interest subsidy on education loans is provided for a maximum amount of ₹10 lakhs (Even sanctioned loan amount in excess of ₹10 lakhs would qualify for interest subsidy up to ₹10 lakhs only).
In the scheme, no collateral security or third-party guarantee is required for Education Loans sanctioned upto ₹7.5 lakhs. The lonee bank is to ensure that this part of the loan is covered for guarantee under Credit Guarantee Fund Scheme for Education Loan (CGFSEL).
The interest subsidy is allowed for pursuing higher education in professional/technical courses only from NAAC accredited Institutions or professional/technical programmes accredited by NBA or Institutions of National Importance or Centrally Funded Technical Institutions (CFTIs) in India.
> **Interest Rates:**
The interest rates charged on the educational loan shall be as per the Benchmark Prime Lending Rate (BPLR)/Base Rate of the individual banks and as per the provisions for interest rates under the IBA Model Educational Loan Scheme.
> **Moratorium Period:**
Under the Scheme, the moratorium period is defined as a Course Period plus one year. Interest for only the moratorium period, at a simple rate of interest, will be borne by the Government of India, subject to the condition that the student completes the course of study successfully.
After the period of moratorium, the interest on the outstanding loan amount shall be paid by the student, in accordance with the provisions of the existing Model Educational Loan Scheme of Banks and as may be amended from time to time.
> **Interest Concession:**
Under the IBA Scheme, 2021, Banks at its discretion may provide a 1% interest concession if interest is serviced during the study period and subsequent moratorium period prior to commencement of repayment. However, the subvention provided by the Government should not be a cause for providing a 1% concession in the rate of interest.
Required Documents
| # | Document |
|---|---|
| 1 | Identity proof i.e Aadhaar Card |
| 2 | PAN Card |
| 3 | Income proof (Issued by Competent Authority) |
| 4 | Educational Certificates |
| 5 | Proof of admission to the course |
| 6 | Bank account details |
| 7 | Any other documents, as required |
Common questions in Punjab
Who can apply for Pradhan Mantri Uchchatar Shiksha Protsahan Yojana: Central Sector Interest Subsidy Scheme in Punjab?
Eligible residents of Punjab who meet the scheme’s overall criteria can apply for Pradhan Mantri Uchchatar Shiksha Protsahan Yojana: Central Sector Interest Subsidy Scheme. Refer to the eligibility section above for the complete checklist.
What documents are required for Pradhan Mantri Uchchatar Shiksha Protsahan Yojana: Central Sector Interest Subsidy Scheme in Punjab?
Applicants in Punjab typically need identity proof (Aadhaar), state residency proof, bank account details, and any scheme-specific documents listed in the documents section.
What are the important dates for Pradhan Mantri Uchchatar Shiksha Protsahan Yojana: Central Sector Interest Subsidy Scheme?
Key dates are summarized in the table on this page, from 1 January 2009 through 1 January 2009, based on values DeshSeva currently stores for this item.
Frequently Asked Questions
CSIS is a unique scheme which pivots around the vision that no student desiring to pursue higher education is denied of the opportunity if he/ she is financially poor. This scheme benefits all categories of economically weaker students for pursuing professional/ technical courses in India only and intends to provide affordable higher education. The Scheme envisages uplifting the students from the grassroots level and increasing the number of qualified technicians/ professionals in the nation. CSIS aims to check the existing geographical imbalance with regard to the Gross Enrolment Ratio (GER) in Higher Educational institutions.