Government had announced interest subsidy on education loan in the year 2009, wherein the interest charged by commercial banks on education loan is fully being subsidised by the government for four years degree course ( The principal loan amount in general works out to Rs. 3,75,000/ to 4,00,000/ lakh for full term )
Students who have obtained loan for the purpose in the year 2006, got their subsidy amount credited which is ranging between Rs. 19,000/ to Rs. 60,000/ Now, the question is why this big difference ?
(1) What is the calculation method of interest subsidy?
(2) If principal education loan of Rs, 4,00,000/ is sectioned and disbursed in the year 2006, what is the amount of interest subsidy the student is eligible ? ( A regular category of student/s and not SC / ST or any other special category )
(3) The interest subsidy is to be claimed by the lending bank to their respective noddle bank on behalf of the student/s. In case, if the lending bank has not claimed the interest subsidy, during the stipulated time frame, who is responsible for this loss to the student ?
These are some of the points which no lending bankers are replying satisfactorily, they simply reply that this is the amount that we have received from our H.O. And / or they say that the student/s is not eligible for interest subsidy at all. ( In case the bank have not claimed subsidy within stipulated time frame.)