The Abhinandan Educational Loan Subsidy Scheme 2023 has been established by the Assam Government. In the presence of Finance Minister Himanta Biswa Sarma, Chief Minister Sarbananda Sandoval officially launched the loan subsidy initiative. With the Housing Scheme, the Abhinandan Education Loan Subsidy Scheme was launched. Around 50,000 educational loan subsidies would be granted to all students who intend to pursue higher education under this scheme. The online application form for the Assam Abhinandhan Education Loan Subsidy Scheme is available at Assam finance Loan. Read below to check the detailed information related to the Scheme like Highlights, Objectives, Benefits, Eligibility Criteria, Application Procedure, and much more.
Abhinandan Education Loan Subsidy Scheme 2023
The Abhinandan educational loan subsidy scheme was established to assist Assamese students who wish to pursue higher education but are unable to do so due to financial constraints. The goal of this initiative is to assist students in getting a good education from good institutions with a loan subsidy of up to Rs 50,000 on education loans. The government of Assam would grant a one-time loan subsidy to all students seeking higher education on education loans under this scheme. All major banks, as well as commercial banks like Federal Bank and HDFC, are included in the Abhinandan Scheme. Assam’s state government has taken several steps to improve pupils’ academic possibilities. Scholarships, free admittance to educational institutions, and the distribution of free textbooks are examples of this. The real liberal education loan subsidy program will now be implemented efficiently. For the children, this will be an advantageous strategy.
Highlights of Abhinandan Education Loan Subsidy Scheme 2023
| Scheme Name | Abhinandan Education Loan Subsidy Scheme 2023 |
| Established By | Assam Government |
| Introduced By | Finance Minister Himanta Biswa Sarma, Chief Minister Sarbananda Sandoval |
| State | Assam |
| Objective | To provide Subsidy on Education Loan |
| Benefits | Loan Subsidy of 50,000 rupees |
| Official Website | https://assamfinanceloans.in/subsidy/welcome |
Assam Swanirbhar Nari Atmanirbhar Scheme
Objectives of Abhinandan Education Loan Subsidy Scheme 2023
The major goal of introducing the scheme is to assist all students who are unable to pursue higher education due to a lack of financial resources to apply to large institutions and universities. The Chief Minister of Assam State has already taken many steps to ensure that all of these students who excel in their studies but are unable to obtain an education receive free admission to educational institutions. The following are the scheme’s primary goals.
- This will aid in the development of Assam’s human capital, as well as encourage people to pursue higher education more seriously.
- The program aims to inspire more children to pursue higher education.
- Students will not be discouraged from studying more because of financial concerns
- Students’ intellectual ability will be maximized.
- As a result, the state of Assam’s education system will be strengthened.
- This will also boost the state’s intellectual resources.
Benefits of Abhinandan Education Loan Subsidy Scheme 2023
Some of the main benefits of the Scheme are as follows:
- The Government of Assam will benefit the students with a Rs 50,000 subsidy on education loans up to Rs 1 lakh.
- All students must receive financial assistance under this plan, which encourages students to take out university loans.
- All eligible students can qualify for a subsidy by paying 25% of their loans through this scheme.
- Only loans from commercial banks like Federal Bank and HDFC, as well as regional rural banks like Assam Rural Regional Bank, are eligible for the Assam Abhinandan Education Loan Subsidy Scheme.
- The children would be able to pay off their school loans with the 50000 rupees granted them by the Assam government.
Swami Vivekananda Assam Youth Empowerment SVAYEM Scheme
Eligibility Criteria
Applicants who want to apply for the Abhinandan Education Loan Subsidy Scheme 2023 must fulfill the eligibility criteria put forward by the Assam government. The eligibility criteria for the Scheme are as follows:
- Only permanent natives of the state of Assam are eligible to apply.
- In Assam, the applicant must have obtained an educational loan from a Scheduled Commercial Bank or a Regional Rural Bank.
- The Reserve Bank of India must recognize the bank
- There are no income requirements.
- The loan amount must be at least Rs. 1 lac and must be taken out before March 31st of each year.
- For loans sanctioned after April 1, the subsidy will be granted after a 25% payout of the total loan amount.
- A loan account must not have a non-performing asset (NPA) status.
- Students who have taken out a loan through the ‘Bidhya Lakshmi Scheme’ are not eligible.
Ineligible Beneficiaries for Abhinandan Education Loan Subsidy Scheme
Beneficiary Who is not eligible to apply for the Scheme are as follows:
- The Assam government introduced the Bidya Lakshmi scheme in 2017. You will not be able to apply for the Educational Loan Subsidy Scheme if you are a beneficiary of the scheme.
- If the payback of previous loan installments is for a defined period, you will be unable to qualify for the scheme.
- Government personnel was eligible to get 5-year educational loans through the Bidya Lakshmi scheme.
- After 90 days, all educational loans are classified as non-performing assets.
Assam Orunodoi Scheme
Required Documents
While filling up the application form for Scheme, some important documents will be needed by the applicants, make sure to keep them handy. The documents required for Abhinandan Education Loan Subsidy Scheme 2021 are as follows:
- Aadhaar Card of the Student
- ID Proof
- PAN Card
- Identification Documents of Parent’s
- Residence certificate
- Bank loan documents
- Proof of availed education loan
- Loan Sanction Letter
- Loan Account Passbook
- Statement of Loan
Steps to Apply for Abhinandan Education Loan Subsidy Scheme 2023
To Apply for the scheme applicants need to follow the below-given steps:
- First of all, go to the official website of the Finance Department, Government of Assam
- On the homepage of the website, click on the Apply button.
- A new page will open on the screen with the Application form.
- Now, fill in the form with all the required details like:
- Applicant Name,
- Father’s Name
- Date Of Birth
- Address
- Mobile Number
- Pan Card Details
- Bank Details, etc.
- After that Upload all the required documents like:
- Pan Card Proof
- Loan Proof
- Address Proof, etc.
- Now review and recheck the application form to avoid any mistakes.
- Finally, click on the submit button to submit your application form.
- The subsidy amount of Rs. 50,000 will be directly credited into your education loan account once the Abhinandan Scheme application form is validated. The finance department of Assam runs the Abhinandhan Education Loan Subsidy Scheme 2021 to ensure that children pursue higher education.
Steps to Track the Application Status
To Track the Application Status, applicants need to follow the below-given steps:
- First of all, go to the official website of the Finance Department, Government of Assam
- On the homepage of the website, click on the Application Tracking option.
- A dialogue box will open on the screen.
- Enter the required details like:
- Mobile Number
- Loan Account No or Application No
- After that click on the Submit button.
- Once you will click on the Submit button, the status of your application form will open on the screen.