Abhinandan Education Loan Subsidy Scheme in Assam 2019-20 [Application Form Online Download, Eligibility, Loan Amount]
The current Chief Minister of Assam has mentioned that he will pave the path for the overall development of the state, and the people living there. His election manifesto also stressed on the development of educational sector. He promised financial assistance for the students live in Assam. Recently, the Assam authority has announced that it will soon launch Abhinandan – Education Loan Subsidy Scheme. It is for students who have taken loans to fund their academic programs. In this article, you will read about the salient features of the scheme, eligibility and the documents that must be submitted. Additionally, you will learn about the online application process.
Launch details of the scheme
| Name of the scheme | Abhinandan – Education Loan Subsidy Scheme |
| Launched in | Assam |
| Launched by | Sarbananda Sonowal |
| Date of announcement | September 2019 |
| Announced by | Himanta Biswa Sarma |
| Target beneficiaries | Students who have applied for academic credits |
| Supervised by | Assam State Government |
| Portal | assamfinanceloans.in/subsidy |
Key features of the Abhinandan Education Loan Subsidy Scheme in Assam
- Financial assistance to students – The preliminary objective of the Assam government is to keep its promise that it had made to the student communities. The financial subsidy will lessen the credit burden of the students.
- Encourages students to attain higher studies – The Chief Minister of Assam is of the opinion that this scheme will encourage students from poor families. Such candidates can apply for loan so that they can fund higher education.
- Financial subsidy amount – It has been stated in the new academic development scheme draft that every eligible student in the state, who has applied for credit for academic purposes, will attain a subsidy of Rs. 50,000. The sum will be contributed by the state finance department.
- Academic credit applicants – Students, from science, commerce and humanities and other registered academic streams will be able to attain the subsidy benefits.
- One-time support – The entire amount will be deposited in the account of the student. It is a single-installment grant that the Assam government offers to the students who are pursuing higher education.
Eligibility for the application
- Resident of Assam – The state CM has implemented the scheme for the benefit of the students, who have been living in Assam permanently and legally.
- Must be a loan applicant – Only the creditors, who have applied for loans from registered nationalized or commercial financial institutes to meet the expenses of higher education courses.
- Date of loan application – It has been clearly stated in the scheme guidelines that only those loan applicants will attain the benefits of this project, who have enrolled and attained the loan before 31st March, 2019.
- Maximum loan amount – The guidelines of the Abhinandan program highlights that in case the applicant has applied for and secured an academic credit that exceeds the Rs. 1 lakh mark, then such registration requests will be scrapped.
- Not for Vidya Lakshmi applicants – If the applicant has already applied for and attained the perks under the Vidya Lakshmi project, then such candidates will not be permitted by the state authority to attain this benefit.
- The account must not be NPA – If the bank feels that the education loan account comes under the non-performing assert category, as has been mentioned in the RBI guidelines, then the such loan applicants will not get this subsidy benefit.
Documents necessary for application
- Residential proof documents – If any applicant does not possess the permanent and legal residential documents, issued by Assam government, then he/she will not attain the financial subsidy.
- Aadhar card – The state authority will check the authenticity of the applicants, and then select the beneficiaries. Thus, every candidate must submit a clear photocopy of their Aadhar cards.
- Loan application documents – If the applicants want to attain the subsidy, they must deposit documents, which highlight the date of application and issuance by the banks. These documents need to specify the loan amount as well.
- Account details – With the above-mentioned documents, all applicants must attach the bank document. This paper must highlight details like the account number, IFSC code, bank and branch name, along with the branch code.
How to apply for the Abhinandan Education Loan Subsidy Scheme in Assam?
- Online application for subsidy – All interested and eligible candidates need to click on the link https://finance.assam.gov.in/ that will take them to the portal of Assam Finance Department.
- Abhinandan Scheme link – Then applicant needs to click on the link of the scheme name. To get to the scheme page directly, one must click on the Assam Abhinandan Education Loan Subsidy Scheme Portal.
- Online form fill-up – On the education loan subsidy scheme page, application must click on the button that is marked as “Apply.” It will give the applicant access to the digitized form. He/she must fill the form with correct details.
- Attaching documents – The applicant then needs to upload the scanned copies of all necessary documents. Once this is complete, he/she must click on the “Submit” button to end the enrollment process.
The scheme will be a boon to those families, which are financially not capable of supporting the expenses of their children’s education. The one-time economic subsidy will help to reduce the loan burden from the shoulders of the students. The Chief Minister of the state is of the opinion that if the state government can assist the meritorious students, then it will pave the path for higher literacy rate in Assam.
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