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Bidya Lakshmi Loan

Higher Education
Application Process
Documents Required
Frequently Asked Questions
In pursuance of the announcement made in the Budget Speech, 2016-17, the Government of Assam has taken a decision to provide higher education loans for the children of State Government Employees of all categories, The Governor of Assam is pleased to formulate the following guidelines and procedures.
  1. The State Government will provide a loan of Rs.5.00 lakh to Rs. 10.00 lakh at an interest rate of 4% . This was proposed in view of the financial hardship usually faced by State Government employees towards the cost of higher studies.
  2. The proposed interest rate for employees with annual income up to Rs.4.50 lakh is eligible under the Credit Linked subsidy Scheme (CL.SS) where 100% CLSS subsidy will be provided by the Central Government guideline during the moratorium period i.e. course period plus one year. After the moratorium period with State Government interest subvention, the effective rate of interest will be @ 4% for the employees under the CLSS category.
  3. The employees are free to take loans over and above Rs.10.00 lakh from the SBI. _however, the interest subvention on the loan from the State Government along with another concession will be limited to Rs.10.00 lakh. The market rate of interest and other collateral securities as required by SBI will also be applicable for the amount of loan availed above Rs.10.00 lakh.

Quantum Of Fiance
Need-based finance is subject to repaying capacity of the parents/students with margin and the following ceilings
  • Studies in India - Maximum Rs. 10.00 lakh.
  • Studies Abroad - Maximum Rs. 10.00 lakh.

  • Upto Rs. 10.00 lakh: No Collateral Security or third-party guarantee.
  • Parents will be co-borrower in all cases under the scheme.

Rate Of Interest
  • For all loans upto Rs. 10 lacs: 1 year MCLR + 1%.
  • Concession of 0.50% for girl students.
  • 1% rebate at the time of closure of loan, if interest is serviced during course and moratorium period.
Note Effective ROI not to bé below 1 year MCLR at any point of time

  • Course period + 1 year.

Repayment Period
  • Up to 15 years after the commencement of repayment.
  • The accrued interest during the moratorium period/ repayment holiday period for loans up to Rs 10.00 lacs will be recovered on the month to month basis.

Processing Charge
  • No processing/ upfront charges may be collected on educational loans

Interest Subvention from Govt of Assam
  1. Govt. of Assam will provide a need-based subsidy to keep the effective rate of interest at 4.0%.
  2. The Govt. of Assam subsidy will be available for loans up to Rs. 10.00 lakhs. In case of a loan of more than Rs 10.00 lakhs interest subsidy will be available on loan amounts up to Rs 10.00 lakhs.
  3. The Interest Subvention Scheme of the Assam State Government will be available for the entire loan tenure.
  4. Where Central Govt. interest subsidy during the moratorium will be available, the Govt. of Assam subvention will be provided after the completion of the moratorium period.

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