The Ministry of HRD is implementing the scheme for providing financial assistance to students belonging to Scheduled Caste, Scheduled Tribe and backward classes to pursue their higher education abroad. Viz Central Scheme to provide interest Subsidy.
Under the scheme full interest subsidy is provided during the period of moratorium i.e., Course Period plus one year or six months after getting job, whichever is earlier, on loans taken by students belonging to Economically Weaker Sections from scheduled banks under the Educational Loan Scheme of the lndian Banks' Association, for pursuing any of the approved courses of studies in technical and professional streams, from recognised institutions in lndia.
The interest subsidy under the Scheme is available to the eligible students whose annual gross parental family income is not more than Rs. 4.5 lack per year (from all sources) and is provided only once, either for the first undergraduate degree course or the post graduate degrees / diplomas in lndia.
Interest Subsidy is, however, admissible for integrated courses (graduate + post graduate). The scheme is independent of any other schemes which may cater to Economically Weaker Sections.