Central Government Education Loan Interest Subsidy HDFC Bank

Published date: December 6, 2017
Modified date: December 6, 2017

The Government of India has introduced the Central Government Interest Subsidy Scheme to ensure that every child as the right to a higher education. At HDFC Bank, we are proud to help give every child a chance to fulfil their dreams.

✔ Quick Disbursal
✔ Central Government Interest Subsidy Scheme Competitive Pricing
✔ Competitive Pricing
✔ Central Government Interest Subsidy Scheme Transparent Processing
✔ Transparent Processing

Central Government Interest Subsidy Scheme Features

  • Low Required Income
    Only those individuals can avail this scheme whose annual gross income from all the sources, including parental income is a maximum of Rs. 4.5 lakhs.
  • The HDFC Advantage
    When you choose to apply for the loan from HDFC Bank, you can enjoy the following advantages:

    -Faster loan – Our loan sanction and disbursal is one of the quickest with easy documentation and doorstep service.

    -Competitive pricing – Our loan rates and charges are very attractive

    -Transparency – All charges are communicated up front in writing along with the loan quotation

Central Government Interest Subsidy Scheme Eligibility Criteria

To be eligible for the Central Government Interest Subsidy Scheme, you need to fulfil the following criteria:

  • Approved courses: This scheme applies only for educational loans availed from Scheduled Banks for pursuing any of the approved courses after Class 12 in technical and professional areas from recognized institutes** in India under the Educational Loan Scheme of IBA.
  • Upper limit of income: You are eligible to apply for this scheme if your annual gross income from all sources (including income from parents and family) is at an upper limit of Rs 4.5 lakh. You must submit a certificate to this effect issued by authorised officers of the State Government.
  • Interest benefit: Full interest subsidy is available for the period of moratorium.
  • Time period: This scheme is applicable for the loan amount availed from April 01, 2009. For loans sanctioned before that, only amounts disbursed during the above period are eligible

For more details regarding the scheme, check the website of the Department of Education, Ministry of Human Resource Development.

Central Government Interest Subsidy Scheme Documentation

The following documents are required along with your Central Government Interest Subsidy Scheme application:

  • An original income certificate issued by the authorised officer of the State Govt under the scheme
  • Interest Subsidy Agreement, to be executed by all borrowers and stamped as per the State Stamp Act 
  • An Original bonafide student letter issued by the institute
  • Aadhaar Card No. of the student
  • Additional Interest Subsidy Details required

Customers who have submitted the interest subsidy documents earlier and received interest subsidy need not submit the documents again, but are required to submit any one out of updated bonafide certificate from the institute / updated mark sheet / passing certificate / Degree certificates as applicable on or before 31 Oct’17 at the nearest Retail Loan Service Center to continue to claim interest subsidy for moratorium period 1 April'16 to 31 March'17.

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