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Assam Abhinandan Loan Scheme 2.0, Apply for Education Loan Subsidy

The Assam Government has introduced the Assam Abhinandan Loan Scheme 2.0 to help students with their higher education costs. This scheme offers a substantial subsidy on education loans, making it easier for students to afford their studies. In this article, weโ€™ll cover the key details of the Assam Abhinandan Scheme 2.0, including its goals, benefits, who can apply, and how to apply.

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Abhinandan Loan Scheme 2.0 – Key Highlights

Scheme NameAbhinandan Education Loan Subsidy Scheme 2.0
StateAssam
Launched ByChief Minister Himanta Biswa Sarma
BeneficiariesStudents pursuing higher education
BenefitsLoan subsidy of up to โ‚น50,000
Application ModeOnline
Online Portal LaunchSeptember 5, 2024 (Teacher’s Day)

Assam Abhinandan Loan Scheme 2.0 – Overview

To make higher education easier for students in Assam, the state government, led by Chief Minister Shri Himanta Biswa Sarma, has launched the Assam Abhinandan Loan Scheme 2.0. The online portal for this scheme will be launched on 5 September 2024, on Teachers’ Day. This scheme continues the previous Abhinandan Education Loan Subsidy Scheme and aims to help families by offering a loan subsidy of up to โ‚น50,000 to eligible students.

Objectives of the Assam Abhinandan Loan Scheme 2.0

The primary objective of the Assam Abhinandan Loan Scheme 2.0 is to encourage and support students in their pursuit of higher education. By providing a substantial subsidy on education loans, the scheme aims to reduce the financial stress on families and make quality education more accessible to students from all socio-economic backgrounds. The scheme is particularly beneficial for students who have taken education loans from commercial or rural banks.

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Benefits of the Assam Abhinandan Loan Scheme 2.0

The Assam Abhinandan Loan Scheme 2.0 offers several key benefits to students:

  1. Substantial Loan Subsidy: The scheme provides a one-time loan subsidy of up to โ‚น50,000, making higher education more affordable for students and reducing the financial burden on their families.
  2. Broad Coverage: The subsidy is available on education loans taken from both commercial banks (like Federal Bank and HDFC) and regional rural banks (like Assam Rural Regional Bank). This ensures that a large number of students across different regions of Assam can benefit from the scheme.
  3. Encouraging Higher Education: By offering financial assistance, the scheme encourages more students to pursue higher education, thereby contributing to the overall educational development of the state.
  4. Ease of Application: The application process for the scheme is entirely online, making it convenient and accessible for students to apply for the subsidy.

Eligibility Criteria for the Assam Abhinandan Loan Scheme 2.0

To avail of the benefits of the Assam Abhinandan Loan Scheme 2.0, students must meet the following eligibility criteria:

  1. Permanent Residency: The applicant must be a permanent resident of Assam.
  2. Education Loan: The student must have taken an education loan of at least โ‚น2,00,000 from a scheduled commercial bank or a regional rural bank within Assam, recognized by the Reserve Bank of India.
  3. Loan Status: The education loan should not be classified as a Non-Performing Asset (NPA). Loans classified as NPAs are not eligible for the subsidy.
  4. Exclusions: Children of sitting Members of Parliament (MPs) and Members of the Legislative Assembly (MLAs) are not eligible to apply for this scheme.

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Documents Required for the Assam Abhinandan Loan Scheme 2.0

Applicants need to submit the following documents while applying for the scheme:

  1. Aadhaar Card
  2. Bank Loan Documents
  3. Residence Certificate
  4. Proof of Address
  5. Marksheets or Passing Certificates of Previous Educational Qualifications
  6. Bank Passbook
  7. Passport-Sized Photograph of the Student
  8. PAN Card
  9. Mobile Number and Email ID

Application Process for the Assam Abhinandan Loan Scheme 2.0

The application process for the Assam Abhinandan Loan Scheme 2.0 is simple and user-friendly. Here is a step-by-step guide on how to apply:

Step 1: Visit the Official Website

  • On September 5, 2024, the official website for the scheme will be launched. Visit the website and navigate to the “Click here for Loan Subsidy” section.

Step 2: Fill in the Application Form

  • Click on “Assam Abhinandan Education Loan Subsidy Scheme” and you will be redirected to the “Application for Release for Subsidy” page.
  • Fill in all the mandatory details such as Applicant Name, Fatherโ€™s Name, Date Of Birth, Address, Mobile Number, PAN Card Details, and Bank Details.

Step 3: Upload Supporting Documents

  • Upload the required documents, including Loan Proof (Loan Sanction Letter, Loan Account Passbook, Statement of Loan), Address Proof, and PAN Card.

Step 4: Submit the Application

  • Check the declaration box, and click “Save” to submit your application.

Step 5: Track Your Application Status

  • To check the status of your application, visit the official website. In the “Application Tracking” section at the bottom right of the page, click “Track.”
  • On the next page, provide your Mobile Number, Loan Account Number, or Application Number, and click “Submit” to view the status of your application.

Conclusion

The Assam Abhinandan Loan Scheme 2.0 is a helpful program by the Assam Government designed to support students in higher education. It offers a good loan subsidy, which helps reduce the financial pressure on families and motivates more students to continue their studies. If you’re a student from Assam with an education loan, don’t miss out on this chance to lower your financial stress by applying for the subsidy.

FAQs

What benefits does the Assam Abhinandan Loan Scheme 2.0 offer?

The scheme offers a one-time subsidy of up to โ‚น50,000 on education loans. It covers loans from both commercial and regional rural banks, encouraging students to pursue higher education without significant financial burden.

How can I apply for the Assam Abhinandan Loan Scheme 2.0?

You can apply online through the official website, which will be launched on September 5, 2024. The application process involves filling in personal details, uploading required documents, and submitting the form online.

What is the main objective of the Assam Abhinandan Loan Scheme 2.0?

The main objective of the scheme is to support and encourage students in Assam to pursue higher education by providing a substantial subsidy on education loans, thus reducing financial stress on families.

How can I track the status of my application for the Assam Abhinandan Loan Scheme 2.0?

You can track your application status on the official website by providing your mobile number, loan account number, or application number in the “Application Tracking” section.

Are there any exclusions for applicants under the Assam Abhinandan Loan Scheme 2.0?

Yes, children of sitting Members of Parliament (MPs) and Members of the Legislative Assembly (MLAs) are not eligible to apply for this scheme.

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