IITBBS Vidyalaxmi Scheme Interest-Free Loans 2016-17 : Indian Institute of Technology Bhubaneswar
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Organization : Indian Institute of Technology Bhubaneswar IIT
Scholarship Name : Vidyalaxmi Scheme Interest-Free Loans 2016-17
Applicable For : Students of 1st year undergraduate programme
Application Last Date : 27th October, 2016
Website : http://www.iitbbs.ac.in/scholarship.php
Notification : https://www.scholarships.net.in/uploads/11775-Loan.pdf
Application Form : https://www.scholarships.net.in/uploads/11775-Form.pdf
Interest-Free Loan:
Applications in the prescribed form of State Bank of India are invited from the students of 1st year undergraduate programme for interest-free loans under the Vidyalaxmi Scheme for the tuition fee payable for the session 2016-17. This facility shall be made available to all the students whose household income does not exceed Rs. 9 lakh per annum.
Update : IITBBS Vidyalaxmi Interest Free Loan Scheme 2018-19 : www.scholarships.net.in/27216.html
As per the MHRD directive the interest subvention on the education loans, for all students admitted for undergraduate and the 5-year integrated degree programmes, covering the period of the study plus one year of moratorium (not exceeding 5 years in total), subject to the following guidelines:
Guidelines:
i. The education loan, for this purpose, shall cover only the tuition fee payable by the student as per his eligibility. The portion of the tuition fee paid by the student from his own sources at the time of securing admission could be reimbursed from the overall loan.
ii. The terms of the loan shall be in accordance with the broad contours of the Educational Loan Scheme of the Indian Banks’ Association for pursuing Technical/Professional Education studies in India.
iii. The term of the loans sanctioned under this dispensation shall be 10 years.
iv. There shall be no collateral for sanction of the loan except the personal guarantee of the student (applicant) and the parent/guardian (co-applicant).
v. The subvention of interest (on equated basis) shall be applicable for a maxium period of 5 years (which may include a one-year moratorium).
vi. After the expiry of the above period, the interest on the outstanding loan amount shall be paid by the students, in accordance with the provisions of the existing educational loan scheme of the Banks and as may be amended from time to time.
vii. The interest subvention is subject to the satisfactory performance of the student in the institution.
The Institute has negotiated with various Banks and decided to enter into MoU with State Bank of India which has offered the lowest interest rates for the education loan. The State Bank of India will charge interest rate at 14bps above MCLR, i.e., 9.24% at present at a simple interest for the course period and the moratorium period.
Eligible students are advised to fill the State Bank of India Education Loan Application Form, Opinion Form, and Affidavit given in the Institute website and enclose all the required documents in support of their Parental Annual Income Certificate for the year 2015-16 as per parents’ occupational status
(i.e., If Service, then the Salary Certificate, Annex- II Form ’A’ with other relevant enclosures / if Business , Agriculture etc. then Affidavit , Annex- III, Form-B with other relevant enclosures / if Pensioner , then Pension Certificate Annex-I V , Form C with other relevant enclosures as applicable, as stated in Annexure- I (List of Documents to be Submitted) as per guardians’ occupational status.
All the above Annexures/Forms related to parental income certificates etc. can be downloaded from Institute Website. The Hard Copy of the Application Form duly enclosing all the relevant documents/annexures, as stated above, be submitted to Academic Section on or before 27th October, 2016 positively. The Application Form and other required documents must be signed by both the student and his/her parent/guardian; otherwise it will be treated as cancelled.