The Central Sector Interest Subsidy (CSIS) Scheme, launched in April 2009 by the Ministry of Education (formerly known as the Ministry of Human Resource Development), helps make higher education more affordable. It provides a subsidy that covers the interest on education loans taken by students from economically weaker sections with an annual family income up to ₹4.5 lakhs for pursuing professional or technical courses in India. This subsidy applies during the moratorium period, which includes the course duration plus one additional year.
ligibilityAlways Open
The applicants must follow the below eligibility criteria:
- Applicants must be Indian citizens.
- Students must belong to the EWS category.
- Applicants must be pursuing a technical/professional course from NAAC/NBA-accredited/Institutions of National Importance or Central Funded Technical Institutions (CFTIs) in India.
- Applicants must have an annual parental income of up to INR 4,50,000.
Benefits
Under this scheme, the students can avail a maximum subsidy loan of INR 10,00,000 irrespective of the sanctioned loan amount within the parameters IBA model education loan scheme.
This subsidy will be provided for a moratorium period of one year, after completion of the course. After the completion of the moratorium period, the interest on the outstanding loan amount shall be paid by the students in accordance with the education loan scheme provisions.
Note:
- Students can only get the interest subsidy once, for either an undergraduate (UG) degree or a postgraduate (PG) degree/diploma in India. However, it is also available for integrated courses.
- Students who discontinue their course midstream or are expelled from the institution will not be eligible for interest subsidy under this scheme. However, students who discontinue their course due to medical grounds will be eligible for interest subsidy if they can provide the necessary documentation to the satisfaction of the Head of Institution (HoI).
Documents
- Identity proof such as Aadhaar card, PAN card, etc.
- Income certificate issued by Village Tehsildar, District Magistrate, Collector, Revenue Circle Officer, Sub-Divisional Magistrate or other relevant authorities
- Admission letter from the institute where the student is enrolled
How can you apply?
Students can follow the below-mentioned steps to apply for the Central Sector Interest Subsidy Scheme (CSIS):
Step 1: Click on the ‘Apply Now‘ button.
Step 2: Click the ‘Register’ button and fill in the required registration details. (Note – If already registered, log in using Gmail/Mobile number/Email ID)
Step 3: Students are required to reach out to one of the scheduled banks to fill the application for the Central Sector Interest Subsidy Scheme (CSIS). Then, the bank will forward the application to the Ministry of Education for consideration.
