Indian Government itself Inviting corruption..

One as a student thinks as if he will be getting the maximum support of his country in terms of Education but the Indian Government has no Sets of Articles that gives a check to Indian Banks. The Interest rates are not defined (atleast could have been for government undertaking banks) for Education Loan for Students above 12th standard. Banks set their own procedures of Education Loans In India. The government of India has also not set up the Documents that are to be required For an application of Education Loan by the applicant student. Either Indian Government is Responsible for this or Reserve Bank of India. Here is it-
(Central Scheme of Interest Subsidy for Education Loans (CSIS)
Government of India, Ministry of Human Resources Development,
Department of Higher Education has formulated an Interest Subsidy for
Education Loans for the students of economically weaker section (EWS) for
pursuing technical / professional courses in India
1. Applicability of the Scheme
The scheme would be applicable only for studies in recognized Technical/Professional
courses in India. The interest subsidy shall be linked with the existing Education Loan
Scheme of IBA and restricted to students enrolled in recognized
Technical/Professional courses (after class XII) in India in Educational
institutions established by Acts of Parliament, other institutions recognized by the
concerned Statutory Bodies, Indian Institutes of Management (IIMs) and other
institutions set up by the Central/State Government. Under IBA Model Education
Loan Scheme for studies in India maximum eligible loan limit is Rs.10 lacs. Course fee
(all inclusive) may exceed Rs. 10 lacs but subsidy amount will be calculated only up
to loan amount of Rs. 10 lacs.
2. Moratorium Period
The subsidy is provided for the period of moratorium i.e. 12 months after
completion of the course or six months after getting the job, whichever is earlier as
prescribed under the IBA Model Education Loan Scheme. After the moratorium period
is over, the interest on the outstanding loan amount shall be paid by the student in
accordance with the provisions of the Education Loan Scheme.
3. Criteria for Economically Weaker Section/ Income Limit
The benefit of the scheme would be applicable to those students belonging to
economically weaker sections with an annual gross parental/family income with upper
limit of Rs.4.5 lacs per year (from all sources).
4. Competent Authority to issue Certificate:
As per the list issued by IBA/ Government of India, MOHRD.
5. Eligibility for Interest Subsidy
The interest subsidy under the scheme shall be available to the eligible students only
once either for the first undergraduate degree course or the post graduate
degree/diploma in India. Interest subsidy shall however, be admissible for integrated
courses (graduate plus postgraduate).
Interest subsidy under this scheme shall not be available for those students once they
discontinue the course midstream, or who are expelled from the institutions on
disciplinary or academic grounds. However, the interest subsidy will be available only
if the discontinuation was due to medical grounds for which necessary documentation
to the satisfaction of the Head of educational institution will have to be given.
6. Interest rates charged on the loan shall be as per interest rates applicable
under our Education Loan Scheme.
7. Nodal Bank
The scheme shall be implemented through Canara Bank, which is the Nodal Bank for
the Ministry of Human Resources Development.
8. Applicable Academic Year
Scheme is implemented on ongoing basis from the academic year 2009-10 starting
from 01.04.2009. Loan disbursed after 01.04.2009 irrespective of date of sanction
shall only be covered under the scheme. In case of loans sanctioned prior to
1.4.2009, for the courses beginning prior to academic year 2009-10, the interest
subsidy is available to the extent of disbursements made after 1.4.2009.
9. Subsidy claims lodgement with Nodal Bank/MOHRD.
Subsidy claims to be lodged with Nodal Bank /MOHRD on half-yearly or yearly basis
within a given period of time provided by a MOHRD.
Claims of earlier years cannot be lodged now as Web Portal is blocked for
submission of pending claims.
Presently Nodal Banks Web Portal is opened till 31.12.2014 for lodgment of
Pending Claims for the F.Y. 2009-10, 2010-11, 2011-12, 2012-13 & 2013-14
for SC & ST category students.
For further details eligible students have to contact the BOI Branch from
where he/she had availed educational loan along with Income Certificate

issued by competent authority.)

Students already have suffered a lot and still there are no actions to the task.