Assam Abhinandan Education Loan Subsidy Scheme

Introduction 

• The scheme is an initiative by Assam's state government to encourage students to pursue higher education by providing financial assistance. On December 26, 2019, the Honorable Chief Minister Sarbananda Sonowal announced the scheme at the Srimanta Sankardev International Auditorium in the presence of Finance Minister Himanta Biswa Sarma, Education Minister Siddharth Bhattacharya, several senior officials from the State Finance Department, and senior officials from financial institutions such as SBI. 

• Students and their parents who have taken an education loan of rupees one lakh or more can apply for a loan remission under the Assam Abhinandan Education Loan Subsidy Scheme by March 31, 2021.

• The Assam government has taken a number of steps to improve educational possibilities for the state's pupils. Scholarships, free admittance to educational institutions, and the distribution of free textbooks are examples of this. The new progressive education loan subsidy plan will now be rolled in over time. This Abhinandan Education Loan Subsidy Scheme will be extremely beneficial to students who need to take out loans. All commercial banks, such as Federal Bank and HDFC, as well as Assam Rural Regional Banks, will be covered by the scheme.

Objective under the Assam Abhinandan Education Loan Subsidy Scheme

The objective of launching the Assam abhinandan education loan subsidy scheme is mentioned below: -

• To begin with, the scheme's primary goal must be to encourage students to pursue higher education. Because education has played a significant role in achieving success. 

• Many kids’ dropout of school due to financial difficulties. As a result, the government has devised a strategy to halt them. 

• As a result of the Abhinandan Education Loan Scheme, the Assam state's education system has improved for students. 

• The government has also improved the state of Assam's human capital as a result of this effort. 

• Students' academic talents have also been improved as a result of the scheme.

Benefits and features under the Assam Abhinandan Education Loan Subsidy Scheme

The benefits and features under the Assam Abhinandan education loan subsidy scheme is mentioned below: - 

• The Government of Assam will gain the scholars with a rupees fifty thousand subsidies subsidy on schooling loans which amount to rupees one lakh.

• The Department of finance is operating beneath the authorities of Assam state and has regulated and supervised the Assam Abhinandan Education Loan Subsidy scheme. Due to this scheme, the organisation can offer monetary assistance to those candidates who need support from the management to carry out their higher studies. Because of the launch of the scheme, many applicants who had previously left their studies due to the financial crisis can now get support through the scheme. Now the state authorities will assist them through this yojana.

• All college students have to acquire monetary help below this plan, which inspires college students to take out college loans.

• All eligible college students can qualify for a subsidy with the aid of paying twenty-five per cent in their loans through this scheme.

• Only loans from business banks like Federal Bank and HDFC, in addition to nearby rural banks like Assam Rural Regional Bank, are eligible for the Assam Abhinandan Education Loan Subsidy Scheme.

• The kids could be capable of repaying their faculty loans with the fifty thousand rupees granted them with the aid of using the Assam government.

• As in line with records, there is a complete quantity of five thousand college students who are decided on beneath this yojana each year. 

• The applicants who want to apply under the scheme can apply through online and offline methods. Through the online method, the applicant must visit the authorised website of the scheme and through the offline method, the applicant can visit the department of the scheme. 

These are for all the benefits and features covered under the scheme. 

Eligibility criteria for enrolling in the Assam Abhinandan education loan subsidy scheme

If a person wants to enrol in the Assam Abhinandan education loan subsidy scheme then he or she must first make sure that they are eligible for the programme as the scheme officials only take up the person who has passed their eligibility criteria and qualified with all the norms as stated under the scheme. 

The criteria under the scheme are mentioned below and the individuals must go through them before applying: - 

• The first criteria state that the person must be a permanent resident of the state Assam from at least the last five years as the scheme is bought by the administration of Assam.

• The second criteria state that the person must have taken the educational loan from the banks such as the commercial bank or the rural bank of the state. 

• The third criteria state that the bank in which they have taken a loan must be recognised by the reserve bank of India.

• The fourth principle states that the individual belonging to any income group or having any annual income can apply for the scheme as all family backgrounds are supported under the scheme. 

• The fifth principle states that the individual who has claimed the loan must ensure that the loan has been sanctioned before the date of 31st March 2019.

• The sixth criteria state that the loan taken must not be under the non-performing assets level. 

• The seventh criteria mention that after the disbursement twenty-five per cent of the sanctioned loan amount for all education loans must be sanctioned from April 1, 2019. 

• The eighth criteria say that the applicants who have already received benefits under the Bidya Lakshmi Scheme are not eligible to apply for this scheme. 

• The ninth criteria state that the educational loan must be Rs.1,00,00 as the minimum amount. 

• The tenth principle states that the applicant would not be allowed to apply for the scheme if their loan instalments are past due for a certain amount of time. 

• The eleventh norm specifies that after ninety days, all educational loans are classified as non-performing assets and thus the individual must take care of them.

• The twelfth criteria state that there is no favouritism for selecting individuals based on their caste group meaning that individuals belonging to any caste group can freely enrol under the programme. 

These were the twelve eligibility criteria which an individual must take care of before applying under the scheme and if the individual qualifies for all of this, they would be considered eligible. 

Documents required for enrolling in the Assam Abhinandan education loan subsidy scheme

While enrolling, the applicants are compelled to submit a set of document papers that serves as proof of their eligibility criteria as the submission of documents is a crucial part and must be followed by all.

Documents that should be submitted by the applicants are mentioned below and the applicant must go through them to understand which documents they have to bring: -

• The first document must be the Aadhaar card as the Aadhaar card serves as proof of an individual's identity. 

• The second document must be a passport size photograph and the individual must bring at least two photographs. The photograph must have been recently clicked. 

• For the third document, the individual must submit their permanent account number as this piece of information would be required by the scheme's organisation in terms of assisting them. 

• For the fourth document, the individual must hand out the papers regarding their permanent residential address proof as only the applicants belonging to the state Assam can get into the scheme.

• The fifth document must be regarding the loan sanction letter, this paper is mandatory and crucial for submission. 

• For the six documents, the applicant must hand out their bank passbook and other details regarding that. 

• The statement of loan taken by the applicant must be given out as the seventh paper.

• The eighth document must verify the educational degrees and certificates of the individual applying.

• The parent's identification document must also be handed out as the ninth document.

• Other elements such as phone number, email ID, residential address, name of the parents, age, etc must be given out to the scheme's organising management.  

These are all the documents and papers which are required by the scheme management from the individual who is willing to apply as proof of the facts stated by them. The individual must submit all of them without any fail, the individuals can also submit the documents supporting their situation and criteria. 

The registration procedure under the Assam Abhinandan education loan subsidy scheme

• The Abhinandan schooling mortgage subsidy scheme of the Assam government will immensely assist college students who've availed college students' mortgages. For new beneficiaries, the state authorities have opened a website, www.assamfinanceloans.in which college students can sign up by the twentieth of September to avail the benefits. The subsidies of rupees fifty thousand may be launched from the seventh to a tenth of October.
• In the application form, the applicant would be required to fill the form with details that are accurately such as the name of his or her parents, the phone number, permanent account number, IFSC code bank details, educational qualifications and other important details.
• To get into the scheme the applicant has to register under the scheme and fill in the application form the steps given below explain the procedure of filling the application form, follow this if you want to do the same: - 

The procedure of filling the application form under the Assam Abhinandan education loan subsidy scheme

The steps to fill the application form are mentioned below: - 

• Applicants must first connect the device to the internet connection.

• After connecting to the internet, applicants must go to Google or on Safari.

• On the browser, the applicant must search for the official website of the scheme which is https://assamfinanceloans.in/ 

• After visiting the website, the applicant would see the homepage as the first interface.

• On the homepage, they can see a bunch of options and various pieces of information available and they can go through them to understand

• From the homepage, the applicant must click on the option mentioning “apply”. This option would be available on the right corner of the homepage. 

• After the option has been clicked, a new redirected page would be shown on the applicant's device screen. 

• On the redirected page, there would be the application form present which the applicant has to fill.

• The applicant must fill the application form carefully with correct information. The information such as the name of their own, the name of the parents, the active phone number, email ID, bank details, permanent account number, IFSC code, residential address, proof of loan, etc must be filled in the form.

• The applicant must also provide other elements which are asked in the form. 

• After the form has been filled, the applicant must double-check the form. 

• Beneath the form, there would be an option mentioning “submit” and the applicant has to click on the button to complete the procedure of filling the application form

This was the procedure of filling the application form under the Assam Abhinandan education loan subsidy scheme. The applicant has to submit the documents along with the application form and also have to take a photocopy of the form for their future reference. 

Procedure to track the status of application form under the Assam Abhinandan education loan subsidy scheme

If an applicant has filled the form under the scheme and wants to get the status of it then they can do so by tracking the form.

The steps mentioned below explain the procedure to track the status of the application form under the scheme, follow the steps if you want to do the same: - 

• Applicants must first connect the device to the internet connection.

• After connecting to the internet, applicants must go to Google or on Safari.

• On the browser, the applicant must search for the official website of the scheme which is https://assamfinanceloans.in/ 

• After visiting the website, the applicant would see the homepage as the first interface.

• On the homepage, they can see a bunch of options and various pieces of information available and they can go through them to understand

• From the homepage, the applicant must click on the option mentioning “track”. This option would be available on the right corner of the homepage. 

• After the option of “track” has been clicked, a new redirected page would be displayed on the screen of the applicant's device.

• On the new page, the applicant would be required to give out details such as their phone number and the number of their bank account from which they have taken the loan.

• After that, the applicant must enter the verification code which would be sent from the portal to their mobile number.

• Then click the “enter” button.

• After the “enter” button has been clicked, the applicant would be able to track the status of the form and would get the list of applicants being selected displayed on their screen. 

This was the procedure of tracking the status of the application form under the Assam Abhinandan education loan subsidy scheme. 

Frequently Asked Questions about the Assam Abhinandan education loan subsidy scheme

Question 1) What is the Assam Abhinandan education loan subsidy scheme?

Answer 1) The Assam Abhinandan education loan subsidy scheme is a scheme launched by the administration of Assam to support the students of a state financially so that they can pursue their higher studies within the state. 

Question 2) What is the basic eligibility criteria under the Assam Abhinandan education loan subsidy scheme?

Answer 2) To be eligible under the Assam Abhinandan education loan subsidy scheme, the applicants must be permanent residents of the Assam State and they must also have taken a loan under the specified measures. 

Question 3) From where the loan proof documents can be availed which are required for submission under the Assam Abhinandan education loan subsidy scheme?

Answer 3) The loan proof documents can be availed from the department of the financial institution wherein you carried out the mortgage which is required for submission under the Assam Abhinandan education loan subsidy scheme.

Question 4) Is it possible for the individuals who are applying under the Assam Abhinandan education loan subsidy scheme to track the status of their application form? 

Answer 4) Yes, possible for the individuals who are applying under the Assam Abhinandan education loan subsidy scheme to track the status of their application form. They can track the status of the form by visiting the official website. 

Question 5) What is the address of the authorised website under the Assam Abhinandan education loan subsidy scheme at which an applicant can fill the form? 

Answer 5) https://assamfinanceloans.in/ is the address of the authorised website under the Assam Abhinandan education loan subsidy scheme at which an applicant can fill the form. 

Question 6) What is the amount of financial assistance being provided by the scheme’s administration to the individuals applying under the Assam Abhinandan education loan subsidy scheme? 

Answer 6) The amount of financial assistance being provided by the scheme’s administration to the individuals applying under the Assam Abhinandan education loan subsidy scheme is rupees fifty thousand as subsidy on schooling loans which amount to rupees one lakh.