CHENNAI: The Union Ministry of Human Resources Development (MHRD) has asked Canara Bank to open a web portal from August 23 to November 23 this year to enable banks to submit the Education Loan Interest Subsidy claims of customers who have availed themselves of loans under IBA (Indian Banks Association) scheme for year 2016-17.
According to the Education Loan Task Force (ELTF), in the past, several banks did not claim subsidy to eligible students due to lack of knowledge about CSIS scheme among bank officials. Many eligible students did not get the subsidy. Taking cognisance, the IBA has directed all member banks to provide training to all bank officials on the CSIS Scheme and to ensure claims are submitted in time without errors, an ELTF release said.
Students eligible for subsidy in their own interest are asked to submit a letter to their respective bank managers to submit their claims in time. If the bank still fails to submit the claims in time, students can seek remedy through District Consumer Disputes Redressal Forum for deficiency of service claiming damages and compensation.
Students who have availed Educational Loans from banks under IBA Scheme to pursue professional /technical courses are eligible to avail themselves of the full interest subsidy, if the annual income is ascertained by Tahsildar to be less than `4.50 lakh.