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Subsidy on Education loan
30-Aug-2023 (In Civil Law)
I took education loan of 4.5 lakhs in 2012 under subsidy sceme of central goverment.But i was awarded an scolorship of 4.5 lakh in 2014. Now in 2016 when i went to bank to repay the loan then they calculated all the interest over my loan and informed me that as i have already being given 4.5 lakh scolorship by state government in 2014 therefore i am not eligible for subsidy by central government on education loan taken in 2012. Now , am i eligible for central government subsidy scheme, under any law ?. If not then am i eligible for subsidy for year before 2014 when no scolorship was given?
Respected Sir,
I would like to inform you that Subsidy scheme of Central Government and Scholarship scheme of State are two different things and we can not amalgamate both schemes because Subsidy scheme of loan issued by the Central Government for WSP ( weaker section person) for certain period of education whereas a scholarship is an award of financial aid for a student to further their education and it is awarded based upon various criteria, which usually reflect the values and purposes of the donor or founder of the award. Scholarship money is not required to be repaid. It is the duty of the Bank to stick with the terms and condition of Subsidy loan and also my advice to look the form of subsidy scheme whether the question of bank is enshrined therein during the time of taking loan under subsidy scheme. Bank can't raise the issue of interest loan. you can file a case in consumer Court for deficiency in service... Provide me more information so that I can assist you better.. feel free to call me..
I would like to inform you that Subsidy scheme of Central Government and Scholarship scheme of State are two different things and we can not amalgamate both schemes because Subsidy scheme of loan issued by the Central Government for WSP ( weaker section person) for certain period of education whereas a scholarship is an award of financial aid for a student to further their education and it is awarded based upon various criteria, which usually reflect the values and purposes of the donor or founder of the award. Scholarship money is not required to be repaid. It is the duty of the Bank to stick with the terms and condition of Subsidy loan and also my advice to look the form of subsidy scheme whether the question of bank is enshrined therein during the time of taking loan under subsidy scheme. Bank can't raise the issue of interest loan. you can file a case in consumer Court for deficiency in service... Provide me more information so that I can assist you better.. feel free to call me..
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Adv. Anil Kumar Singh
Ranchi | 500+ Answers
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