Dr. Ambedkar Central Sector Scheme of Interest Subsidy on Educational Loans for Overseas Studies for OBCs & EBCs Students
Scholarship Amount
About This Scholarship
The Dr. Ambedkar Central Sector Scheme offers vital financial assistance to eligible students from Other Backward Classes (OBC) and Economically Backward Classes (EBC) who are pursuing higher education abroad. This scheme is specifically designed to provide an interest subsidy on educational loans for students enrolled in Master's, M.Phil, or Ph.D. programs at approved foreign institutions.
Under this scheme, the Government of India undertakes to cover the interest that accrues on the educational loan during a specified moratorium period. This period typically encompasses the entire duration of the course, plus an additional year or six months after the student secures employment, whichever occurs first, as defined by the Indian Banks' Association's (IBA) Education Loan Scheme. This provision significantly eases the financial burden on students during their studies and initial post-graduation phase.
Once the moratorium period concludes, the responsibility for paying interest on the remaining loan amount shifts to the student. The applicable interest rate will be determined by the prevailing terms and conditions of the IBA's Education Loan Scheme, which may be subject to change. Throughout the loan repayment period, the student is responsible for repaying both the borrowed principal amount and any interest that accrues after the moratorium period.
In essence, the Dr. Ambedkar Central Sector Scheme provides substantial financial relief by covering the loan interest during the initial stages. It allows students to focus on their academic pursuits without the immediate pressure of interest payments, with repayment responsibilities commencing once they are financially stable post-moratorium.
Eligibility Criteria
Applicants must fulfill the following criteria to be eligible for applying for the scheme:
• Students must have secured admission in approved Master's, M.Phil, or Ph.D. level courses abroad in one of the following disciplines:
• Arts/Humanities/Social Sciences/Commerce
• Pure Sciences
• Engineering
• BioTechnology/Genetic Engineering
• Industrial Environmental Engineering
• Nano-Technology
• Marine Engineering
• Petro-chemical Engineering
• Plastic Technology
• Cryogenic Engineering
• Mechatronics
• Automation Robotics including artificial intelligence
• Laser Technology
• Low Temperature Thermal Dynamics
• Optometry
• Art Restoration Technology
• Dock and Harbour Engineering
• Imaging System Technology
• Composite Materials Engineering including Decentralized power Distribution (for Solar Heat) system, Energy Storage Engineering, Energy Conservation, Energy Efficient Habitat
• Packaging Engineering/Technology
• Nuclear Engineering
• Information Technology including Computer Engineering, Software, Software Quality Assurance, Networking/Connectivity Engineering, Communication system under Hazardous or Post-Disaster conditions, Multimedia Communication
• Industrial Safety Engineering
• Agriculture & Agro Technology
• Agronomy
• Medical
• Floriculture & Landscaping
• Food Sciences & Technology
• Forestry & Natural Resources
• Horticulture
• Plant Pathology
• Energy Studies
• Farm Power & Machinery
• Veterinary Sciences
• Soils & Water Management
• Plant Breeding & Genetics
• Small-scale Rural Technology
• Ocean & Atmospheric Sciences
• MBA
• MCA
• Applicants must have availed a loan from a scheduled bank under the Education Loan Scheme of the Indian Banks Association (IBA).
• Students must have an annual family income of ₹8,00,000 or less. Details on income certification are available in the scheme's official guidelines.
Important Notes for Applicants:
• The scheme is applicable to students pursuing higher education outside of India. It provides an interest subsidy that works in conjunction with existing education loan schemes offered by the Indian Banks' Association (IBA). The subsidy is only available for students enrolled in Master's, M.Phil, or Ph.D. courses.
• The interest subsidy will be provided only once to eligible students, either for their Master's or Ph.D. studies.
• Students who discontinue their course midway for any reason, or are expelled due to disciplinary or academic reasons, will not be eligible for the interest subsidy.
• If a student is found to have obtained the subsidy through false statements or certificates, the subsidy will be immediately withdrawn/cancelled. The amount of the subsidy paid shall be recovered with penal interest, and criminal action may also be taken as per law.
• Students receiving benefits under this Scheme will not be eligible for the interest subsidy if they relinquish Indian citizenship during the loan tenure.
Administrative Notes:
• The nodal bank will maintain a separate account and records for funds received from the Ministry of Social Justice and Empowerment. These will be subject to inspection/audit by Ministry officials or any other designated agency, as well as the Comptroller and Auditor General of India (C&AG).
• The Nodal Bank will publish all relevant financial and physical achievement details on its website and implement the scheme according to the Memorandum of Understanding signed between the designated Banks and the Ministry of Social Justice and Empowerment.
• The Nodal Bank will establish a detailed procedure for processing and sanctioning interest subsidies to eligible students in consultation with the Ministry.
For more details and comprehensive guidelines, applicants are advised to refer to the official scheme document available on the Ministry of Social Justice and Empowerment's website.
Required Documents
To apply for the interest subsidy, applicants are typically required to submit the following documents:
• A valid passport
• Admission letter from the foreign university stating enrollment in an approved course
• Loan sanction letter from a scheduled bank under the IBA Education Loan Scheme
• Caste certificate (for OBC applicants)
• Disability certificate (if applicable)
• Income certification documents such as ITR/Form 16/Audited Accounts for the family
• Income certificate issued by the authority of the State Government/UT Administration
• Any other relevant documents as specified by the lending bank or the scheme's official guidelines.
How to Apply
Applying for the Dr. Ambedkar Central Sector Scheme of Interest Subsidy
Students interested in availing the interest subsidy must first secure an educational loan from a scheduled bank under the Education Loan Scheme of the Indian Banks' Association (IBA). The interest subsidy is directly linked to these existing loan schemes.
Once an educational loan is secured, eligible applicants can then apply for the interest subsidy by following the steps outlined below:
Online Application Process (via UMANG app/web):
1. Access UMANG Platform: Visit the UMANG app or its official website (web.umang.gov.in).
2. Register or Log In: If you are a new user, register by providing the required details, including a valid mobile number. If you are already registered, log in using your registered credentials.
3. Search for Scheme: Navigate to the 'Schemes' section within the UMANG platform. Use the search function to find the 'Dr. Ambedkar Central Sector Scheme (ACCSIS)'.
4. Initiate Application: Locate the ACCSIS Scheme and begin the application process. Carefully fill out all necessary details in the application form.
5. Upload Documents: Upload all required supporting documents as specified by the scheme and the UMANG platform. Ensure all documents are clear and valid.
6. Track Application Status: After successfully submitting your application, you can monitor its progress directly through the UMANG app or the application status section on the official UMANG website.