Dr. Ambedkar Central Sector Scheme of Interest Subsidy for Overseas Studies (OBCs & EBCs)
Scholarship Amount
About This Scholarship
The Dr. Ambedkar Central Sector Scheme provides a significant interest subsidy on educational loans for eligible Other Backward Classes (OBCs) and Economically Backward Classes (EBCs) students pursuing overseas studies. This scheme aims to alleviate the financial burden of higher education abroad for deserving students.
During the moratorium period, the Government of India fully covers the interest that accrues on the education loan. This period typically spans the duration of the course, plus an additional year or six months after the student secures employment, whichever comes first, as defined by the Indian Banks' Association's (IBA) Education Loan Scheme. This critical support ensures students can focus on their studies without immediate interest repayment worries.
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 subsequent loan repayment period, students are responsible for repaying both the principal amount borrowed and any interest that accrues after the moratorium.
In essence, this scheme offers substantial financial relief during the initial stages after graduation by covering loan interest. Upon securing employment or the end of the moratorium period, students then take on the responsibility of repaying the entire loan amount, along with any post-moratorium interest.
Eligibility Criteria
Applicants must fulfill the following criteria to be eligible for applying for the scheme:
• Students must have secured admission in approved courses at Master's, M.Phil, or Ph.D. levels 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.
Important Notes:
• 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 granted 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.
• The nodal bank will maintain a separate account and records for funds received from the Ministry of Social Justice and Empowerment. These records will be subject to inspection/audit by Ministry officials or any other designated agency and 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, please refer to the official guidelines [CLICK HERE](https://socialjustice.gov.in/writereaddata/UploadFile/Guidelines%20ISEL%20Scheme%20(wef%2001%20Oct%202017).pdf).
Required Documents
The following documents are typically required for the application:
• A valid passport
• Admission letter from a foreign university
• Loan sanction letter from the bank
• Caste certificate (for OBC/EBC verification)
• Disability certificate (if applicable)
• Income certification, such as ITR/Form 16/Audited Accounts
• Income certificate issued by the authority of State Government/UT Administration
• Other relevant documents as specified by the lending bank
How to Apply
Eligible applicants can apply for the interest subsidy by following these steps:
1. Access the UMANG App or Official Website: Begin by visiting the official UMANG website or downloading the UMANG app.
2. Register or Log In: If you are a new user, click on the 'Register' button and fill in the required details to create an account. If you are already registered, log in using your registered email ID or mobile number.
3. Search for the Scheme: Once logged in, navigate to the 'Schemes' section within the app or on the website. Search for the 'Dr. Ambedkar Central Sector Scheme (ACCSIS)'.
4. Initiate Application: Upon locating the ACCSIS Scheme, initiate the loan application process by accurately filling out all required details and uploading the necessary documents as specified.
5. Track Application Status: After submitting your application, you can conveniently track its progress directly through the UMANG app or the application status section on the official website.
Offline Process (for scheme implementation):
• The interest subsidy is intrinsically linked to the existing Educational Loan Scheme of the Indian Banks' Association (IBA) and is exclusively available to students enrolled in Master's, M.Phil, and Ph.D. programs abroad.
• The Nodal Bank, in consultation with the Ministry, will develop and implement a detailed procedure for processing and approving interest subsidies for eligible students.
• A Recommendatory Committee, chaired by the Joint Secretary overseeing the Backward Classes Division, and including representatives from the Finance Division, the Nodal Bank, and a concerned Director/Deputy Secretary as convener, will review and recommend applications for interest subsidies on a quarterly basis.