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Bidya Lakshmi Loan

Bidya Lakshmi Loan offers education loans for higher studies to children of Assam State Government employees, providing amounts between ₹5,00,000 and ₹10,00,000 at a low interest rate of 4%. Eligible candidates can access subsidies under the Credit Linked Subsidy Scheme, covering various educational expenses without collateral security, and loans can be utilized for tuition fees, books, and travel for studies abroad.

राज्य नकद

राज्य / केंद्र शासित प्रदेश: असम

नोडल विभाग: Finance Department

योजना किसके लिए: Individual

योजना प्रोफ़ाइल

योजना प्रारंभ तिथि: 2017-03-21

श्रेणियाँ: शिक्षा और अध्ययन

उप-श्रेणियाँ: Universities and higher education

लक्षित लाभार्थी: व्यक्तिगत

टैग: Student, Loan, Education, CLSS

विवरण

Launched in 2016-17, the scheme "Bidya Lakshmi" by the Finance (Audit & Fund) Department, Government of Assam aims to provide higher education loans for the children of regular State Government employees in Assam under the Uecha Siksha Hitoishona Achani (USHA) for Karmachari. The scheme offers loans ranging from ₹5,00,000/- to ₹10,00,000/- at an interest rate of 4%, with additional benefits for employees under the Credit Linked Subsidy Scheme (CLSS). Eligible courses include professional and technical programs in India and abroad, such as Engineering, Medical, Management, and Doctorate programs. The scheme is implemented by the State Bank of India (SBI), with designated branches across all districts and civil sub-divisions.

लाभ

  • - The State Government provides a loan of ₹5,00,000/- to ₹10,00,000/- at an interest rate of 4%
  • Employees with an annual salary income exceeding ₹4,50,000/- can avail up to ₹10,00,000/- at 4% interest after State Government interest subvention
  • Employees with annual income up to ₹4,50,000/- are eligible under the Credit Linked Subsidy Scheme (CLSS), with 100% subsidy during the moratorium period (course period plus one year). Post-moratorium, the effective interest rate is 4%
  • Loans can be used for course fees, books, computers, educational equipment, and travel expenses (for studies abroad)
  • No collateral security or third-party guarantee is required for loans up to ₹10,00,000/-
  • Life insurance policy option available to cover the loan amount
  • Tax rebate under Section 80(E) of the Indian Income Tax Act. Mode of Disbursement The loan amount is transferred directly to the educational institution’s account (not to the parent/student). It covers Tuition fees, books, computers, equipment, and travel (for abroad studies). The amount is disbursed in lump sum or installments, as per the institution’s fee structure. Frequency of Disbursement Interest is charged monthly, and subsidy amounts are credited back to the individual account upon claim clearance. Conditions for Disbursement The utilization certificate must be submitted at the end of the financial year
  • The State Government provides a loan of ₹5,00,000/- to ₹10,00,000/- at an interest rate of 4%.
  • Employees with an annual salary income exceeding ₹4,50,000/- can avail up to ₹10,00,000/- at 4% interest after State Government interest subvention.
  • Employees with annual income up to ₹4,50,000/- are eligible under the Credit Linked Subsidy Scheme (CLSS), with 100% subsidy during the moratorium period (course period plus one year). Post-moratorium, the effective interest rate is 4%.
  • Loans can be used for course fees, books, computers, educational equipment, and travel expenses (for studies abroad).
  • No collateral security or third-party guarantee is required for loans up to ₹10,00,000/-.
  • Life insurance policy option available to cover the loan amount.
  • Tax rebate under Section 80(E) of the Indian Income Tax Act.

Mode of Disbursement

The loan amount is transferred directly to the educational institution’s account (not to the parent/student). It covers Tuition fees, books, computers, equipment, and travel (for abroad studies). The amount is disbursed in lump sum or installments, as per the institution’s fee structure.

Frequency of Disbursement

Interest is charged monthly, and subsidy amounts are credited back to the individual account upon claim clearance.

Conditions for Disbursement

The utilization certificate must be submitted at the end of the financial year.

पात्रता

For the Parent

  • The parent should be a regular, in-service State Government Employee of Assam.
  • The parent should have at least 5 years of residual pensionable service.
  • The employees with annual income exceeding ₹4,50,000/- can avail up to ₹10,00,000/-.
  • The employees with annual income up to ₹4,50,000/- are eligible under CLSS.
  • The employee must have a salary account with check-off facility (for EMI deductions).
  • The employee must be a co-borrower in the loan application. The employee’s name must be included in the loan application alongside the child (the student).

For the Child

  • The child must be admitted to a technical/higher educational institution recognized by UGC (University Grants Commission)/ AICTE (All India Council for Technical Education)/ Government-approved colleges/universities in Assam or anywhere in India/ Premier institutions (for studies abroad).

  • The child must be pursuing one of the following approved courses:

In India: Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer Science, Chartered Accountancy (CA), Cost and Management Accountancy (ICWA), Chartered Financial Analyst (CFA), Master of Computer Applications (MCA), Master of Science (MS), Graduation in professional/technical courses, Doctorate (PhD).
Abroad: Courses conducted by premier institutions like CIMA (Chartered Institute of Management Accountants, London) or CPA (Certified Public Accountant, USA).

  • The child must be a co-borrower in the loan application. The child’s name must be included in the loan application alongside the parent (government employee).

अपवर्जन


आवेदन प्रक्रिया

Offline

Step 1: The eligible employee should take a print of the prescribed format of the application form.
Step 2: In the application form, fill in all the mandatory fields and attach copies of all the mandatory documents (self-attest them, if required).
Step 3: Submit the duly filled and signed application form along with the documents, within the prescribed period (if any), to the respective Drawing and Disbursing Officer (DDO). Furnish a written undertaking for EMI deduction from salary.
Step 4: The DDO sends the application package (form, documents, and check-off letter) to the designated SBI branch in the district or civil sub-division.

Post-Application Processes

Step 1: The bank reviews the application, confirms eligibility, and approves the loan if all criteria are met. The loan amount is then disbursed directly to the educational institution.
Step 2: Once repayment begins, SBI automatically deducts the Equated Monthly Installments (EMIs) from the applicant’s salary account using the check-off facility.

स्पष्टीकरण

myScheme पर प्रकाशित योजना सूचना से अतिरिक्त बिंदु (कानूनी सलाह नहीं)।

Are there any income-based criteria for availing the loan?
Employees with an annual salary income exceeding ₹4,50,000/- can avail up to ₹10,00,000/-, while those earning up to ₹4,50,000/- qualify for additional subsidies under the Credit Linked Subsidy Scheme.
What courses are covered under this education loan scheme?
The scheme covers professional and technical courses like Engineering, Medical, Management, Law, Chartered Accountancy, and Doctorate programs, both in India and abroad.
Is collateral security required for loans up to ₹10,00,000/-?
No collateral security or third-party guarantee is required for loans up to ₹10,00,000/- under this scheme.
Can the loan be used for expenses other than tuition fees?
Yes, the loan can be used for course fees, books, computers, educational equipment, and travel expenses (for studies abroad).
How is the loan amount disbursed to the beneficiary?
The loan amount is released directly to the educational institution where the student is enrolled.
What is the moratorium period for loan repayment?
The moratorium period includes the course duration plus one year, during which subsidies may apply for eligible candidates.
How is the interest subsidy provided by the government credited?
The interest subsidy is credited back to the borrower’s account monthly after the claims are cleared by the government.
What happens if an employee defaults on loan repayment?
In case of default, the amount will be recovered from the employee’s terminal benefits, including gratuity and leave encashment.
Is there a tax benefit associated with this education loan?
Yes, borrowers can avail tax rebates under Section 80(E) of the Indian Income Tax Act for the interest paid on the loan.
Which bank is responsible for implementing this loan scheme?
The State Bank of India (SBI) is the designated bank for disbursing and managing these education loans.
Are there any special provisions for employees with lower incomes?
Employees earning up to ₹4,50,000/- annually qualify for 100% subsidy under the Credit Linked Subsidy Scheme during the moratorium period.
How does the check-off facility work for loan repayment?
The bank deducts Equated Monthly Installments (EMIs) directly from the employee’s salary account through a standing instruction.
Can employees avail loans above ₹10,00,000/- under this scheme?
Yes, but the State Government’s interest subvention and concessions are limited to ₹10,00,000/-, and market rates apply for the additional amount.
What is the role of the Drawing and Disbursing Officer in the application process?
The Drawing and Disbursing Officer (DDO) forwards the loan application and provides a check-off facility letter for salary deduction.
How is the loan repayment structured after the moratorium period?
After the moratorium, borrowers must repay the loan in monthly installments deducted directly from their salary.
Are there any additional costs borne by the employee for the loan?
The employee must bear the cost of stamp duty, if applicable, for processing the loan.
What is the validity period for the interest subsidy under the Credit Linked Subsidy Scheme?
The subsidy is valid during the moratorium period (course duration plus one year) for eligible employees.

संदर्भ

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Documents Required for Government Schemes

Most government schemes require basic documents for verification. While the exact requirements vary, common documents include:

  • Aadhaar Card
  • Income Certificate
  • Caste Certificate (if applicable)
  • Residence Proof
  • Bank Account Details
  • Educational Certificates (for student schemes)

How to Apply for Government Schemes?

The application process for government schemes may be online or offline depending on the scheme. In most cases, you can follow these steps:

  1. Check eligibility criteria
  2. Collect required documents
  3. Fill the application form
  4. Submit the application online or at the relevant office
  5. Track application status