Pradhan Mantri Uchchatar Shiksha Protsahan Yojana: Central Sector Interest Subsidy Scheme

CSIS is a unique scheme which pivots around the vision that no student desiring to pursue higher education is denied of the opportunity if he/ she is financially poor. This scheme benefits all categories of economically weaker students for pursuing professional/ technical courses in India only and intends to provide affordable higher education. The Scheme envisages uplifting the students from the grassroots level and increasing the number of qualified technicians/ professionals in the nation. CSIS aims to check the existing geographical imbalance with regard to the Gross Enrolment Ratio (GER) in Higher Educational institutions.

• Students who want to pursue Technical/Professional higher education courses in recognized institutes in India.
• Higher Education Institutions (HEI) should be NAAC, NBA, CFTI accredited or regulatory approved institutes in India.

• Yes, students who availed of education loans from scheduled commercial banks under the Model Education Loan Scheme of IBA and
• Who are studying in HEI which satisfies the above are eligible for the interest subsidy.

Yes, the total Family annual income from all sources should not exceed ₹4.5 lakhs.

The subsidy amount will be credited to PM VIDYALAXMI DIGITAL RUPEE APP (CBDC WALLET) of the beneficiary and on redemption on the app by the beneficiary, the amount will be transferred to the beneficiary loan account.

• Students can apply online for education loan and interest subvention under PM-USP CSIS Scheme at https://pmvidyalaxmi.co.in. - No additional application from student is necessary.
  • The bank branch which is disbursing the loan should check the eligibility of the student and file the subsidy claim when it is due, using the portal.
  • The portal is open throughout the year.

• The portal maintained by Canara Bank for CSIS claims is open throughout the year.
• Bank branch which is disbursing the loan should file the claim when the interest subsidy for a year is due and the student has shown proof that she/he has successfully completed that year of study.

A) Interest subsidy is provided for a maximum loan amount of ₹10.00 Lakhs (Loans more than ₹10.00 lakhs will be eligible for interest subsidy up to ₹10 lakhs only). b) No collateral security or 3rd party guarantee is required for Education Loans sanctioned up to ₹7.50 lakhs. The Loaner Bank (registered under CGFSEL Scheme of NCGTC) is to ensure that the loans less than or equal to ₹7.50 Lacs should be covered under CGFSEL for covering the accounts under CSIS. c) Financial institutes which are not registered under the CGFSEL Scheme of NCGTC will cover their accounts under CSIS, 2022 (Education Loan Sanctioned as per IBA Model Education Loan Scheme) for the interest charged on loans sanctioned without collateral & 3rd party guarantee and for the maximum amount of ₹7.50 lakhs irrespective of CGFSEL coverage.

Appropriate authority designated by the respective State/UT Governments.

• Income Certificate (covering annual income of entire family of the borrower) is to be submitted at the time of loan sanction/ disbursement of first instalment, as decided by loan disbursing bank.
• Borrowers need not submit income certificate every year.

• Borrower cannot claim the subsidy directly from Gol.
• lt is the prime responsibility of the financing Bank/Branch to claim the subsidy on behalf of the borrower.
• If any lending Bank fails to claim interest subsidy for the current year, backlog/pending claims of interest Subsidy will not be entertained.
• The Ministry of Education shall not be liable for any back-payments due to the failure of the bank to claim of the interest subsidy before the closure of the loan account of the student.

Canara Bank has created a dedicated web portal for this purpose: https://www.canarabankesis.in/SubsidyEnquiry/SubsidyEnquirV.aspx.

• The subsidy amount will be credited to PM VIDYALAXMI DIGITAL RUPEE APP (CBDC WALLET) of the beneficiary and on redemption on the app by the beneficiary, the amount will be transferred to the beneficiary loan account.
• It is the sole responsibility of the Loaner Bank to submit the correct Account details of the Beneficiaries for the purpose of crediting the subsidy amount through DBT mode.
• Students to contact the Financing Bank in case of any delay in receiving of the subsidy amount.

• The details of the amount credited may be obtained from the concerned financing bank Branch.
• The head office of the concerned Bank may be contacted if the Branch reply is not satisfactory.
• If any lending Bank fails to claim interest subsidy for the current year, backlog/pending claims of interest Subsidy will not be entertained.
• The Ministry of Education shall not be liable for any back-payments due to the failure of the bank to claim of the interest subsidy before the closure of the loan account of the student.

• Canara Bank has been nominated as Nodal Bank, for the purpose of administering the Interest Subsidy introduced by the Government of India, New Delhi.
• The role of Canara Bank as a Nodal Bank is for the purpose of consolidate the subsidy claims of Member Banks and forward the same to the Concerned Ministry and pass on the subsidy to the Member Banks as and when it is received from the Ministry.

• PM VIDYALAXMI DIGITAL RUPEE App is a Central Bank Digital Currency (CBDC) based dedicated mobile application for receiving education loan interest subvention benefits from Dept. Of Higher Education Ministry of Education GoI.
• The application is available for download at Play store for android based mobiles and App store for i-phones
• Mobile number of beneficiaries updated in PM-Vidyalaxmi portal by the financing Bank, against beneficiary claim should be used for downloading the application.
• Beneficiaries can activate their PM VIDYALAXMI DIGITAL Rupee App through AADHAAR based authentication process via OTP received in their AADHAAR registered Mobile number.
• PM VIDYALAXMI DIGITAL Rupee App is applicable for both PM VIDYALAXMI and CSIS interest subvention schemes of Dept. Of Higher Education, Ministry of Education, GoI.