Curated By: Business Desk
Last Updated: September 08, 2023, 17:24 IST
The scheme is for Indian students who want to pursue education in India.
The Central Sector Interest Subsidy Scheme is only applicable to students whose annual family income is Rs 4.5 LPA or below.
Central Sector Interest Subsidy Scheme (CSIS) is a government scheme for students who want to pursue higher education after taking an education loan. Under this scheme, the central government can give up to 100 per cent subsidy on the loan sanctioned by the bank. It is only available for students whose annual family income is 4.5 lakh per annum or below. It takes into consideration the students who belong to low-income families. CSIS also only applies to students who wish to study in the NAAC, NBA, CFTI and other regulatory-approved institutes in India.
After obtaining a loan through the CSIS scheme, the EMI is not required to be paid right away. After the course is done, you have one year to complete the process. The student then has to pay the loan’s EMI. The interest on this loan is subsidised by the government as per the rules and regulations.
To apply for this scheme, go to https://www.jansamarth.in/ on the Jansamarth website. The choice for student loans is on the first page. You must check your eligibility first. Following that, you must fill out the necessary information such as the course name, start date, length of the course, family’s annual income, etc. and after selecting all the options, you can check your eligibility.
Next, enter the captcha and your mobile number. A new page will open with loan-related terms and conditions. It is advised that you must read them carefully. Click the box on the left side and then select Agree after reading the disclaimer.
After that, select the option- OTP. Following this, an OTP will be received on your phone, submit it and finish the transaction. You will next need to provide your Aadhar card, PAN card and bank details. It is advised that you save all the information which you are providing to the website. You should not register for the loan from any third-party website. If you are eligible, you will get the loan. It is only applicable to students of India who want to pursue education in India.