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Bidya Lakshmi Loan

"Bidya Lakshmi" aims to provide education loans for higher studies to children of Assam State Government employees. Benefits include loans up to ₹10,00,000/- at 4% interest, with subsidies for eligible candidates.

Ministry / Department
Finance Department
Level
State
Benefit type
cash
Last verified: Recently

What is Bidya Lakshmi Loan?

"Bidya Lakshmi" aims to provide education loans for higher studies to children of Assam State Government employees. Benefits include loans up to ₹10,00,000/- at 4% interest, with subsidies for eligible candidates.

Benefit
- 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.
Level
State — Assam
Ministry / Dept.
Finance Department
Benefit type
cash
Key eligibility
> **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 u
Last verified
Recently

Benefits

- 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.

Eligibility

> **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 uArea: AssamBenefit: cash

Documents Required

    How to Apply

    1. Step 1: Offline application — step 1

      Step 1: The eligible employee should take a print of the prescribed format of the application form.

    2. Step 2: Offline application — step 2

      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).

    3. Step 3: Offline application — step 3

      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.

    4. Step 4: Offline application — step 4

      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.

    5. Step 5: Offline application — step 5

      Post-Application Processes

    6. Step 6: Offline application — step 6

      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.

    7. Step 7: Offline application — step 7

      Step 2: Once repayment begins, SBI automatically deducts the Equated Monthly Installments (EMIs) from the applicant’s salary account using the check-off facility.

    Sources & References

    Ready to apply?

    Applications are accepted only on the official government portal.

    Open Official Website