State GovernmentVerified
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.
Start date21 Mar 2017
Last verifiedToday
About This Scheme
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.
Benefits
₹5.0 L · monthly
- 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.
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 DisbursementInterest is charged monthly, and subsidy amounts are credited back to the individual account upon claim clearance.
Conditions for DisbursementThe utilization certificate must be submitted at the end of the financial year.
Eligibility
Note: You may be eligible based on the information shown. Please verify the official eligibility requirements before applying.
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Required Documents
- ✦Passport Size Photograph (3 copies).
- ✦Copy of PAN Card (Identity Proof).
- ✦Electricity Bill/ Landline Telephone Bill Aadhar Card/ Driving License/ Passport (Address Proof).
- ✦Mark sheets and Pass Certificates up to the last qualifying examinations (Matric onwards).
- ✦Offer letter/Bonafide certificate from the institution.
- ✦Prospectus of the Course and Approval copy AICTE/UGC or Governing Body for the Course.
- ✦Detailed Fee Structure of the course on the letterhead of the institution.
- ✦Score sheet of Entrance Tests like JEE/PMT.
- ✦Any other documents if necessary.
- ✦Passport.
- ✦Unconditional Offer Letter.
- ✦Any other documents if necessary.
- ✦Passport Size Photograph (3 copies).
- ✦Copy of PAN Card (Identity Proof).
- ✦Electricity Bill Landline Telephone Bill; Aadhar Card/ Driving License/ Passport (Address Proof).
- ✦Copy of Bank Passbook or Bank account statement.
- ✦Form 16/ Income Tax Return/ Income Certificate from the appropriate authority (Income Proof).
- ✦Any other documents if necessary.
✦ Required ◦ Optional
How to Apply
IIn-person
Apply here ↗Quick Info
- Level
- State Government
- Max benefit
- ₹5.0 L
- Launched
- 21 Mar 2017