Educational Bank Loan Interest Paid Subsidy
The University offers a provision for reimbursement of interest on educational loans obtained by students from nationalised or scheduled banks. The reimbursement shall be limited to 50% of the interest paid, in accordance with the University’s applicable rules and guidelines.
Interest Subsidy Scheme for Educational Loans
Number of Recipients: All students who meet the eligibility criteria.
Eligibility Criteria: Annual family income as applicable from time to time.
To apply for the 50% interest subsidy on an education loan, the student must meet the following conditions:
- The family annual income Rs.10.00 lacs
- The loan must be taken from a Scheduled Bank or Government-recognized financial institution
- The loan must be in the name of the student and used strictly for payment of academic fees and education-related expenses at CEPT University
- The student must be currently enrolled or have completed the program at CEPT University
- The interest must be actually paid by the student/parent and not covered under any other government or private subsidy scheme
- Scheme will reimburse 50% of the actual interest paid during the current financial year, based on certified documentation.
- The subsidy will be credited directly to the student’s bank account
- Only the interest component is eligible; principal repayment is not covered
- The bank certification must confirm actual interest paid, not projected or expected interest
Submit a formal application to the university’s Financial Aid Office
Attach the following documents in PDF format:
- Educational Loan Sanction Letter issued by the bank.
- Interest Paid Certificate from the bank for the current financia period , clearly stating:
The actual interest component paid through EMIs.
Certification must be officially issued by the bank. (Note: Probable interest will not be considered.) - Income Tax Return (ITR) for the current Financial Year/Assessment Year.
- Bank Account Details of the student:
Copy of the passbook or a cancelled cheque. - The bank account must be in the name of the student applying for the subsidy.
- Student bank details (passbook/cancelled cheque)
Important Instructions
- Subsidy Amount: 50% reimbursement of the interest paid on the educational loan during the specified period.
- Only the interest paid through EMIs will be considered for reimbursement.
- Probable or unpaid interest will not be eligible under this scheme.
- All applications and documents will be scrutinized and audited by the auditor
- Based on the audit, the Scholarship Committee will approve eligible cases for reimbursement
- The list of eligible students and reimbursement details will be communicated via official university email
- Reimbursement amounts will be credited directly to the student’s bank account within the prescribed timeline