| Scheme Name | Dr. Ambedkar Central Sector Interest Subsidy Scheme on Education Loans for Overseas Studies |
| Target Beneficiaries | Students belonging to Other Backward Classes (OBCs) and Economically Backward Classes (EBCs) |
| Objective | To provide interest subsidy to meritorious OBC and EBC students for pursuing higher education abroad and improving their employability |
| Study Location | Abroad |
| Eligible Study Level | Master’s, M.Phil. and Ph.D. |
| Loan Scheme | Education loan under the Indian Banks’ Association (IBA) Education Loan Scheme |
| Eligible Bank | Loan must be availed from a Scheduled Bank |
| Subsidy Period | Interest subsidy is provided during the moratorium period |
| Moratorium Period | Course period + 1 year |
| Who Pays Interest During Moratorium | Government of India bears the interest payable during the moratorium period |
| After Moratorium | Student has to pay the principal instalments and interest after the moratorium period |
| Subsidy Availability | Available only once, either for Master’s or Ph.D. level |
| Professional Courses | Scheme is available on a preferential basis for professional courses |
| OBC Eligibility | Student must belong to an OBC community covered under the applicable notification and provide an OBC certificate from the competent authority |
| EBC Eligibility | EBC means communities/castes not included in SC/ST/OBC categories |
| OBC Income Ceiling | Total income from all sources must not exceed the applicable Creamy Layer income limit of ₹8 lakh per annum |
| EBC Income Ceiling – Loans Sanctioned on/before 30 June 2020 | ₹2.50 lakh per annum |
| EBC Income Ceiling – 1 July 2020 to 31 March 2021 | ₹8 lakh per annum |
| EBC Income Ceiling – From 1 April 2021 | ₹5 lakh per annum |
| Income of Employed Candidate | Candidate’s total income from all sources is considered |
| Income of Unemployed Candidate | Parents’/guardians’ total income from all sources is considered |
| Income Proof | ITR, Form 16, Audited Accounts Certificate or Income Certificate issued by the State Government/UT-authorised authority |
| Income Certificate Frequency | Income certificate needs to be submitted only once |
| Other Interest Subsidy | A student who has received interest subsidy under another scheme, including CSIS for undergraduate courses, can still be eligible under this scheme |
| Discontinued Course | No interest subsidy if the student discontinues the course mid-stream |
| Expulsion | No subsidy if the student is expelled due to disciplinary or academic grounds |
| Violation of Conditions | Subsidy will be discontinued immediately |
| False Information/Certificate | Subsidy will be cancelled/withdrawn and the amount already paid will be recovered with penal interest; criminal action may also be taken as per law |
| Citizenship Condition | Subsidy will not be available if the beneficiary gives up Indian citizenship during the loan tenure |
| Implementing/Nodal Bank | Canara Bank |
| Implementing Ministry | Ministry of Social Justice and Empowerment |
| Monitoring Ministry | Ministry of Social Justice and Empowerment monitors the scheme |
| Monitoring Mechanism | Web-enabled monitoring mechanism maintained by the Nodal Bank |
| Reporting | Nodal Bank submits quarterly financial and physical progress reports to the Ministry |
| Student Records Maintained | Institute, institute location, course, gender, new/renewal status, permanent address and parents’ address |
| Covered Disciplines | Arts/Humanities/Social Sciences, Commerce, Pure Sciences, Engineering, Biotechnology/Genetic Engineering, Environmental Engineering, Nano-Technology, Marine Engineering, Petro-Chemical Engineering, Plastic Technology, Cryogenic Engineering, Mechatronics, Automation & Robotics including AI, Laser Technology, Optometry, Art Restoration Technology, Dock & Harbour Engineering, Imaging System Technology, Packaging Engineering/Technology, Composite Materials Engineering, Nuclear Engineering, MCA, Industrial Safety Engineering, Agriculture & Agrotechnology, Agronomy, Medical, Floriculture & Landscaping, Food Sciences & Technology, Forestry & Natural Resources, Horticulture, Plant Pathology, Energy Studies, Farm Power & Machinery, Veterinary Sciences, Soils & Water Management, Plant Breeding & Genetics, Small Scale Rural Technology, Ocean & Atmospheric Sciences, MBA and Information Technology |
| Information Technology Coverage | Includes Computer Engineering, Software, Software Quality Assurance, Networking/Connectivity Engineering and certain communication/multimedia-related areas |
| Other Subjects | Ministry may add or remove subjects from time to time depending on requirements |
| Key Benefit | Government bears the interest during the course period + one year, allowing eligible OBC/EBC students to pursue approved Master’s, M.Phil. and Ph.D. courses abroad |
| Nodal Officer Contact | 011-2807 5264 |
