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Sr. No.
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FAQ
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Answer
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1.
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Who is eligible for the scheme?
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Students who want to pursue Technical/Professional higher education courses in recognized institute in India.
Higher Education Institution (HEI) should be NAAC, NBA, CFTI accredited or regulatory approved institutes in India.
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2.
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Is it compulsory to avail education loan for getting interest subsidy benefit?
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Yes, students who availed education loan from scheduled commercial banks under model education loan scheme of IBA and
Who are studying in HEI which satisfies (1) above are eligible for the interest subsidy.
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3.
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Is there any income criteria for claiming the subsidy?
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Yes, the total Family annual income from all sources should not exceed Rs.4.5 lakhs
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4.
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Where is the interest subsidy credited?
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The interest subsidy is credited directly to the loan account of the student.
Ministry of Education shall not be liable for any back-payments due to failure of the bank in claiming of the interest subsidy before closure of loan account of the student.
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5.
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Who applies for CSIS?
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The bank which is disbursing education loan should apply in the portal of CSIS maintained by Canara Bank. The link is https://canarabank.com/User_page.aspx?othlink=375
No additional application from student is necessary.
Bank branch which is disbursing the loan should check eligibility of the student and file the subsidy claim when it is due, using the portal.
The portal is open throughout the year.
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6.
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When bank can file its interest subsidy claim?
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The portal maintained by Canara bank for CSIS claims is open throughout the year.
Bank branch which is disbursing the loan should file the claim when the interest subsidy for a year is due and the student has shown proof that she/he has successfully completed that year of study.
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7.
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Is there any upper limit of loan for claiming the interest subsidy ?
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CSIS Guidelines, 2009 (Loan Sanctioned from 01.04.2009 to 31.03.2018): Interest charged on loan amount up to Rs. 10.00 lakhs
CSIS Guidelines, 2018 (Loan Sanctioned from 01.04.2018 to 31.03.2022): Interest charged on loans sanctioned without any collateral security & third party guarantee and for maximum amount of Rs 7.5 lakhs.
CSIS Guidelines 2022 (applicable from the academic year 2022-23):
Interest subsidy is provided for max loan amount of Rs 10.00 Lakhs (Loans more than Rs.10.00 lakhs will be eligible for interest subsidy up to Rs.10 lakhs only).
No collateral security or 3rd party guarantee is required for Education Loan sanctioned up to Rs. 7.50 lakhs. The loaner Bank (registered under CGFSEL Scheme of NCGTC) is to ensure that the loans less than or equal to Rs. 7.50 Lacs should be covered under CGFSEL for covering the accounts under CSIS.
Financial institutes which are not registered under CGFSEL Scheme of NCGTC will cover their accounts under CSIS, 2022 (Education Loan Sanctioned as per IBA Model Education Loan Scheme) for the interest charged on loans sanctioned without collateral & 3rd party guarantee and for maximum amount of Rs.7.50 lakhs irrespective of CGFSEL coverage.
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8.
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Who is the income certificate issuing authority?
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Appropriate authority designated by the respective State/UT Governments.
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9.
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Whether it is necessary to submit the income certificate every financial year?
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Income Certificate (covering annual income of entire family of the borrower) is to be submitted at the time of loan sanction/ disbursement of first instalment, as decided by loan disbursing bank.
Borrowers need not submit income certificate every year.
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10.
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How Borrower can claim the subsidy to Government of India?
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Borrower cannot claim the subsidy directly from GoI.
It is the prime responsibility of the financing Bank/Branch to claim the subsidy on behalf of the borrower.
If any lending Bank fails to claim interest subsidy for the current year, backlog/pending claims of interest Subsidy will not be entertained.
Ministry of Education shall not be liable for any back-payments due to failure of the bank in claiming of the interest subsidy before closure of loan account of the student.
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11.
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What is the procedure to check the CSIS subsidy claimed amount of individual education loan accounts?
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Canara Bank has created a dedicated web portal for this purpose:
https://www.canarabankcsis.in/SubsidyEnquiry/SubsidyEnquiry.aspx
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12.
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What is the Payment Process of CSIS?
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The subsidy amount will be directly credited through PFMS system to the Beneficiary’s education loan accounts.
It is the sole responsibility of the Loaner Bank to submit the correct Account details of the Beneficiaries for the purpose of crediting the subsidy amount through DBT mode.
Students to contact the Financing Bank in case of any delay in receiving of the subsidy amount.
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13.
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Whom should I have to contact for subsidy amount disbursed by the government?
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The details of the amount credited may be obtained from the concerned financing bank Branch.
Head office of the concerned Bank may be contacted if the Branch reply is not satisfactory.
If any lending Bank fails to claim interest subsidy for the current year, backlog/pending claims of interest Subsidy will not be entertained.
Ministry of Education shall not be liable for any back-payments due to failure of the bank in claiming of the interest subsidy before closure of loan account of the student.
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14.
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What is the role of Canara Bank as a Nodal bank?
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CanaraBankhas been nominatedas a Nodal Bank, for the purpose ofadministering the Interest Subsidy introduced by the GovernmentofIndia, New Delhi
Role of Canara bank as a Nodal Bank is for the purpose of consolidating the subsidy claims of Member Banks and forwarding the same to Concerned Ministryand to pass on the subsidy to the Member Banks as and when it is received from the Ministry.
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