The scheme provides full interest subsidy during the moratorium period on loan availed under Model Education Loan Scheme of Indian Banks’ Association (IBA) for pursuing technical/professional courses in India.
UGC has written to HEIs about inviting fresh/renewal applications under under Pradhan Mantri Uchchatar Shiksha Protsahan PM-USP Central Sector Scheme of Scholarship for College and University students.
The Higher Educational Institutions are requested to spread awareness about the Scheme through appropriate measures to disseminate this among the students community, so that a maximum number of students could avail the benefit of the scheme, said UGC.
Every year the Ministry of Education invites applications under the Pradhan Mantri Uchchatar shiksha Protsahan (PM-USP) central sector scheme of Scholarship through the National Scholarship Portal (NSP).
This year (2023-24) it has been found that many eligible renewal applicants are yet to apply for renewal of their scholarship. It was pointed out that, as per the revised guidelines, the students who missed to apply for renewal of application online on NSP will be allowed to apply for renewal of the scholarship for the subsequent year on NSP, if he/ she fulfils eligibility condition for renewal".
The applicants may approach the Ministry with the valid documents to ascertain their eligibility for the renewal, and verifying, the Ministry makes them eligible for the renewal in the Academic Year 2023-24," added the Commission.
About Pradhan Mantri Uchchatar Shiksha Protsahan PM-USP Central Sector Scheme of Scholarship
In CSIS scheme, no collateral security or third-party guarantee is required for Education Loan sanctioned upto Rs. 7.5 lakh. The lonee bank is to ensure that this part of the loan is covered for guarantee under Credit Guarantee Fund Scheme for Education Loan (CGFSEL).
The Scheme is adopted by all Scheduled Banks/Regional Rural Banks (RRBs)/Cooperative Banks and is linked with the existing Model Educational Loan Scheme of the Indian Banks’ Association.
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