Central Government Interest Subsidy Scheme

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Central Government Interest Subsidy Scheme

Features and Benefits of CGISS

What is CGISS?

  • Introduced by the Department of Education and the Ministry of Human Resource Development.
  • Promotes higher education by easing financial burdens on underprivileged students.
  • Offers interest subsidies to make education loans affordable for eligible students.
  • Reflects government efforts to ensure equal educational opportunities nationwide.

 

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Interest benefit

  • Enjoy full interest subsidy during the moratorium*, easing your financial burden.
  • The moratorium period offers a repayment holiday during your course and beyond.
  • Repayments start after your course or one-year post-completion, whichever is later.
  • Begin repayment six months after employment, ensuring flexibility for graduates.
  • Manage cash flow smoothly with no repayment pressure during studies or job search.

*Moratorium period is also called repayment holiday. You need not start repaying during the duration of the course and for one year after completion or six months after completion if you get a job 

*The (Most Important Terms and Conditions) for each of our banking offerings features all the specific terms and conditions that govern their use. You must go through it thoroughly to fully understand the terms and conditions applicable to any banking product you choose. 

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Wondering if you are eligible?

Eligibility Criteria

  • Only for education loan from Scheduled Banks for approved courses.
  • Education loan from Scheduled Banks for approved courses.
  • Applicable for students from Economically Weaker Sections.
  • Annual family income must not exceed ₹4.50 lakh.
  • A certificate from State Government officers is required.
  • The scheme applies to loans taken from April 1, 2009
  • Loans before April 1, 2009, are eligible for disbursed amount only.
  • Claims for the moratorium period (April'23 - March 24) are open.
  • Loans above ₹10 lakh, interest portion up to ₹10 lakh eligible.
Central Government Interest Subsidy Scheme
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Documents required to get you started

Identity proof

  • Election/Voter's card
  • Permanent Driving licence
  • Valid Passport
  • Aadhaar Card

Address Proof

  • Utility bill in the customer’s name.
  • Property tax receipt in the customer’s name
  • Aadhaar Card
  • Valid Passport

Essential Documents

  • Income Certificate issued by authorised state/UT officer under the program.
  • Subsidy Agreement signed by all borrowers, stamped per State Stamp Act.
  • Supporting documents like a Progress report, Bonafide letter, Degree, or Provisional Passing Certificate.
  • Eligibility for subsidy is as per the Central Sector Scheme by MoHRD*. Disbursement of Interest Subsidy at the sole discretion of MoHRD.
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More About Central Government Interest Subsidy Scheme

The HDFC Bank Central Sector Interest Subsidy (CSIS) Scheme aims to make higher education accessible by providing interest subsidies on Education Loans. Key features include:

  • Subsidy Coverage: Full interest subsidy on the loan amount during the moratorium period (course duration plus one year or six months after getting a job, whichever is earlier).
  • Eligibility: Students from economically weaker sections (EWS) with a gross annual parental income of up to ₹4.5 lakh.
  • Loan Limit: Applicable for loans up to ₹10 lakhs for studies in India.
  • Courses Covered: Professional and technical courses in recognizsed institutions in India.
  • Moratorium Period: Subsidy applicable only during the moratorium period; repayment starts after this period.

The HDFC Bank CSIS Scheme offers several benefits:

  • Financial Relief: Reduces the financial burden on students from EWS by covering interest during the moratorium period.
  • Encourages Higher Education: Promotes higher education among economically weaker sections, enabling students to pursue professional and technical courses.
  • Improved Accessibility: Makes education loans more accessible and affordable.
  • Government Support: Provides government backing, ensuring the scheme's credibility and reliability.
  • Career Advancement: This program helps students complete their education without immediate financial pressure, allowing them to focus on career growth after graduation.

To apply for the HDFC Bank CSIS Scheme:

  • Loan Application: Visit the nearest HDFC Bank branch or apply online for an education loan.
  • Documentation: Submit necessary documents, including proof of admission, income certificate (to verify EWS status), identity proof, and address proof.
  • Eligibility Check: Ensure that you meet the scheme's eligibility criteria (EWS status and course requirements).
  • Subsidy Application: Indicate your interest in the CSIS Scheme during the loan application process.
  • Verification: The bank will verify the submitted documents and eligibility.
  • Approval and Disbursement: The loan will be disbursed upon approval, and the interest subsidy will be applied during the moratorium period.

Frequently Asked Questions  

This CSIS Scheme for Education Loan offers interest subsidies to students from the Economically Weaker Section (EWS) category who are pursuing professional/technical courses in India. It applies to all Scheduled Banks associated with the current Model Educational Loan.

Under the CGFSEL, the Central Government provides guarantee for Education loans obtained by students, without requiring any collateral security or third-party guarantee, up to a maximum loan limit of ₹7.5 lakh.

All students whose annual family income from all sources does not exceed ₹4.5 lakh per annum are eligible. This scheme is open to students seeking to pursue Technical/Professional courses in institutes accredited by NAAC, NBA, CFTI, or approved by regulatory bodies in India. The List of eligible Technical/Professional courses is available on the below websites:

Secure your future—apply now for the scheme today!

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