New Delhi: Seeking higher education for ST students would now be within reach! In the recently held press conference, the Tribal Affairs Ministry launched a subsidized education loan scheme, named Adivasi Shiksha Rinn Yojana (ASRY) for Scheduled Tribe (ST) students. The educational loan scheme is an initiative of National Scheduled Tribes Finance and Development Corporation (NSTFDC). Higher, professional and technical education at government-approved institutions will be offered to these economically backward sects at concessional rates.
While introducing the study loan scheme, V. Kishore Chandra Deo, Tribal Affairs Minister said that this unique programme will be of utmost benefit to the tribal population, by approving education loans at very low interest rates to students whose family income is up to double the poverty line. He further added that this initiative will help the needy students in securing admission in institutions and universities for the entire duration of the course. Presently, the upper limit of family annual income to avail the scheme is Rs. 39,500 for rural areas and Rs. 54,500 for urban areas.
As per sources, candidates eligible for availing the concessional educational loan are required to apply through the State Channelizing Agencies of NSTFDC, situated in their respective domicile state or union territory. The students will benefit from receiving up to 90 percent of the total expenditure of the course program, with the maximum limit being Rs. 5 lakh. While the rate of interest on the loan would be 6 percent, the repayment period will be 5 years, with the maximum period being 10 years. To ensure that the loan repayment is done smoothly, student can start repaying the loan amount one year after completing the course or six months after getting recruited.
