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paid shall be recovered with panel interest, apart from taking criminal action as
per law. (vi) The students obtaining benefits under this Scheme shall not be given the interest
subsidy if he gives up Indian citizenship during the tenure of the loan. (vii) The designated bank will maintained a separate account and records relating
to the funds received from the ministry and these will be subject to inspection audit by the officers of the Ministry, or any other agency designated by the
Ministry and C&AG. (viii)The fund for interest subsidy from the 2?” year onwards will be released to the
designated Bank after receiving the utilization certificate for the earlier releases
as per provisions ofGFR. (ix) The designated Bank shall place all relevant details of financial and physical
achievements on its website and implement the scheme as per the Memorandum of understanding to be signed between the designated Bank and Ministry of
Minority Affairs. (x) The designated Bank will ensure that the students from the minority communities,
who may also belong to SCi ST/OBC category, do not avail interest subsidy
from other sources forthe same purpose. (xi) The designated Bank will lay down the detail procedure for processing and
sanctioning of interest subsidy to eligible students in consultation with
Ministryof Minority Affairs. (xii) The scheme will be evaluated at regular intervals by the Ministry or any other
agency designated by the Ministry and the cost ofthe evaluation study will be
borne by the Ministry. (xiii)The terms and conditions of the scheme can be changed at any time atthe
discretion of Ministry of Minority Affairs to improve procedure and achieve more effective implementation. However, there should not befinancial
implications. Eligibility : (i) The student should hav(! secured admission in the approved courses at Masters,
M.Phil or Ph.D levels abroad for the courses shown at Para-14. (ii) He/She should have availed loan from a sch(!duled bank under the Education
Loan Scheme of the Indian Banks Association (IBA) for the purpose. Income Ceiling : (i) Total income from all sources of the employed candidate or his/her parents/
guardians in case of unemployed candidate shall not exceed Rs. 6.00 lakh per
annum. (ii) Income certificate should be submitted from the competent authority in the
5.
6.
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Minority Be
