Query regarding CSIS Subsidy

[Sriim]

Hi,

In November 2023, my brother in law took an education loan for 7.5Lakhs from Central bank of india. Later, we came to know about something CSIS subsidy - basically, the simple interest part accumulated during the course period and moratorium period will be waived off if the total income of the family is below a certain limit (he qualifies for it). Upon reaching out to the BM who was active during the procurement of loan, I could see that he was in no hurry in work on this now that the loan has been disbursed. He basically said that the branch forwards the subsidy application en masse for all eligible applications before 1 year of disbursement. After multiple enquiries, he said that they have forwarded the application in august 2024 and said that they have done their job and we should wait for the process to be completed.

Now I have doubts whether he really forwarded the application or just lied to me so that i would stop calling. Upon entering the relevant details on the CSIS website, it says 'no data found' till date, fueling my doubts further.

Anyone with relevant experience?
Do they really take 1 year to apply and process the subsidy?
Do I have to ensure anything?
Any other way to confirm the application and application status?

Any information would be helpful. Thanks

 

[HumorSimpson]

@RAMESH BABU N @VISHESH_BANSAL @its_karan

 

[RAMESH BABU N]

It wouldn't take that long.
May be the branch team/BM had goofed up. The branch's Controllers must be approached immediately with all details. Also complain to the RBI - as all the Edu Loans are monitored at the industry level by RBI/Ministry of HRD. And, the subsidy comes from them. If the Bank had defaulted in this case, it must be taken directly to them.

 

[R@J]

It wouldn't take that long.
May be the branch team/BM had goofed up. The branch's Controllers must be approached immediately with all details. Also complain to the RBI - as all the Edu Loans are monitored at the industry level by RBI/Ministry of HRD. And, the subsidy comes from them. If the Bank had defaulted in this case, it must be taken directly to them.

Thanks for the response @RAMESH BABU N sir... I had faced the same, where PNB because of their letharginess dint submit my claim to canara bank (nodal bank for csis)....after loooong follow-ups, when I complained on Ingram portal, they did the needful, but I just received around 5% of the total benefit which I would have received under proper process. For me, I had applied for it since the time of application submission - so, 100% fault is at their end only.
Thanks for the nudge, I will take it up to RBI.