INTEREST SUBSIDY FOR EDUCATIONAL LOANS An Initiative to help students from Economically Weaker Sections Government of Indi desire that nobody is denied professional education because he/she is poor. Indian Banks’ Association (IBA) has formulated a comprehensive model educational loan scheme for adoption by all Banks.n order to support students from Economically Weaker Sections of the Society, Department of Education, Ministry of Human Resource Development, Government of India, has launched this interest subsidy scheme.