The ELTF guides students on rules and regulations governing education loans offered by nationalised banks.
In the past, Srinivasan said, several bank branches did not submit their claims and as a result the students were not given the interest subsidy.
"On their part, the borrowers can also send a letter to the bank branches where they have taken the loan with necessary details to claim the interest subsidy along with a copy marked to the bank's Zonal Manager."
"It is enough, if the parents submit the income certificate signed by the competent authority at the time of availing the loan. As per the central government's scheme, full interest subsidy to eligible students are provided during the study period plus one year moratorium period," the official added.
The Indian Banks' Association (IBA) has also directed banks to provide training to its employees handling education loan in submitting claims on time without any error, Srinivasan said.
"If any bank fails to submit the claims in time for eligible student borrowers, the students can seek legal remedy through District Consumer Disputes Redressal Forum for deficiency of service claiming damages and compensation. Students can also approach the Banking Ombudsman for redressal of grievances."
"The Centre would reimburse the interest to those students whose parental income is less than Rs 4,50,000 per annum, and on loans which are available only for professional and technical courses and not for arts or science and students of diploma courses," he added.
Canara Bank is the nodal bank for the education loan interest subsidy scheme. It also has special web portal catering to the service.
Other banks have to submit the interest subsidy claims to Canara Bank.
Click here for more Education News
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)