Education Loan for Abroad Studies by Indian Government

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Education Loan for Abroad Studies by Indian Government

Education is the most powerful weapon which you can use to change the world”. If a person that educated is capable of changing not just his/her individual life but also the life of others. Quality education requires a hefty amount that some people are not able to afford. To help the candidates that have the talent & potential to study from abroad but lack sufficient funds, the Government of India has launched various schemes to provide financial assistance. Here are some of the education loans for Abroad Studies by Indian Government that will help you to fulfill your dream!

Padho Pardesh Education Loan Scheme

Padho Pradesh is a government education loan scheme launched to help students belonging to economically weaker sections of minority groups providing them financial assistance in their higher education from foreign universities. Minority groups included are declared in section 2(c) of the National Commission for Minorities Act, 1992. Padho Pradesh was launched to push & enhance the minority communities towards the education sector & better employment opportunities. 

Also Read: Loans to Study Abroad

Eligibility

  • Students interested in pursuing & have secured admission seats at Masters or Ph.D. level.
  • Applicants must belong to a minority community declared in section 2(c) of the National Commission for Minorities Act, 1992 ( Muslims, Christians, Sikhs, Buddhists, Zoroastrians (Parsis) and Jains )
  • Applicants should have availed bank loan from the bank that is a member of the IBA.
  • Family income should not be more than Rs.6,00,000 lakhs p.a.

Click here for Padho Pardesh

Here is a state/UT-wise & Community-wise distribution of the Padho Pardesh Scheme for overseas studies:

Credits – Ministry of Minority Affairs

Also Read: Student Loan for UK

Dr. Ambedkar Central Sector Scheme

Dr. Ambedkar Central Sector Scheme is a government education loan scheme launched to help the students of other backward sections & economically weaker sections of the society by providing them financial assistance for higher studies from foreign universities. This is awarded to students with an excellent academic record. The Government education loan scheme was an initiative to enhance the education & employability among the OBC & EwS.

Also Read: Vidya Lakshmi Portal

Eligibility

  • Applicants applying for this scheme as other backward classes category should have a government-issued certificate of OBC.
  • Applicants must have secured admission to a foreign university, Indian institutions are not eligible.
  • Courses at the master’s & Ph.D. level are only eligible for this scheme.
  • Applicants should have availed bank loan from the bank that is a member of the IBA.
  • Family income should not exceed Rs. 3 Lakhs p.a.

Click here for  Dr. Ambedkar Central Sector Scheme

Here is a form of   Dr. Ambedkar Central Sector Scheme

Credits –  Socialjustice.nic.in
Credits – Guide my finance

  Education Loan Scheme of the NBCFDC

NBCFDC provides educational loans to the applicants of the OBC Category seeking admission into general/professional/technical courses at bachelors or masters level from Indian institutions or institutions from abroad. The maximum loan limit for applicants pursuing courses from India is Rs. 4 lakhs whereas for foreign courses maximum loan limit is Rs. 20 lakhs. The interest rate is 4% & concessional for girls is 0.5%

Eligibility

  • Applicants applying for this scheme as other backward classes category should have a government-issued certificate of OBC.
  • Applicants must have secured admission to a foreign university or Indian institution.
  • Applicants should have secured admission based on entrance exam or merit
  • Family income should not exceed Rs.3.5 lakhs.

How to apply for an education loan for abroad studies by Indian government?

If you are eligible for any of the education loans for abroad studies by Indian government & wondering how to apply for the same. Here is a step-wise process:

  1. All candidates have to first apply to the institution abroad & secure a seat.
  2. Reach out to the bank that is a member of IBA for education loans or apply through Vidya Lakshmi Portal.
  3. The next step is to inform & request the application form under the education loan for abroad studies by the Indian government. (Scheme that is applicable based on course & eligibility)
  4. Submit the required documents.
  5. After the submission of the application & documents, it will be forwarded to the concerned authority.
  6. You will be contacted by the bank/authority if you are selected under the education loan for abroad studies by Indian government.

Also Read: Documents Required for Education Loan

Documents Required

At the time of applying for an education loan for abroad studies by Indian government, there are some mandatory documents that need to be submitted. Here is the list of documents:

  1. Certificate of religion
  2. Caste certificate
  3. Family Income Certificate
  4. Marksheet of Class 10 & 12
  5. Date of birth certificate
  6. Undergraduate degree (If applicable)
  7. Admission Letter

Repayment

The repayment will start after the moratorium period has expired.  The moratorium period is the duration of the course plus one additional year or six months after an applicant has secured a job. The applicant has to pay the EMIs beyond the period of moratorium.

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FAQs

Are applicants from Union territories also eligible to apply for  Dr. Ambedkar Central Sector Scheme?

Yes, if applicants belong to the OBC category he/she is eligible.

Are girls eligible for Education loans for abroad studies by Indian government?

Yes, girls are also eligible for education loans for abroad studies by Indian government.

Is padho Pardesh scheme for just master courses?

Padho Pardesh scheme is for masters & doctorate courses from abroad.

Do we have to apply at the official authority granting Education Loan for Abroad Studies by Indian Government? 

No, you have to request your loan application in the bank (member of IBA) under the scheme that is applicable.

What is the limit of family income under the padho pardesh scheme?

The family income should not exceed Rs. 6 lacs p.a.

We hope that all your queries regarding education loans for abroad studies by the Indian Government are solved through this blog. If you require more extensive abroad admission support, like choosing the right university, identifying the suitable loan and creating the perfect application to target your dream universities, our counsellors at Leverage Edu can help you.

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