Study Abroad Made Affordable: Your Complete Guide to Government Education Loans
Education abroad has always been a dream for many students in India, but the fact that it is very expensive hinders such ambition. The Indian government provides various schemes for education loans to help the students pay the fees for higher education in foreign countries. Here, in this blog, let us go through the Government Education Loan for study abroad: eligibility criteria, documents required, and some of the specific schemes are Vidya Lakshmi Portal Education Loan, NBCFDC Education Loan, Padho Pardesh Scheme, and Dr. Ambedkar Central Sector Scheme.
Study Abroad Made Affordable: Your Complete Guide to Government Education Loans
Education abroad has always been a dream for many students in India, but the fact that it is very expensive hinders such ambition. The Indian government provides various schemes for education loans to help the students pay the fees for higher education in foreign countries. Here, in this blog, let us go through the Government Education Loan for study abroad: eligibility criteria, documents required, and some of the specific schemes are Vidya Lakshmi Portal Education Loan, NBCFDC Education Loan, Padho Pardesh Scheme, and Dr. Ambedkar Central Sector Scheme.
Education Loan in Vidya Lakshmi Portal
The Vidya Lakshmi Portal is a one-stop solution for students to access information on educational loans. Among them, this initiative is to make the education loans’ application process much easier by offering one-stop applications for education loans from different banks.
Eligibility Criteria
Indian Citizenship: Candidates must be of Indian nationality.
Level of Education: It is mandatory to have a completion certificate of 10+2 to apply for this post.
Required Documents
Bank Statements: Bank passbook for the last six months.
KYC Documents: Identity documents and proof of address.
Educational Mark Sheets: 10th, 12th, and degree course mark sheets.
Admission Letter: Original and photocopy of the admission letter from the college or university showing the fee structure.
Guarantor Form (Optional): May be necessary in some banks depending on their internal policies or the type of account being opened.
For more information visit: https://www.vidyalakshmi.co.in/Students/
NBCFDC Education Loan Scheme
The National Backward Classes Finance & Development Corporation (NBCFDC) offers educational loans to the backward class students living below the poverty line. This loan is for general, professional, or technical graduate and postgraduate courses in India and abroad.
Eligibility Criteria
Income Limit: Their family income should not exceed double the poverty line.
Course Level: Suitable for general, professional, or technical courses.
Benefits
Loan Limit: Maximum scholarship of Rs. 10 lakh for studies in India per annum and Rs. 20 lakh for studies in foreign countries per annum.
Interest Rate: 4% per annum with the concessional rate of 3 percent per annum. 5% per annum to girl students.
Coverage: A minimum of 90% of the loan for studies in India and 85% of the loan for studies in overseas countries.
For more information visit: https://nbcfdc.gov.in/loan-scheme-description/4/en
Padho Pardesh Scheme
The Padho Pardesh Scheme that has been formulated to offer interest subsidies on educational loans extended to students belonging to minority communities studying abroad.
Eligibility Criteria
Income Limit: Their family income should be less than Rs. 6,00,000 per annum.
Loan Requirement: Must have taken an education loan from any of the scheduled banks under the IBA Education Loan Scheme.
Application Timing: Applications for the scheme’s benefits must be made during the first year of study by the students.
Required Documents
Income Proof: TR/Form 16/Audited Accounts/Income Certificate issued by the state government or UT administration.
Bank Details: Bank account details linked with Aadhaar.
For more information visit: https://canarabankcsis.in/Padho_STD_Portal/login.aspx
Dr. Ambedkar Central Sector Scholarship Scheme
The Dr. Ambedkar Central Sector Scheme is aimed at assisting the students belonging to the Scheduled Castes and Other Backward Classes in pursuing courses at the Master’s, M.Phil., or even Ph.D. level.
Eligibility Criteria
Course Level: Enrolment in approved courses in the Master’s, M. Phil., or even master and Ph.D. levels.
Loan Requirement: Must have borrowed a loan from a scheduled bank under the IBA Education Loan Scheme.
Income Proof: Income certificate issued by the concerned state government or UT administration.
Required Documents
Income Proof: TR/Form 16/Audited Accounts/Income Certificate.
Bank Details: Particulars of the Aadhaar linked bank account.
For more information visit: https://socialjustice.gov.in/schemes/11
Conclusion
Getting a government education loan for abroad education can go a long way in reducing the financial pressure on Indian students who wish to study abroad. If the students are able to meet the requirements and submit the relevant documents, these government schemes can help students fulfill their academic and career aspirations. These loans available through the Vidya Lakshmi Portal, NBCFDC, Padho Pardesh Scheme, and the Dr. Ambedkar Central Sector Scheme provide significant assistance to make an education abroad possible.
