“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 Pradesh Government

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:

Also Read: Student Loan for UK

Dr. Ambedkar Central Sector Scheme

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

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.

Vidya Lakshmi Education Loan

Vidya Lakshmi Education provides loan to those who wish to pursue graduation, post-graduation, and doctoral programs. The government approves a loan of a maximum amount of ₹ 30 lakhs to the students who are willing to study abroad.

Eligibility

• Applicants must be Indian Nationals
• Applicants must be able to secure admission to an international university or college.
• Applicants must have completed their class 12th from a recognized board of study.

How to Apply?

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.

Also Read:

• Bank of Baroda Education Loan
• IDBI Education Loan
• Vijaya Bank Education Loan
• ICICI Education Loan
• Syndicate Bank Education Loan
• HDFC Bank Education Loan

FAQs

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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