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Overseas Education Funding Schemes by Indian Government 2024

Funding Schemes by Indian Government 2024

Overseas Education Funding Schemes by Indian Government 2024 –The Indian Government has implemented several initiatives to promote higher education and provide financial assistance to students who wish to pursue their education overseas. The Overseas Education Funding Scheme is one such initiative that aims to support Indian students who aspire to study abroad. Under this scheme, eligible students can receive education loans to cover their tuition fees, living expenses, travel expenses, and other related costs. This scheme has been designed to provide financial assistance to students from economically weaker sections of society who otherwise may not have the means to pursue their education abroad. In this essay, we will discuss the various aspects of the Overseas Education Funding Scheme and how it has helped Indian students in pursuing their dreams of higher education overseas.

Overseas Education Funding Schemes by Indian Government 2024

Padho Pradesh Education Loan Scheme

Padho Pradesh is a scheme initiated by the Government of India under the Ministry of Human Resource Development (MHRD) to promote education in underprivileged areas of the country. The scheme aims to enhance the quality of education in the rural and remote areas of India and promote literacy among the marginalized sections of society. The primary objective of the Padho Pradesh scheme is to improve the accessibility of education for all by setting up new schools, upgrading the infrastructure of existing schools, providing necessary resources like textbooks, teaching aids, and equipment, and training the teachers to impart quality education to the students.

Eligibility

  • Students that are willing to pursue their Graduate, and Postgraduate degrees are eligible to apply for Padho Pradesh Loan
  • Only students belonging to minority sections are eligible to apply for the loan.
  • Applicants must have applied to a bank that is a member of IBA.
  • The applicant’s family income must be up to INR 6,00,000 per annum.

Click here for Padho Pradesh

Dr. Ambedkar Central Sector Scheme

The Dr. Ambedkar Central Sector Scheme is a scheme initiated by the Government of India to provide financial assistance to Scheduled Caste (SC) students who are pursuing higher education. The scheme was launched in 2014 and is named after Dr. B.R. Ambedkar, who is considered the architect of the Indian Constitution and a social reformer who dedicated his life to the upliftment of the marginalized sections of society.

Eligibility

  • Students belonging to other backward classes having government-issued certificates of OBC are eligible to apply.
  • Applicants must have completed their admission process only in any foreign university, Indian universities are not included.
  • Students that are willing to pursue their Graduate, and Postgraduate degrees are eligible to apply for Dr. Ambedkar Central Sector Scheme.
  • Applicants must have applied to a bank that is a member of IBA.
  • The applicant’s family income must be up to INR 3,00,000 per annum.

Click here for  Dr. Ambedkar Central Sector Scheme

Education Loan Scheme of the NBCFDC

The Education Loans Scheme of the National Backward Classes Finance and Development Corporation (NBCFDC) is an initiative launched by the Government of India to provide financial assistance to students from the backward classes who aspire to pursue higher education. The NBCFDC is a Government of India undertaking under the Ministry of Social Justice and Empowerment, established in 1992 to promote the socio-economic development of the backward classes.

Eligibility

  • Students belonging to other backward classes having government-issued certificates of OBC are eligible to apply.
  • Applicants are eligible to apply to any Indian or foreign universities.
  • Applicants must have completed their admission process in any foreign or Indian university.
  • The applicant’s family income must be up to INR 3.5 lakhs.

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

To apply for education loans from the Indian Government, you can follow the below steps:

  • Identify the type of education loan you are eligible for: The Indian Government offers several education loan schemes for different categories of students, such as SC/ST students, minority students, and general category students. Identify the loan scheme that you are eligible for based on your category.
  • Gather the necessary documents: The next step is to gather the necessary documents required for applying for the loan, which may include proof of identity, address, income certificate, mark sheets of the qualifying exams, admission letter from the college or university, and other relevant documents.
  • Select a lender: Once you have identified the loan scheme and gathered the necessary documents, you need to select a lender who provides the loan under the scheme. The Indian Government has tie-ups with various banks and financial institutions that provide education loans under its schemes.
  • Apply: You can apply for the education loan either online or offline, depending on the lender’s process. You need to fill in the application form and attach the necessary documents. You may also need to provide collateral security for the loan amount depending on the lender’s policies.
  • Follow up with the lender: After applying, you need to follow up with the lender for the status of your loan application. The lender will verify your documents and process your loan application.
  • Disbursement of the loan amount: Once your loan application is approved, the lender will disburse the loan amount directly to the educational institution or your account, depending on the lender’s policies.

Documents Required

The specific documents required for education loans by the Indian Government may vary depending on the loan scheme and the lender’s policies. However, below are some of the commonly required documents:

  • Identity proof
  • Address proof
  • Admission letter
  • Academic records
  • Income certificate
  • Course fee structure
  • Collateral security
  • Passport size photographs

Repayment

The repayment process for education loans by the Indian Government depends on the specific loan scheme and the lender’s policies. However, below are some of the common features of education loan repayment:

  • Repayment period: The repayment period for education loans by the Indian Government can range from 5 years to 15 years, depending on the lender’s policies. The repayment period usually starts after a moratorium period of 6 months to 1 year after the completion of the course.
  • EMI: The borrower needs to pay the Equated Monthly Installment (EMI) for the education loan, which includes the principal amount and the interest rate charged by the lender.
  • Interest rate: The interest rate charged by the lender can vary depending on the loan scheme and the borrower’s creditworthiness. The Indian Government provides a subsidy on the interest rate for certain loan schemes, such as the Central Sector Interest Subsidy Scheme.
  • Prepayment: Some lenders may allow prepayment of the loan amount without any penalty charges. It is advisable to check with the lender about their policies on prepayment.
  • Late payment charges: The borrower needs to pay a penalty fee for late payment of the EMI, which can vary depending on the lender’s policies.

FAQs

Here are some frequently asked questions about education loans by the Indian Government:

What is the maximum loan amount I can get for education loans from the Indian Government?

The maximum loan amount you can get for education loans from the Indian Government depends on the specific loan scheme and the lender’s policies. Generally, the maximum loan amount can range from Rs. 10 lakhs to Rs. 1.5 crores.

What is the interest rate charged for education loans by the Indian Government?

The interest rate charged for education loans by the Indian Government can vary depending on the loan scheme and the borrower’s creditworthiness. The interest rate can range from 7% to 12% per annum.

Do I need to provide any collateral security for education loans by the Indian Government?

It depends on the lender’s policies and the loan scheme you are applying for. Some loan schemes require collateral security, such as property papers, fixed deposits, or other assets, while others do not.

What is the repayment period for education loans by the Indian Government?

The repayment period for education loans by the Indian Government can range from 5 years to 15 years, depending on the lender’s policies. The repayment period usually starts after a moratorium period of 6 months to 1 year after the completion of the course.

Can I apply for an education loan if I have a low credit score?

It depends on the lender’s policies and the loan scheme you are applying for. Some lenders may provide education loans to students with a low credit score if they have a co-signer or guarantor who has a good credit score.

How can I apply for education loans from the Indian Government?

You can apply for education loans from the Indian Government by identifying the loan scheme, gathering the necessary documents, selecting a lender, submitting the application, following up with the lender, and finally receiving the loan amount.

You can find additional information on this topic by visiting our official website.

Zaryab

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