With the launching of the Padho Pardesh scheme, the Government of India aims to make overseas education affordable for deserving students from the minority class. For this scheme, the Central Government has allotted Rs.7.50 crore; aspiring students who want to study abroad can take the opportunity and move forward.
Who can avail the benefits of the Padho Pardesh scheme?
This scheme is available for students who want to study abroad and are from the minority class of India. Students from minority classes like Parsis, Jains, Buddhists, Sikhs, Christians, Muslims etc., can apply for the scheme.
Students with high aspirations but insufficient funds can apply for this scheme. This way, they can reduce their financial burden and focus better on their studies. The Padho Pardesh scheme is a boon for economically backward students with dreams of attaining higher studies abroad.
Eligibility criteria to avail the Padho Pardesh education loan:
Monitored by the Ministry of Minority Affairs, this scheme has certain eligibility criteria. Aspiring applicants must follow these parameters before applying for the scheme. These parameters are:
- One must belong to the Economically Weaker Section.
- The total income of the family should be within Rs.6 lakh per annum.
- Interested students must take admission in an organisation abroad to pursue Masters, M.Phil, or PhD.
- Must be a residing citizen of India.
- Candidates who have taken a loan amount under Rs.20 lakh can only apply.
Procedure to apply for the Padho Pardesh scheme:
Selected lenders across India provide these educational loan schemes for aspiring students who want to pursue their studies in courses like Humanities, Pure Science, Commerce, MBA and more. To apply for the scheme, one needs to follow certain guidelines like:
- One needs to choose an educational loan from a financial institution that is a member of the IBA.
- One has to visit the official website of the lender.
- Submit the required documents.
- After the complete verification of the documents, personnel from the lender’s side will contact.
- Once the individuals get the loan amount disbursed, they need to inform the financial institution about their willingness to opt for the scheme.
- Upon asking, submit additional documents to the financial institution to avail the interest subsidy under the scheme.
Benefits of Padho Pardesh loan:
This scheme comes with various benefits to help students to pursue their desired careers in their respective fields. Of various benefits, some of them are:
Educational welfare for the minority community
The main objective of the scheme is to provide subsidy interest for the minority class. To provide educational betterment of the bright students, the Central Government has launched the scheme. This scheme encourages students from economically weaker backgrounds to manage their finances with education loan for abroad studies.
100% subsidy reimbursement on interest rate
Meritorious learners can avail of a 100% interest subsidy on their educational loans. The Ministry of Minority Affairs ensures full reimbursement of the interest payable on this educational loan within the moratorium period. This scheme allows students to avail reimbursement till they secure a job. However, after the moratorium period is over, students will need to bear the cost.
Covering the entire course period
The Central Government enables the students from the minority class to avail subsidy on the interest rate for the entire course period. This ensures that the beneficiary stays stress-free from the payable interest burden during his/her course period and focuses more on studies.
Inclusion of partial courses
Courses that are regulated partly from India and partly from abroad are eligible under this scheme. Students applying for such courses will get an interest subsidy as soon as they get admission to a university abroad.
While taking educational loans, students can also apply for loans against property from selected lenders. Amount obtained from this secured loan can help students in funding their expenses related to admission fees, tuition fees, buying study materials, accommodation costs, travel costs, and more. Moreover, individuals need to submit a list of documents needed to apply for a loan against property.
Furthermore, individuals can check whether they are eligible for pre-approved offers. Leading financial institutions provide pre-approved offers to streamline the documentation process. To check your pre-approved offer, you need to furnish personal credentials and contact details.