Study abroad scheme | Online Process | Apply | Benefits | Padho Pradesh 2022 | Abroad study Yojana
If a student from minority community like Muslim, Christian, Sikh, Buddhist and Parsi community wants to go abroad for higher education, then the central government has operated a scheme to give interest exemption on loan given to study abroad, which we It is known by the name of Study Abroad Scheme. Under which, if someone is a student from minority communities and economically backward classes, then he will be given interest exemption.
So that they can easily get higher education abroad and do their employment. Students will be able to easily get master’s, PhD and MPhil degree abroad, what will be provided for interest rebate under this scheme for only one time study in whole life. Under this scheme, the interest payable by the students availing the loan will be borne by the Government of India, whichever is earlier, of six months and one year of employment including the course period. Study Abroad Scheme
Key Features of Study Abroad Scheme
- Development of education of people taking minority and backward classes
- The main objective of this scheme is to financially strengthen the students of minority and backward classes for higher education. Under this, if any students want to go abroad for higher education, then they will be given loan for studies, on which they will be given subsidy by the government.
- 100% interest subsidy
Features of Padho Pardesh Scheme
In the immediate time, the education loan given by the bank has very high interest rates, due to which many people do not take the loan. Under this scheme, the government will give a subsidy of up to 100% on the rate of loan to the students.
Time period till completion of course
Under this scheme, the loan will not be withdrawn by the bank from any beneficiary until the course of the beneficiary is completed so that the student can concentrate his entire attention on studies.
Applicable for Partial Course
The student will also get its benefit in such a course, some part of which is taught in India and some part is taught abroad. Students pursuing this type of course will get interest subsidy till they get a degree from a foreign university.
Benefit of Study Abroad scheme
- The benefit of this scheme will mainly be given to the students of minority communities such as Muslims, Christians, Sikhs, Buddhists, Jains and Parsis.
- Only those students who want to pursue higher studies abroad i.e. Masters, M.Phil and PhD level can take advantage of this scheme.
Eligibility for Study Abroad Scheme 2023
- If the candidate is unemployed, then in this situation the total income of him and his parents, guardians from all sources should not exceed Rs.6.00 lakh per annum.
- The applicant will be able to get this subsidized loan only if he is pursuing higher education i.e. Masters, M.Phil and PhD level from a recognized educational institution. If the applicant is pursuing education from abroad, then the institution must be recognized.
- Only those candidates can apply under this scheme, whose education loan is less than 20 lakhs.
- The government will give the benefit of this scheme to only those people who are formally Indian citizens.
- To Apply click here
Rules for getting loan under Study Abroad Scheme
- Total amount of loan Under the scheme, any minority community student can get loan up to a maximum of Rs 20 lakh for higher education abroad from any Indian bank.
- The student will not have to pay any interest on the amount taken under this scheme till the time period of the student’s course is completed. Apart from this, students will be given an additional time of 1 year and 6 months, after the end of this period, the applicant will be required to pay the full interest and the principal amount of the loan.
- The loan amount needs to be paid in full after the student completes the course. For which there is also a rule to deposit it in easy installments for the convenience of the student taking the loan.
- The amount received under this scheme will be transferred to the student’s account or the student will be paid by check. The student has to follow the same procedure for payment of loan and loan interest.
- Time of loan: Under this scheme, the beneficiary will be given one and a half year’s time after getting the job, after this time the student will have to deposit the loan.
- It is mandatory for the student to have an application form to get the loan. Applicants will get this application from various government banks. This application form has to be completely filled and submitted.
- For the personal information of the applicant, it is mandatory for the applicant to have an Aadhaar card, from which information about the name, address, age etc. of the applicant will be obtained, as well as the student is required to give bank account details with his application.
- It is necessary for the student to have the documents received from the university at the time of application, as well as the student must have the course taken by him in the university and the university admit card.
- If the applicant does a job then the income certificate of the applicant and if the applicant is unemployed then it is necessary to have the income certificate of his parents.
- The applicant must have a caste certificate which proves that the applicant is a minority.
How to apply for Study Abroad scheme
For the application of Study Abroad scheme, the candidate You will have to apply from any government bank, after receiving the application form, fill it carefully and attach all the necessary documents mentioned with it. After this the application form will have to be submitted, after the submission of the student’s application will be taken to the Ministry of Welfare. After that the final decision will be taken whether the applicant is eligible for this scheme or not.
Most frequently asked questions regarding Study Abroad Scheme
Who can apply for this scheme?
Students from minority communities such as Muslims, Christians, Sikhs, Buddhists and Parsi communities can apply for this scheme.
How much loan is available in this scheme?
In this scheme, loan up to Rs 20 lakh can be obtained from any Indian bank.
For how long the loan is available in this scheme?
The tenure of the loan in this scheme is till the end of your course.
For which type of education is this scheme available?
Yes Loan is available to all the students who want to go abroad for higher studies.