Quality education is the need of the hour and has been changing how we live our lives and build successful careers. If you choose to pursue a higher degree abroad, it adds a more reputed mark to your career prospects. Global universities offer quality courses to help you get into a career stream you dream of. Every pocket does not support this dream of studying abroad. You can use an Education Loan scheme from the Government of India. Read this post to learn about the government’s popular Education Loan for abroad.
Popular Schemes by the Government of India For Education Loans to Study Abroad
Below are the various government-backed schemes for Education Loan to study abroad:
1. Padho Pradesh Government
The Padho Pardesh Education Loan is a government scheme to help minority students pursue postgraduate studies abroad. This loan offers a 100% subsidy. It is available to students in their first year with a family income of less than Rs. 3.3 Lakh annually. Applicants must have an acceptance letter from a foreign university and at least 60% marks in their 12th grade from a recognised board. The loan amount offered is up to Rs. 20 Lakh.
| Feature | Details |
| Type | Government Education Loan for Abroad |
| Eligibility Criteria | Only available in the first year, Annual income less than Rs. 3.3 Lakh, Acceptance letter from a college/university abroad, Scored at least 60% in 12th from a recognised institution and board |
| Amount Offered as Loan | Up to Rs. 20 Lakh |
| Subsidy | 100% subsidy for minority students |
2. Dr Ambedkar Central Sector Scheme
The Dr Ambedkar Central Sector Scheme is another popular scheme for abroad Education Loans. It provides Education Loans for minority students pursuing postgraduate and doctoral programs abroad. This government loan offers a subsidy of up to 100% and can be availed of only once for a single program.
To qualify, students must have valid caste certificates and a gross annual family income of less than Rs. 3.0 Lakh, an acceptance letter from a foreign university, and at least 60% marks in their 12th grade from a recognised board.
| Feature | Details |
| Type | Central Government Loan for Abroad Study |
| Eligibility Criteria | Availability of caste certificates, Gross annual income less than Rs. 3.0 Lakh, Acceptance letter from a college/university abroad, Scored at least 60% in 12th from a recognised institution and board |
| Amount Offered as Loan | Not specified |
| Subsidy | Up to 100% subsidy for minority students |
3. Vidya Lakshmi Education Loan
The Vidya Lakshmi Education Loan is a popular government loan designed to help Indian students pursue undergraduate, postgraduate, and doctoral programs abroad. This loan provides financial assistance with up to Rs. 30 Lakh. To be eligible, students must be Indian nationals, have an acceptance letter from a foreign university, and have completed their 12th grade from a recognised institution and board.
| Feature | Details |
| Type | Government Loan for Study Abroad |
| Eligibility Criteria | Only available for Indian nationals, Acceptance letter from a college/university abroad, Completion of 12th grade from a recognised institution and board |
| Amount Offered as Loan | Up to Rs. 30 Lakh |
| Programs Covered | UG, PG, and doctoral programs |
Common Documents Required to Apply
Here are the common documents that will be required to apply for these government schemes for Education Loan to study abroad:
- Completed loan application form
- Family income proof (income tax returns, property documents, etc.)
- Standardised test scores
- Academic documents
- Aadhar card
- Birth certificate
- Bank statements
- PAN card
- Proof of residence
- Acceptance letter from the university that you are applying abroad
- Self-declaration statement
Conclusion
An Education Loan abroad is a saviour for individuals short on finances and looking to apply for a course at foreign universities. To further support this, the Government of India has introduced several Education Loan schemes to help students get admission into global universities abroad without hassle and financial stress.
