filter your searchallcollegesexamnews

Home > News >  Want to Pursue Overseas Education? These Government Schemes Might Ease Your Journey.

Want to Pursue Overseas Education? These Government Schemes Might Ease Your Journey.

Updated On - September 21st 2019 By - Pranjal Singhal

Want to Pursue Overseas Education? These Government Schemes Might Ease Your Journey.

More and more Indian students are flying abroad for their higher education. As per government studies, there are more than 7,50,000 Indian students currently studying in universities overseas. Despite its charms, foreign education can be really expensive to fund at times. This is the biggest reason why students start searching for best education loans and scholarships as soon as they secure admission.

The good thing is that there are many banks and NBFCs in the market providing education loans for abroad studies. What’s better is that the government has been acting as a catalyst by providing various subsidy schemes to support students. Applicable to almost all of the education loan schemes ranging from SBI Education Loan for Abroad to the Fullerton India Education Loan scheme, these subsidy schemes make studies abroad hassle-free.

Designed particularly for education loan schemes pertaining to foreign education, these schemes take some factor into considerations like the annual family income and the category of the student. Some of these popular schemes are mentioned below.

1. Padho Pardesh

Padho Pardesh is the flagship education loan subsidy scheme launched by the Ministry of Minority Affairs, Government of India. The scheme’s purpose is to support students of minority communities aspiring for foreign education, either at Master’s, M.Phil. or the Ph.D. level.

Features of Padho Pardesh

  • The government will finance the 100% interest.

  • The interest is covered only for the moratorium period.

  • The scheme can be availed only once.

  • The scheme covers a very wide range of courses.

Eligibility for Padho Pardesh

  • The student should belong to a minority community such as Muslims, Parsis, Christians, Sikhs, Jains.

  • The annual income of the student’s parents or guardians should not be more than INR 6 lakh.

  • The loan should be sanctioned by a bank falling under Indian Banks’ Association.

Also, check Government Subsidy Schemes Funding Education Loans for Study in India.

2. Dr. Ambedkar Education Loan Interest Subsidy Scheme

Introduced by the Ministry of Social Justice and Empowerment, this scheme funds the overseas education of students belonging to Other Backward Classes (OBCs) and Economically Backward Classes (EBCs). The scheme provides interest subsidy to meritorious students availing Master’s, M.Phil., or Ph.D. courses from foreign universities.

Eligibility Criteria

  • The loan should be sanctioned by a bank falling under Indian Banks’ Association.

  • The course should fall under the categories approved.

  • In the case of OBCs, the students must possess OBC Caste Certificate issued by a competent authority.

  • The annual family income should not exceed INR 3 lakh for OBCs and INR 1 lakh for EBCs.

3. Overseas Doctoral Fellowship

The Science and Engineering Research Board (SERB), a statutory board under the Department of Science and Technology, Government of India, has launched this scheme to fund doctoral programs abroad. The board will provide a fellowship amount of $2000 per month along with the cover of travel expenses and preparatory allowance. The selection of students will be made by the overseas institution in consultation with the SERB.

Institutions with which the agreement has been signed are:

  • Cambridge University, UK

  • Stanford University, USA

  • Carnegie Mellon University, USA

  • University of Southern California, USA

  • University of California, Irvine, USA

  • Rice University, USA

  • The State University of New York, University at Buffalo, USA

  • University of British Columbia, Canada

4. National Overseas Scholarship

Launched by the Ministry of Social Justice and Empowerment, Government of India, this scheme provides scholarship to students belonging to categories of Schedules Castes (SCs) and Scheduled Tribes (STs). This scheme covers Master level and Ph.D. level courses under the fields of:

  • Engineering and Management

  • Pure Sciences & Applied Sciences

  • Agricultural Sciences and Medicine

  • Commerce, Accounting & Finance

  • Humanities & Social Science

These schemes are supporting those students who are not financially sound but are compelled to take education loans. With such beneficial schemes, the government ensures that no child drops education just because of the money problem.