It is extremely essential for study abroad aspirants to plan and manage finances beforehand, so as to get a firm hold of what the financial situation would be like when studying abroad. While there may be university scholarships available at the time of application, the competitive nature of financial aid often makes it difficult to get a decent amount. Another option which is widely available for Indian students is to get access to a government education loan for study abroad purposes!
An education loan for abroad studies by Indian government is available in several types, and is easily accessible. So, keep reading, as this blog will make you aware about all the eligibility requirements and the complete application process to apply for a foreign education loan by government!
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Best Government Education Loans for Study Abroad
Let us straightway move towards discovering what all education loans does India offer to students willing to study abroad. Given below is the list for the best government student loan for study abroad:Gujarat Government Education Loan for Studying Abroad
- Vidya Lakshmi Education Loan
- Education Loan Scheme of the NBCFDC
- Padho Pardesh Scheme
- Dr Ambedkar Central Sector Scheme
Gujarat Government Education Loan for Studying Abroad
Quite a prominent education loan for abroad studies by Indian government, the Gujarat Government Education Loan offers 100% subsidy to economically weaker students from Gujarat who wish to pursue higher studies, in an abroad setting. Through this government student loan for study abroad, students can get upto 15 Lakhs as loan, to start their higher education abroad.Type |
State Government Loan to Study Abroad |
|
Eligibility Criteria |
|
|
Amount Offered as Loan |
Upto 15 Lakhs |
Vidya Lakshmi Education Loan
A popular government loan for abroad study, the Vidya Lakshmi Education Loan is offered for UG, PG and doctoral programs. The government education loan for abroad offers a loan amount of up to 30 Lakhs.
|
Type |
Government Loan for Study Abroad |
|
Eligibility Criteria |
|
|
Amount Offered as Loan |
Upto 30 Lakhs |
Education Loan Scheme of NBCFDC
This particular government education loan for study abroad offers financial aid to applicants from backward classes, categorised as Below Poverty Line. The education loan scheme of the National Backward Classes Finance and Development Corporation (NBCFDC) is valid for all types of higher education programs.
|
Type |
Government Loan for Study Abroad through a Government Organisation |
|
Eligibility Criteria |
|
|
Amount Offered as Loan |
Upto 20 Lakhs |
Padho Pardesh Scheme
The Padho Pardesh education loan for abroad studies by Indian government is offered to students willing to pursue post graduate studies abroad. The scheme provides students under the minority category, with a subsidy of 100%.
|
Type |
Government Education Loan for Abroad through Canara Bank |
|
Eligibility Criteria |
|
|
Amount Offered as Loan |
Upto 20 Lakhs |
Dr Ambedkar Central Sector Scheme
Under this abroad education loan by Indian government, students belonging to the minority sections can get a subsidy of up to 100%. The Dr Ambedkar Central Scheme is only applicable for PG and doctoral programs, and can only be availed once, for a single program (either PG program or PhD program).
|
Type |
Central Government Loan for Abroad Study |
|
Eligibility Criteria |
|
|
Amount Offered as Loan |
Not specified |
Documents Required to Apply for Government Loans for Study Abroad
Documentation is of the utmost importance, when applying to a government student loan for study abroad. In order to apply for a foreign education loan by government, it is necessary to submit some required documents that have been listed below:
- Application form for the loan
- Income proof for the family (income tax returns, property proof, etc)
- Standardised test scores
- Academic transcripts
- Aadhar card
- Birth certificate
- Bank statements
- PAN Card
- Residential proof
- Acceptance letter from university abroad
- Self declaration
Application Procedure to Apply for Government Education Loan for Study Abroad
Let us now discuss the application process to apply for a government student loan for study abroad purposes:
- Choose a government loan for study abroad, which is the most suitable for you
- Check all information including moratorium period, repayment tenure, education loan for abroad studies by Indian government interest rate, etc
- Visit the official website for the education loan you’ve chosen
- Fill in the application form
- Scan and upload the required documents
- Wait for the decision
You can get hold of an education loan for abroad studies by Indian government quite easily, provided you fulfil the eligibility criteria, and have received an offer or an acceptance letter from the university you wish to study abroad. There are a number of education loans provided by the Indian government, which offer a loan amount up to INR 30 Lakhs. The Indian government also offers subsidised interest rates for students from particular categories so as to make their study abroad experience smooth and hassle free! You can also connect with our Yocket Loan Assistance program to know more!
Frequently Asked Questions about Government Education Loan for Study Abroad
Ques. What are some top government education loan for study abroad?
Ans. Some best government student loan for study abroad have been listed below:
- Gujarat Government Education Loan
- Vidya Lakshmi Education Loan
- Education Loan Scheme of NBCFDC
- Padho Pardesh Scheme
- Dr Ambedkar Central Sector Scheme
Ques. What is the minimum percentage required to apply for an abroad education loan by Indian government?
Ans. While the percentage might differ with different education loan schemes, for a majority of loans, the minimum required percentage is usually observed to be 60%.
Ques. What are the documents required for applying to a government student loan for study abroad?
Ans. The documents required to apply for government loan for study abroad are:
- Application form for the loan
- Income proof for the family (income tax returns, property proof, etc)
- Standardised test scores
- Academic transcripts
- Aadhar card
- Birth certificate
- Bank statements
- PAN Card
- Residential proof
- Acceptance letter from university abroad
- Self declaration
Ques. Can I get a subsidy on government education loan for abroad?
Ans. Yes, subsidies are available for government education loan for abroad. But, you might be required to submit particular documents, or a caste certificate in order to gain the subsidy. The documents may differ for different government education loan for study abroad.
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