Padho Pardesh Scheme Application for Minority Community – Education Loan for Study Abroad
Padho Pardesh Scheme is an interest subsidy on an education loan to the minority students who want to pursue higher education abroad. Here we will discuss on how to apply for Padho Pardesh Scheme 2018. You can check more detail on the official website.
It is aimed to promote students from minority communities for education advancement overseas. The scheme is implemented jointly by Designated Banks of India and Ministry of Minority Affairs.
Objectives of Padho Pardesh Scheme
Padho Pardesh Scheme is aimed to offer interest subsidy to meritorious students who are economically poor and belong to minority communities.
By doing so, it aims to enhance their capabilities and provide opportunities to study abroad. The scheme is similar to other education loans offered in India.
The interest subsidy under the scheme is for the students enrolled for Master’s degree, M. Phil. and Ph.D.
Features of Padho Pardesh Scheme
- The loan is to be availed from existing education loan scheme of Indian Association Bank.
- The maximum loan available under the scheme is Rest 20 lakh.
- The interest subsidy is available to any student only once.
- Interest on the loan for the period of moratorium plus one year of six months after securing a job, whichever is less, is totally borne by the Government of India. After that period, the interest is to be paid by the student as per the rule.
- The scheme doesn’t cover any principal amount, only interest subsidy is given.
- If the student gives up Indian citizenship during the tenure of the loan, the interest subsidy is withdrawn.
Eligibility to avail benefits of Padho Pardesh Scheme
- The student must have secured admission abroad in one of the approved courses.
- She/he must have secured education loan from one of the scheduled banks under the Education Loan Scheme.
- The annual family income of the applicant should be less than Rs 6 lakh. A certificate of income from the authority is to be submitted for the approval of the interest subsidy.
- Necessary documents are to be submitted to the bank only. The government doesn’t ask for any certificates.
Padho Pardesh Scheme gives wings to fulfill a dream of studying abroad to economically weaker students of minority communities. It also empowers them with better employment opportunities. It is a welcome social welfare scheme and the scheme is welcomed by the wider section of people.
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