Education Loans for Abroad Studies by Indian Government Best Government Education Loans for Study Abroad

Education Loans for Abroad Studies by Indian Government Best Government Education Loans for Study Abroad : 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! 

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:

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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

Let us now talk about the above mentioned government education loan for study abroad, briefly:

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 : Student to be a resident of Gujarat Score of at least 60% in 12th standard Annual family income to be less than 6 Lakhs Acceptance letter from a college/ university abroad 

• 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 : Only available for Indian nationals Acceptance letter from a college/ university abroad Completion of 12th from a recognised institution and board 

• 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 : Students should possess the caste certificate Annual income to be less than 3.3 Lakhs  Acceptance letter from a college/ university abroad Scored at least 70% in 12th from a recognised institution and board 

• 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 : Only available in the first year Annual income to be less than 3.3 Lakhs Acceptance letter from a college/ university abroad Scored at least 60% in 12th from a recognised institution and board 

• 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 : Availability of caste certificates Gross annual income to be less than 3.0 Lakhs 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 

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!