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Discover comprehensive details on government education loans for studying abroad in 2024. Top options include the Vidya Lakshmi Portal offering up to 鈧�20 lakh, Gujarat Government's scheme with loans up to 鈧�20 lakh, and NBCFDC Education Loan Scheme providing financial support for eligible students.

Government Education Loan For Studying Abroad: Top 5 Govt. Loan For Study Abroad

Government education loans, offered by both Central and state governments in India, provide vital financial aid to students aiming for higher studies abroad or within the country. These schemes cater specifically to economically weaker sections, featuring lower interest rates compared to private financial aid.

The below table details 5 popular government education loan schemes, including details on maximum loan amounts, interest rates, and the number of schemes available:

1. Gujarat Government Education Loan for Study Abroad

The Gujarat Government Education Loan offers vital support to students from Gujarat aiming to pursue higher education abroad amidst financial constraints. Eligible candidates can benefit from a 100% interest subsidy on the loan amount, easing financial burdens post-education. Under this scheme, students can secure up to INR 15 lakh at a competitive 4% interest rate.

Gujarat Government Education Loan Eligibility:

To qualify, applicants must meet specific criteria:

• Residency in Gujarat
• A minimum of 60% score in the 12th standard
• An annual family income below INR 6 lakhs
• An acceptance letter from an international college or university.

For more details, visit the !

2. Education Loan Scheme of the NBCFDC for Study Abroad

The aims to provide financial assistance to students from backward classes pursuing professional, technical, and vocational education courses. Eligible students can secure up to INR 20 lakh at a 4% interest rate, with female students receiving an additional 0.5% concession. This initiative supports candidates belonging to Below Poverty Line (BPL) families with an annual family income below INR 3 lakh.

NBCFDC Education Loan Scheme Eligibility:

• Backward Classes: Candidates must be members of backward classes.
• Entrance Test: Candidates must have passed the required entrance test for admission to the university (India/abroad).
• Family Income: Family income should not exceed INR 3 lakh annually.

3. Vidya Lakshmi Portal Education Loan for Study Abroad

Discover the , a pioneering government initiative for education loans. This single-window platform offers seamless access to 139 loan schemes from 45 banks, facilitating loans up to INR 1.5 crore for Indian students pursuing higher education abroad.

• Benefit from simplified application processes, document uploads, and application tracking, all while exploring scholarship opportunities through the National Scholarship Portal.
• Ideal for students aiming for domestic or international studies, Vidya Lakshmi ensures a straightforward path to financing your academic aspirations.

Vidya Lakshmi Portal Education Loan Eligibility:

Here are the major eligibility criteria for obtaining an education loan for studying abroad through the Vidya Lakshmi Portal:

• Applicants must be Indian citizens.
• Candidates should have secured admission to a recognized university or college abroad.
• Applicants must have a strong academic record, typically meeting the minimum percentage or CGPA requirements set by the lending institution.
• A co-applicant, usually a parent or guardian, with a stable income and good credit history, is often required to act as a guarantor for the loan.

4. Dr Ambedkar Central Sector Scheme for Study Abroad

The Government of India provides an education loan with 100% interest subsidies to meritorious students from Minority communities under the Dr. Ambedkar Central Sector Scheme. This scheme supports students pursuing M.Phil and Ph.D. courses abroad. While the loan amount is not specified, eligible students must meet certain criteria to qualify for this government education loan.

Dr Ambedkar Central Sector Scheme Eligibility Criteria:

• Caste Certificates: Availability of valid caste certificates.
• Family Income: Should not exceed INR 3.0 lakhs annually.
• Acceptance Letter: Offer or acceptance letter from a college/university abroad.
• Academic Performance: Must have scored at least 60% in the 12th board exam.

For more details, visit the official website at .

5. Padho Pardesh Scheme for Study Abroad

The is a government initiative designed to support aspirants from minority groups pursuing higher education abroad. This education loan for abroad studies by the Indian government provides essential financial resources to students from economically weak backgrounds. Eligible minority groups are defined under Section 2(C) of the National Commission for Minorities Act (1992), including Jains, Zoroastrians (Parsis), Buddhists, Sikhs, Christians, and Muslims. This scheme is applicable for higher education courses such as Masters and Ph.D. programs.

Padho Pardesh Scheme Eligibility Criteria:

• Minority Groups: Includes Jains, Zoroastrians (Parsis), Buddhists, Sikhs, Christians, and Muslims.
• Higher Education: Applicable for Masters and Ph.D. courses only.
• Family Income: Should not exceed INR 6 lakhs per annum.

For more details, visit the official website. This scheme, along with other options like the education loan for study abroad by the Gujarat government, offers robust support for students aiming to study abroad.

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Benefits of Education Loan For Abroad Studies by Indian Govt

Government education loans offer various benefits that make them an attractive option for students. Here are some notable advantages of availing a government education loan under state or central government schemes, including the education loan for study abroad by Gujarat government and the education loan for abroad studies by Indian Govt.

Benefits of Government Education Loans are as follows:

• Minimal Interest Rates: Enjoy lower student loan interest rates compared to private loans.
• Interest Subsidy: Benefit from government subsidies on loan interest.
• No Collateral Required: No need for collateral for loans up to INR 7.5 lakhs.
• High Loan Amounts: Financing up to INR 1.5 crore is available.
• Easy Approval Process: Streamlined and straightforward loan approval process.
• Flexible Repayment Options: Choose from various repayment plans to suit your financial situation.
• Moratorium Period: Enjoy a 1-year grace period after course completion before repayments begin.

These advantages make government education loans, including the Govt loan for study abroad, an excellent choice for students seeking financial support for their higher education.

Read More: 7 Best Countries To Study Abroad for Indian Students!

How To Apply For Government Loan For Studying Abroad

If you are eligible for any of the education loans for abroad studies by the Indian government and wondering how to apply, here is a step-by-step process to guide you:

Step 1: Secure Admission

Apply to an institution abroad and secure a seat.

Step 2: Contact the Bank

Reach out to a bank that is a member of the (IBA) for education loans or apply through the designated portal.

Step 3: Request Application Form

Inform the bank about your intention and request the application form under the applicable education loan for abroad studies by Indian Govt.

Step 4: Submit Documents

Gather and submit the required documents.

Step 5: Forwarding Application

After submission, your application and documents will be forwarded to the concerned authority.

Step 6: Selection Notification

You will be contacted by the bank or authority if you are selected for the education loan.

This process also applies to other government schemes, such as the education loan for study abroad by the Gujarat government, ensuring you have access to the necessary financial support for your international studies.

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