How Padho Pardesh Scheme Helps Minority Students For Higher Studies?

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The Padho Pardesh scheme is a major section of the Indian government’s 15 Point Programme with a basic aim towards the Welfare of Minorities. Under the Ministry of Minority Affairs, this scheme provides subsidised educational loans for students from the economically weaker section of the population to study overseas.

It is specifically meant to benefit minority communities including Muslims, Christians, Sikhs, Buddhists, Jains and Parsis. Constituting 20.2% of the 1.2 billion Indian population, more than 36% of the 7.5 Lakh students studying abroad hail from these ethnic groups. Padho Pardesh scheme provides subsidised financial assistance to these students and for more who are unable to do so due to financial constraints. Its subsidised loan scheme can be availed for higher studies such as Masters, Ph.D. and M.Phil across various disciplines.

Subsidised Loans To Study Abroad

Studying abroad includes more than just institution fees. According to the Economic Times, the average cost of living in USA and Australia can sum up to around Rs. 75,000 and Rs. 86,000 per month. In the UK, living expenses inside or outside London can vary either side of Rs. 1 Lakh.

As much as 30% Indian students studying abroad prefer educational institutions either in the USA, the UK or Australia. As such, studying abroad requires nearly as much for tuition fees as for living expenses, if not more.

Subsidised education loans provide such students a viable opportunity to meet the varied expenses to pursue their dream courses abroad. Features of the subsidy –

       The payable interest accrued during the moratorium period as per the Education Loan Scheme shall be met by the Government of India.
       Post completion of the moratorium period, the student will be liable to pay interest for the remainder of the loan amount.

Education loans come with a pre-specified moratorium period. It typically includes course duration and either 1 year after course completion or 6 months after employment, whichever is earlier.

This is the most important point of assistance provided by Padho Pardesh. The student availing the loan is not required to repay the interest incurred during the moratorium period. He/she only needs to meet the loan EMIs post the moratorium period minus interest incurred during the same.

There are numerous financial institutions which provide just as beneficial education loans in India. For instance, lenders like Bajaj Finserv offer high-value Loans Against Property for Education at attractive rates of interest and easy-to-meet eligibility criteria.

Bajaj Finserv also provides pre-approved offers with such loans which make the process of availing them quicker and easier. These offers are available on various financial products including secured loans such as home loans, unsecured loans such as personal and business loans.

Conditions To Avail The Subsidy

       Interest subsidy offered by the scheme shall be directly linked to an existing loan availed from the IBA (Indian Banks’ Association) or any financial institution regulated under it.
       Subsidy will be available with each eligible student only once.
       A student discontinuing the course or expelled from the institution will not be able to benefit from the scheme.

There are certain other pointers every borrower should know before applying for a loan against property.

Eligibility Criteria

       The student must have secured admission at pre-specified courses and at Masters, Ph.D. or M.Phil degrees levels.
       He/she has to apply within the 1st year of the course.
       The loan must be availed from a financial institution registered under the Education Loan Scheme of IBA.
       A student is only eligible if he/she belongs from a notified minority section and only if the total annual income of his/her family is below Rs. 6 Lakh per annum.

Padho Pardesh specifically aims to assist students from the socio-economic perspective. It aims to uplift the economically weaker sections of the minority population by meeting necessary finances required for abroad education. It is a progressive ambition towards holistic upliftment of these sections of the society, specifically the minorities. An online tool education loan calculator is used to calculate the loan amount. You can optionally choose to finance your education with a loan against property instead and use the property value to invest in your child’s growth. Make sure to know the education loan details and terms before applying for it.


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