Subsidy on interest of overseas education loan to lure youth

MUMBAI, India - Jan. 16, 2014 - PRLog -- With the increase in competition and increasing in number of students getting cent per cent, the cut-offs for admissions became close to 100% in the best Indian universities plus there are entrance to qualify for particular course. The youth who fail to meet the criteria often opt overseas education. A study conducted by IIM-B showed that the students going for higher studies abroad has increased by 256% in the last 10 years.

In India, most of the students opt for loan for overseas education to finance their overseas education. Keeping this thing in mind lot of banks are coming up with unique offers to lure students. The amount of overseas education loan is provided to meet all type of expenses which are necessary for completion of course that  includes purchase of books, equipments, computer, travelling, study tours, boarding, lodging besides all types of fees.

Not satisfied with their current performance in Delhi , Madhya Pradesh and Rajasthan election, the UPA government is now eyeing on bigger picture i.e., Lok Sabha elections due in next few months.

In order to lure youth to come cast their vote in favour of them, the UPA government is planning education scheme, named Padho Pardesh  for students belonging to economically weaker section of notified minority communities – Muslims, Christians, Sikhs, Buddhists and Zoroastrians.

The Padho Pardesh scheme is being put together by the Ministry of Minority Affairs and the Finance Ministry to provide minority community students with better opportunities for higher overseas education (Masters and PhD level) abroad.


With this scheme the interest on overseas education loan during the period of moratorium will be borne by the Government. After the period of moratorium, interest on the outstanding amount of loan for overseas education will be paid by the student, in accordance with the provisions of the existing education loan scheme of banks. The scheme will be valid for eligible students who want to go for master’s degree or for PhD. The icing on the cake is that there is 30 % reservation for female gender.
Eligibility criteria to avail benefits:
• Total family income should not exceed Rs 6 lakh a year.
• The person should be Indian citizen.
• Should have completed bachelors from recognized university or institution in regular mode.
• Overseas education loan must be availed from designated banks only.
This scheme is boon for students belonging to economically weaker section of notified minority communities.

Visit http://www.avanse.com/studying-abroad/ for more details