What is the procedure to apply for the Padho Pardesh scheme?
Padho Pardesh scheme was introduced by the Government of India to make overseas education affordable for eligible students. Under this scheme, individuals from the minority community can avail interest subsidy on an education loan availed to study abroad.
This instrument is among the feasible financial options that can cover all the expenses incurred while studying overseas. These include tuition fees, examination charges, admission fees, cost of study material, accommodation, travel costs, food, medical expenses, etc.
Step-by-step guide to apply for Padho Pardesh scheme
Following is the guide to apply for Padha Pardesh scheme:
- First, you need to avail the study loan from your chosen lender, and then apply for the Padho Pardesh scheme.
- Submit all the relevant documents to your lender stating that you’re eligible for the interest subsidy scheme.
- The lending organisation shall submit your personal information as well as education loan details on the scheme’s portal.
What are the eligibility parameters to qualify?
You can enjoy interest subsidy on this Student Loan in India only if you meet the following eligibility criteria:
- Candidate should come from the minority community with an annual income below Rs. 6 Lakh.
- The student must have got admission in an educational institute overseas at Ph.D., M.Phil. or Master’s degree
- He/ she shall pursue any of the mentioned courses to enjoy the Padho Pardesh scheme benefits:
- Pure Science
- Humanities or Arts
- Commerce
- MBA
- Farm Power & Machinery
- Ocean & Atmospheric Sciences
- Veterinary Science and more
Bajaj Finserv also offers a loan against property for education that can be taken to avail funds for overseas education.
What are the Benefits of Padho Pardesh Scheme?
The Padho Pardesh Scheme offers several benefits for minority students pursuing higher education abroad. Here are the key benefits:
- Interest Subsidy: Provides interest subsidy on education loans for overseas studies, reducing financial burden.
- Encourages Higher Education: Promotes higher education among minority communities, enhancing their academic and career prospects.
- Improves Employment Opportunities: Graduates gain international qualifications, improving job prospects in competitive markets.
- Supports Economically Weaker Sections: Aids students from economically weaker sections, ensuring financial constraints do not hinder education.
- Covers Various Courses: Applicable for a wide range of courses including Master's, M.Phil., and Ph.D. programs.
- Global Exposure: Students gain global exposure, broadening their horizons and cultural understanding.
- Boosts Skill Development: Helps in acquiring advanced skills and knowledge from reputed international institutions.
- Fosters Personal Growth: Encourages personal growth and independence through international living experiences.
- Strengthens Minority Representation: Enhances minority representation in higher education, promoting diversity and inclusion.
- Government Support: Reflects government commitment to educational empowerment of minority communities.
Frequently asked questions
The specific requirements for the "Padho Pardesh" scheme depend on the region or country offering it. To obtain accurate information, check official government websites, contact educational authorities, and search online using the scheme's name along with the relevant location. Look for details on eligibility criteria, required documentation, application procedures, and deadlines from the most recent and official sources. Keep in mind that schemes and requirements may change, so it's crucial to refer to up-to-date information.
The income criteria for the "Padho Pardesh" subsidy, if applicable, depend on the specific region or country offering the program. To obtain accurate information, check official government websites and contact educational authorities. Review the most recent application guidelines for details on income criteria, as these criteria may vary and could change over time.
