1. Padho Pardesh
What are the objectives of the Padho Pradesh Scheme?
The objective of this scheme is to awards interest subsidy to meritorious students belonging to economically weaker sections of the notified minority communities as declared in section 2(c) of National Commission for Minorities Act, 1992 so as to provide them better opportunities for higher education abroad and hence enhance their employability.
What are the eligibility criteria of the Padho Pradesh Scheme?
- You should have secured admission in the approved courses at Masters level/Ph.D./M.Phil level abroad courses.
- You must belong to a minority community. Under Section 2(c) of the National Commission for Minorities Act, 1992, the minor communities are Muslims, Christians, Buddhists, Sikhs and Zoroastrians (Parsis). More Information about section 2(c) of the National Commission for Minorities Act, 1992 can be viewed from here.
- You should have availed loan from a scheduled bank under the Educational Loan Scheme of the Indian Bank Association (IBA) for the purpose.
- Total income from all sources of the family must not exceed Rs. 6 Lakh per annum.
What are the benefits of the Padho Pradesh Scheme?
Students are eligible for 100% interest subsidy on an educational loan till the moratorium period. (i.e. course period, plus one year or six months after getting a job, whichever is earlier) as prescribed under the Education Loan Scheme of the Indian Banks Association (IBA).
NOTE: Those applying under a Padho Pardesh scheme would be provided interest subsidy on loans up to Rs 20 lakh only. For loans beyond this amount, only the interest on amount up to 20 lakhs is reimbursed.
What are the procedure and requirements of the Padho Pradesh Scheme?
The process usually begins after a candidate has secured admission to a recognized university. Along with the admission papers, you must approach the bank of your choice, which is a member of IBA, and request the application to process under the Padho Pardesh Scheme. The bank’s education loan scheme must follow IBA’s model education loan scheme – and this is something you should confirm with your bank when you apply.
2. Dr. Ambedkar Central Sector Scheme
What are the eligibility criteria of Dr. Ambedkar Central Sector Scheme?
- You should be a citizen of India and must belong to EBC/OBC.
- For OBC candidates, total family income shall not exceed Rs.3 lakh per annum.
- For EBC candidates, the family income shall not cross Rs. 1 lakh mark per annum.
- You must have certificate/proof of belonging to EBC/OBC.
- You should have availed loan from a scheduled bank under the Educational Loan Scheme of the Indian Bank Association (IBA) for the purpose.
What are the benefits of Dr. Ambedkar Central Sector Scheme?
Full interest waiver during the moratorium period is provided. Interest subsidy is provided till the moratorium period only. Further, for loans beyond Rs. 20 lakhs, only the interest on amount up to 20 lakhs is reimbursed.
What are the procedure and requirements of Dr. Ambedkar Central Sector Scheme?
After securing admission in a university, you are required to file an application asking to avail the loan under this scheme along with the admission papers to the lending bank. Note that education loans from NBFCs (or non-bank finance companies) are not eligible for this scheme. After the submission of required documents, the bank will process the application and forward it to Ministry of Social Justice and Empowerment.
3. Central Scheme of Interest Subsidy for Education Loans (CSIS):
Ministry of Human Resources Development, Department of Higher Education has formulated this Interest Subsidy for Education Loans for the students of economically weaker section (EWS) for pursuing technical/professional courses in India and abroad. Interest subsidy is granted for the period of moratorium, i.e. 12 months after completing the course or 6 months after getting the job (whichever is earlier). The interest subsidy is linked with the existing Education Loan scheme of IBA and restricted to students enrolled in recognized technical/professional courses.
What is the moratorium period of Central Scheme of Interest Subsidy for education loans (CSIS)?
The subsidy is provided 12 months after completing the course or 6 months after getting the job (whichever is earlier).
What are the eligibility criteria of Central Scheme of Interest Subsidy for education loans (CSIS)?
- You should have secured admission in the approved courses from recognized Indian/Foreign universities.
- You should have availed loan from a scheduled bank under the Educational Loan Scheme of the Indian Banks’ Association (IBA) for the purpose. Again, loans from NBFCs do not qualify for this benefit.
- Total income from all sources of the family shall not exceed Rs. 4.50 Lakh per annum.
What are the benefits of central Scheme of Interest Subsidy for Education Loans (CSIS)?
Full interest subsidy is provided for the moratorium period, which is 12 months after completing the course or 6 months after getting the job (whichever is earlier).
Again, the interest subsidy is provided for loans up to 20 lakh only, and post the limit the interest rate is reimbursed on Rs. 20 lakh only.
What are the procedure and requirements of central Scheme of Interest Subsidy for Education Loans (CSIS)?
Like the other schemes, the process for CSIS also begins from the respective bank from where the loan is to be sanctioned. Required documents are to be attached to the form and the process is taken further by the bank.
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