Best Education Loans for Abroad Studies by Indian Government

Best Education Loans for Abroad Studies by Indian Government: Because of the easily available education loans for abroad studies by the Indian government and subsidies for economically disadvantaged students, studying abroad has gained prominence in India. Education loans are being offered under several government schemes to students to complete their higher education in top economies like the USA, Germany, and the UK, among others. 

Best Education Loans for Abroad Studies by Indian Government

This article talks about some of the best Indian government loan schemes that can be availed by Indian students who wish to study abroad. Find the information regarding documents required for education loan for abroad studies, eligibility, and application process here.

Gujarat Government Education Loan for Studying Abroad

This is a recognized scheme by the state government of Gujarat to promote higher studies. The plan offers education loans with 100% subsidy to economically backward students in Gujarat with merit. It is applicable for an education loan of up to INR 15 lakhs. Students from Gujarat can avail of this loan for various study abroad programs, like professional courses, language programs, graduation, and post-graduation. 

 Eligibility Criteria for Gujarat Education Loan for Studying Abroad

● The student needs to be a resident of Gujarat. 

● Applicants should score at least 60% marks in their class 12. 

● The annual family income should be less than INR 6 Lakhs. 

● Students applying for an education loan under this scheme need to have all the documents in original. 

● The applicant should pass class 12 from a recognized board of study. It should be a full-time classroom program and not a distance one. 

● The applicant needs to have an admission confirmation from any college or university in a foreign land. 

● The subsidy will be offered only when the loan amount is more than INR 10 Lakhs. 

● Co-applicant or power of attorney is important under this scheme. Only parents and legal guardians can become co-applicants.

How to apply for the Gujarat Education Loan for Studying Abroad? 

● Apply online by clicking on the link: https://kcg.gujarat.gov.in/education_loan/ 

● After clicking on the link, download the registration form. 

● Fill and submit the form with relevant documents as per the procedure mentioned there.  

Important Links :

• Apply Online: Click Here
• Check your application status: Click here
• Official Website: Click Here

Gujarat Government Education Loans for Abroad Studies

• Vidya Lakshmi Education Loan
• Education Loan Scheme of the NBCFDC
• Padho Pardesh Scheme
• Dr Ambedkar Central Sector Scheme

Let us now talk about the above mentioned government education loan for study abroad, briefly:

Gujarat Government Education Loan for Studying Abroad

Quite a prominent education loan for abroad studies by Indian government, the Gujarat Government Education Loan offers 100% subsidy to economically weaker students from Gujarat who wish to pursue higher studies, in an abroad setting. Through this government student loan for study abroad, students can get upto 15 Lakhs as loan, to start their higher education abroad.

• Type :State Government Loan to Study Abroad
• Eligibility Criteria :Student to be a resident of Gujarat Score of at least 60% in 12th standard Annual family income to be less than 6 Lakhs Acceptance letter from a college/ university abroad 
• Amount Offered as Loan:Upto 15 Lakhs 

Vidya Lakshmi Education Loan 

A popular government loan for abroad study, the Vidya Lakshmi Education Loan is offered for UG, PG and doctoral programs. The government education loan for abroad offers a loan amount of up to 30 Lakhs. 

• Type :Government Loan for Study Abroad
• Eligibility Criteria :Only available for Indian nationalsAcceptance letter from a college/ university abroad Completion of 12th from a recognised institution and board 
• Amount Offered as Loan:Upto 30 Lakhs 

Education Loan Scheme of NBCFDC 

This particular government education loan for study abroad offers financial aid to applicants from backward classes, categorised as Below Poverty Line. The education loan scheme of the National Backward Classes Finance and Development Corporation (NBCFDC) is valid for all types of higher education programs. 

• Type:Government Loan for Study Abroad through a Government Organisation 
• Eligibility Criteria:Students should possess the caste certificate Annual income to be less than 3.3 Lakhs Acceptance letter from a college/ university abroad Scored at least 70% in 12th from a recognised institution and board 
• Amount Offered as Loan:Upto 20 Lakhs 

Dr Ambedkar Central Sector Scheme 

Under this abroad education loan by Indian government, students belonging to the minority sections can get a subsidy of up to 100%. The Dr Ambedkar Central Scheme is only applicable for PG and doctoral programs, and can only be availed once, for a single program (either PG program or PhD program). 

• Type:Central Government Loan for Abroad Study 
• Eligibility Criteria :Availability of caste certificates Gross annual income to be less than 3.0 Lakhs Acceptance letter from a college/ university abroad Scored at least 60% in 12th from a recognised institution and board 
• Amount Offered as Loan:Not specified 

Padho Pardesh Scheme 

The Padho Pardesh education loan for abroad studies by Indian government is offered to students willing to pursue post graduate studies abroad. The scheme provides students under the minority category, with a subsidy of 100%. 

• Type :Government Education Loan for Abroad through Canara Bank  
• Eligibility Criteria :Only available in the first year Annual income to be less than 3.3 Lakhs Acceptance letter from a college/ university abroad Scored at least 60% in 12th from a recognised institution and board 
• Amount Offered as Loan:Upto 20 Lakhs 

Documents Required to Apply for Government Loans for Study Abroad 

Documentation is of the utmost importance, when applying to a government student loan for study abroad. In order to apply for a foreign education loan by government, it is necessary to submit some required documents that have been listed below: 

• Application form for the loan 
• Income proof for the family (income tax returns, property proof, etc)
• Standardised test scores 
• Academic transcripts
• Aadhar card 
• Birth certificate
• Bank statements
• PAN Card 
• Residential proof 
• Acceptance letter from university abroad 
• Self declaration

Application Procedure to Apply for Government Education Loan for Study Abroad 

Let us now discuss the application process to apply for a government student loan for study abroad purposes: 

• Choose a government loan for study abroad, which is the most suitable for you 
• Check all information including moratorium period, repayment tenure, education loan for abroad studies by Indian government interest rate, etc
• Visit the official website for the education loan you’ve chosen 
• Fill in the application form
• Scan and upload the required documents
• Wait for the decision

You can get hold of an education loan for abroad studies by Indian government quite easily, provided you fulfil the eligibility criteria, and have received an offer or an acceptance letter from the university you wish to study abroad. There are a number of education loans provided by the Indian government, which offer a loan amount up to INR 30 Lakhs. The Indian government also offers subsidised interest rates for students from particular categories so as to make their study abroad experience smooth and hassle free! You can also connect with our Yocket Loan Assistance  program to know more! 

Frequently Asked Questions about Government Education Loan for Study Abroad 

Ques. What are some top government education loan for study abroad?

Ans. Some best government student loan for study abroad have been listed below: 

• Gujarat Government Education Loan 
• Vidya Lakshmi Education Loan 
• Education Loan Scheme of NBCFDC
• Padho Pardesh Scheme 
• Dr Ambedkar Central Sector Scheme 

Ques. What is the minimum percentage required to apply for an abroad education loan by Indian government?

Ans. While the percentage might differ with different education loan schemes, for a majority of loans, the minimum required percentage is usually observed to be 60%. 

Ques. What are the documents required for applying to a government student loan for study abroad? 

Ans. The documents required to apply for government loan for study abroad are: 

• Application form for the loan 
• Income proof for the family (income tax returns, property proof, etc)
• Standardised test scores 
• Academic transcripts
• Aadhar card 
• Birth certificate
• Bank statements
• PAN Card 
• Residential proof 
• Acceptance letter from university abroad 
• Self declaration

Ques. Can I get a subsidy on government education loan for abroad?

Ans. Yes, subsidies are available for government education loan for abroad. But, you might be required to submit particular documents, or a caste certificate in order to gain the subsidy. The documents may differ for different government education loan for study abroad.