Best Government Education Loans for Study Abroad : It is extremely essential for study abroad aspirants to plan and manage finances beforehand, so as to get a firm hold of what the financial situation would be like when studying abroad. While there may be university scholarships available at the time of application, the competitive nature of financial aid often makes it difficult to get a decent amount. Another option which is widely available for Indian students is to get access to a government education loan for study abroad purposes!
An education loan for abroad studies by Indian government is available in several types, and is easily accessible. So, keep reading, as this blog will make you aware about all the eligibility requirements and the complete application process to apply for a foreign education loan by government!
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Best Government Education Loans for Abroad Studies
- Let us straightway move towards discovering what all education loans does India offer to students willing to study abroad. Given below is the list for the best government student loan for study abroad:
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.
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.
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).
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!