Padho Pardesh : Get Interest Subsidy on Education Loans for Overseas Studies

The Prime Minister initiated the Interest Subsidy Scheme on Education Loans for minority communities to uplift their education background.This scheme will promote education enthusiasm in them to study in foreign countries.

Objectives:

To award interest subsidy to meritorious students belonging to economically weaker section of notifies minority communities.

Eligibility:

• Students should have availed loan from scheduled bank under education loan scheme of the Indian Banks Association.
• Annual income of whose parents/guardian from all sources does not exceed Rs.6 lakh.
• The students have secured admission in approved courses.

Benefits:

• Interest Subsidy on Education Loan is granted to eligible candidate.
• The Government will reimburse 100 per cent of interest amount of education loan.

How to apply:

• Students should have allotted a place in college or univertsity abroad for masters/PhD program.
• Students need to approach to a bank who is the member of Indian Bank Association.
• Students should have a minority certificate.
• In order to get subsidy, the students have to inform the bank about the “Padho Pradesh” scheme and procedure to apply for it.

Bank of Baroda notification: Click Here

For more info: Click Here

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