How Can Minority Students Avail Education Loan To Study Abroad?
The Gazette of India identifies six minority communities present in India, i.e., Muslims, Christians, Sikhs, Jains, Buddhists and Parsis, under Section 2(c) of the National Commission for Minorities Act of 1992. Together, these six communities make up just over 19% of the Indian population.
Historically, some of these communities have not fared as well as the national average in terms of literacy. Even in urban areas, the percentage of Muslims males with secondary education and above is just 30% compared to the national average of 74.04%. In rural areas and for females, the numbers are even worse.
Some of the major hindrances that have stifled the spread of education amongst these communities are the high expenses and their relative financial backwardness. A rural minority youth in India can scarcely dream of studying in a foreign university, until now. One can now avail an education loan for abroad from reputed financial institutions and meet the study expenses with ease.
Education Loan Schemes For Minorities
The Ministry of Minority Affairs has taken note of this problem faced by particular communities and provided measures to nullify it. The government has launched several schemes, which aim at increasing education penetration amongst the members of these communities.
Some of the government schemes for educational upliftment of minorities are mentioned below -
- Maulana Azad National Fellowship (MANF): Aimed at providing integrated 5-year fellowships along with financial assistance.
- Naya Savera: Provides free coaching to minority students for national-level education as well as competitive exams for government jobs.
- Nai Udaan: Financial and educational support for minority students for the preparation of UPSC/SSC/PSC Mains.
However, the flagship scheme for the education of minority communities is the Padho Pardesh Scheme which provides subsidised education loan for studies abroad.
The objective of this scheme is to offer interest subsidy on education loans to deserving students belonging to the aforementioned minority communities for their foreign studies. It aims to improve the employability of such individuals by giving them a chance to study at international universities.
If not eligible for this scheme, you can easily qualify for a loan against property for education by meeting only a few simple eligibility criteria.
There are several financial institutions that offer loan against property for education under this scheme, subject to the applicant fulfilling all the conditions required to claim benefits under it.
Conditions To Avail Padho Pardesh Scheme
Interest subsidy on education loan under this scheme is only applicable for higher studies above the undergraduate level. You must be pursuing your Master’s, M.Phil or PhD to avail the benefits of Padho Pardesh.
- The subsidy has to be linked to your standing Educational Loan Scheme from one of the registered financial institutions under the Indian Banks’ Association (IBA).
- You cannot avail any other government education initiatives while you are covered by the Padho Pardesh scheme.
- You cannot relinquish your Indian citizenship while you are beneficiary of this scheme. All benefits will be stopped with immediate effect if you apply for citizenship elsewhere.
In case you are expelled or are unable to continue with your course, the scheme will stand cancelled.
If you avail the interest subsidy by falsifying any data, you will be prosecuted by a court of law. Any subsidy you may have availed will be liable for recovery along with penal interest.
If you do not fulfil these conditions, you may apply for a study loan against property from reputed financial institutions like Bajaj Finserv. There are several reasons why Bajaj Finserv is the most preferred loan against property lender in India.
Along with attractive interest rates and a host of other industry-first features, they also bring you pre-approved offers, which make the entire loan application process incredibly convenient. You may avail these offers on a variety of financial products including loans against property, business loans, personal loans, and more.
Education is one of the basic necessities in the present scenario. An individual who does not get the chance to receive adequate education is at a decidedly disadvantageous position in the modern world. It is all the more true for minority communities, which are majorly below the national average on most socio-economic markers.
A study loan for abroad universities aided by interest subsidy schemes by the government might be the perfect instrument to bridge that gap. Alternatively, you can also opt for a loan against property for higher education.
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