Under the Padho Pardesh scheme, a central government initiative, minority students seeking master’s, M.Phil., or Ph.D. degrees overseas get interest subsidies. The plan aims to give meritorious students from economically underprivileged parts of registered minority communities interest subsidies so as to improve their employability and afford them better possibilities for higher education overseas.
Disciplines Eligible for Subsidy:
The scheme covers students pursuing education in the following disciplines (for Master’s, M.Phil, and Ph.D. only):
- Arts/Humanities/Social Sciences
- Commerce
- Pure Sciences
- Engineering (including Biotechnology, Genetic Engineering, etc.)
- Medical Sciences
- Agriculture & Agro Technology
- MBA, MCA
- And many more advanced fields such as Robotics, Nano-technology, and Environmental Engineering.
Benefits:
- Financial assistance: The scheme provides an interest subsidy on education loans, which can help to reduce the cost of overseas education for minority students.
- Increased access to education: The scheme makes overseas education more accessible to minority students from all backgrounds, regardless of their financial situation.
- Improved employability: Studying abroad can give students a competitive edge in the job market, and the Padho Pardesh scheme can help minority students to achieve their career goals.
- Personal and professional development: Studying abroad can be a transformative experience, and the Padho Pardesh scheme can help minority students to develop their skills and knowledge in a global context.
Eligibility Criteria:
- Students must have been admitted to an approved master’s, M.Phil, or Ph.D. program abroad.
- Students must have been admitted to a recognized university or institution abroad.
- Student’s family income must not exceed ₹ 6,00,000 per annum.
- Students must have obtained an education loan from a scheduled bank under the Indian Banks Association (IBA) Education Loan Scheme.
- Students must apply for the scheme’s benefits during their first year of study. Applications received in the second year or later will not be accepted.
- Priority will be given to applications from states and union territories with lower bank interest rates.
- Payment of financial benefits may be linked to the student’s Aadhaar number.
Application Process:
The application process for Padho Pardesh Scheme is as follows:
- Visit the official website of the scheme.
- Click on the “Apply Now” option.
- Fill in the required details such as ISD code, mobile number, and email ID.
- Submit the application.
Documents Required:
- Application form
- Admission letter from the foreign institution
- Passport
- Income certificate of the student’s family
- Education loan application
- Aadhaar card
Frequently Asked Questions (FAQ)
Q1: If a student has benefited from subsidy under another scheme (including CSIS) for undergraduate programmes, will he/she become eligible under this scheme?
No, the student cannot get benefits of two government schemes at the same time.
Q2: Will the interest subsidy be assured for all eligible applicants?
Yes, provided that the applicant satisfies all the conditions of eligibility.
Q3: The study abroad loan limit is ₹20 lakh under the IBA model scheme. Will the interest subsidy be given if the loan is more than ₹20 lakh?
The interest subsidy will be given only for loans of ₹20 lakh or less. No subsidy will be given for loans more than ₹20 lakh.
Q4: Is a latest income certificate to be taken by the student for the scheme or can a previous certificate be submitted?
A recent income certificate must be produced. An earlier obtained certificate may be accepted if it remains valid and can be applied.
Q6: What is the ‘Meritorious’ aspect in the scheme for qualification for the interest subsidy?
The student should belong to a meritorious family, which is judged on their academic performance and performance in the qualifying examination.
Q7: If the course is half in India and half abroad, is the student eligible for the interest subsidy?
Yes, the student is eligible for the interest subsidy if the foreign part of the course is significant.
Q8: What is the income cap under the scheme?
The family income should not be more than ₹6,00,000 annually.
Q9: At what time can a student apply for the scheme benefits?
The student has to make an application for the scheme within the first year of studying abroad.
Sources and References:
- Guidelines
- FAQ
- Notification
Note: Padho Pardesh Scheme is now discontinued