Education Loan For Abroad Studies By the Indian Government, India has many students who aspire to pursue higher education abroad. However, the cost of education can often be a significant financial burden on families. To help ease this burden, the Indian government has introduced various schemes to provide education loans for students planning to study abroad.
In this blog post, we will explore the different education loan schemes offered by the Indian government for students pursuing higher education overseas.
Education Loan Schemes Offered By The Indian Government For Students
1. The Vidya Lakshmi Portal
The Vidya Lakshmi Portal is a government initiative launched by the Ministry of Education in 2015 to provide a single window for students to apply for various education loan schemes offered by different banks. The portal provides education loan schemes from over 40 banks in India. The plan aims to make applying for an education loan more accessible and transparent for students.
To apply for an education loan through the Vidya Lakshmi portal, students must first register on the website and fill out an application form with their details, educational qualifications, and the course details they wish to pursue. After completing the record, the student can apply for a loan from any bank listed on the website. The loan application is then forwarded to the bank for further processing.
2. State Bank of India Global Ed-Vantage Scheme
The State Bank of India Global Ed-Vantage Scheme is a specialized loan scheme for Indian students who wish to pursue higher education overseas. The loan scheme offers up to Rs. 1.5 crores to students to cover the cost of tuition fees, travel expenses, and other related expenses.
The scheme offers competitive interest rates and flexible repayment options, allowing students to repay the loan over up to 15 years. The loan is available for various courses, including undergraduate, postgraduate, and doctoral programs.
3. Bank of Baroda Baroda Scholar Scheme
The Bank of Baroda Baroda Scholar Scheme is another education loan scheme designed for Indian students pursuing higher education overseas. The project offers up to Rs. 80 lakhs to cover the cost of tuition fees, travel expenses, and other related expenses.
The scheme offers competitive interest rates and flexible repayment options, allowing students to repay the loan over up to 15 years. The loan is available for various courses, including undergraduate, postgraduate, and doctoral programs.
4. Canara Bank Education Loan Scheme
The Canara Bank, Education Loan Scheme, is another government initiative designed to provide financial assistance to Indian students who wish to pursue higher education overseas. The scheme offers loans up to Rs. 20 lakhs to cover the cost of tuition fees, travel expenses, and other related expenses.
The scheme offers competitive interest rates and flexible repayment options, allowing students to repay the loan over up to 15 years. The loan is available for various courses, including undergraduate, postgraduate, and doctoral programs.
5. Punjab National Bank Education Loan Scheme
The Punjab National Bank Education Loan Scheme is another popular education loan scheme designed to assist Indian students seeking higher education overseas. The project offers loans up to Rs. 20 lakhs to cover the cost of tuition fees, travel expenses, and other related expenses.
The scheme offers competitive interest rates and flexible repayment options, allowing students to repay the loan over up to 15 years. The loan is available for various courses, including undergraduate, postgraduate, and doctoral programs.
Conclusion
The Indian government has taken several initiatives to make education loans more accessible to students who wish to pursue higher education overseas. These education loan schemes offer competitive interest rates and flexible repayment options and cover a wide range of courses, making them an attractive financing option for students.
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