What you get
Financial Assistance: A loan of the total tuition fee of the entire course or ₹15,00,000/-, whichever is less, will be provided by the Corporation at a simple interest of 4%. | Collateral: | - For loans of total loan amount of ₹7,50,000/- or less for the entire course, a charge of one and a half times the loan amount will have to be registered on the beneficiary's own property or that of a relative. | - If the total loan amount for the entire course is more than ₹7,50,000/-, the immovable property of oneself or any other relative equal to that total amount will have to be mortgaged in favor of the Corporation. | Loan repayment: | - In case of total loan up to ₹5,00,000/-, it will have to be repaid in equal monthly installments over 5 (five) years, 1 year after completion of studies. | - In case of loan exceeding ₹5,00,000/-, it will have to be repaid in equal monthly installments over 6 (six) years, starting 1 year after completion of studies. | - The money from the loan being repaid will continue to be deposited as interest first. | - The borrower can repay the loan even before the specified time limit.
Who can apply
Required Paperwork
- Aadhaar Card
- PAN Card
- Income Certificate
- Residence Proof (Domicile)
Common Questions
What is the objective of the "Foreign Education Scheme"?
"Foreign Education Scheme" is designed to support meritorious students from economically weaker sections who wish to pursue higher education abroad.
Who is eligible to apply for this scheme?
The applicant must belong to a non-reserved category, have scored at least 60% in Standard-12, and have secured admission to an eligible foreign university for MBBS, graduation, post-graduation, or an equivalent diploma course. Additionally, the applicant's family income must be [?]6,00,000/- or less.
What is the maximum loan amount that can be availed?
The applicant can avail a maximum loan amount of [?]15,00,000/- for higher studies abroad.
What is the interest rate of the loan?
The loan is provided at a simple interest rate of 4% per annum.
How long does the applicant have to repay the loan?
If the loan amount is up to [?]5,00,000/-, the applicant must repay it in 5 years, starting 1 year after course completion. | If the loan amount exceeds [?]5,00,000/-, the repayment period is 6 years, starting 1 year after course completion.
Is early repayment of the loan allowed?
Yes, the applicant can repay the loan before the specified tenure without any penalties.
What type of collateral is required for the loan?
If the loan amount is up to [?]7,50,000/-, the applicant must provide a charge of 1.5 times the loan amount on their own or a relative's property. | If the loan amount exceeds [?]7,50,000/-, immovable property of equal value must be mortgaged in favor of the Corporation.
Does the applicant need a guarantor for the loan?
No separate guarantor is required, but collateral in the form of property must be provided.