What you get
Financial Assistance | - A maximum Foreign Study Loan of ₹15,00,000/- is provided for higher education abroad. | - The loan is offered at a simple annual interest rate of 4%. | - The loan covers costs such as air tickets, registration fees, tuition fees, education fees, hostel fees, books, and other expenses associated with the first year of the course abroad. | Disbursement Conditions | - The full loan amount of ₹15,00,000/- will be disbursed to the student in a single installment. | - The money will be deposited into the student's bank account after the submission of the original registered mortgage deed. | Post-Selection Obligations | - After the sanction order is received, the student's parent or guardian must obtain the prescribed mortgage deed form from the District Office. | - The property presented by the student's parent/guardian or the guarantor must be registered as a mortgage in favor of the government. | - The loan repayment must begin one year after the completion of the student's study. | - The loan must be repaid in monthly or quarterly installments. | - The principal loan amount must be fully repaid within a maximum period of 10 years. | - The interest amount must be fully repaid within a maximum period of 2 years. | - The student must ensure all required documentation is completed within the prescribed time limit.
Who can apply
Required Paperwork
- Aadhaar Card
- PAN Card
- Income Certificate
- Residence Proof (Domicile)
Common Questions
What is the minimum percentage of marks required in 12th standard to be eligible for applying for this educational loan scheme?
Applicants must have secured a minimum of 60% or more marks in their 12th standard examinations. However, if the applicant belongs to Notified Tribes/De-notified Tribes, More Backward, or Extremely Backward categories, the minimum requirement is 50% marks.
Is there a specific time frame within which I must apply for this financial assistance after deciding to pursue my studies in a foreign country?
Yes, you must submit your application either before traveling abroad for your studies or within six months of arriving in the foreign country where you intend to pursue your higher education.
What is the maximum amount of financial assistance available under this educational loan program for students planning to study outside India?
The scheme provides a maximum loan amount of ₹15,00,000/- (Rupees Fifteen Lakh) to eligible students for pursuing higher education in foreign countries.
After receiving approval, what is the procedure for ensuring that the loan amount is transferred to my bank account?
After receiving the sanction order, your parent or guardian must obtain the prescribed mortgage deed form from the District Office and register the property as a mortgage in favor of the government. Once the original registered mortgage deed is submitted, the full loan amount will be deposited directly into your designated bank account in a single installment.
What types of educational programs and course durations are covered under this financial assistance scheme for overseas education?
The scheme covers Diploma, Graduate, Post Graduate, Post Graduate Diploma, Doctor of Philosophy courses, or higher-level courses in any field. The course must have a minimum duration of one academic year or more, or consist of at least two semesters.
What is the maximum annual family income limit that an applicant must meet to qualify for this loan assistance program?
The applicant's family annual income must be less than ₹10,00,000/- (Rupees Ten Lakh) to be eligible for this loan scheme.
What is the interest rate charged on the loan provided for pursuing higher education in foreign universities under this scheme?
The loan is offered at a simple annual interest rate of 4%, making it an affordable option for eligible students seeking financial assistance for overseas education.
What specific expenses related to my foreign education will this loan cover during the first year of my course abroad?
The loan covers various expenses including air tickets, registration fees, tuition fees, education fees, hostel fees, books, and other costs associated with the first year of your course abroad.
When am I expected to start repaying the loan amount after completing my studies, and what are the installment options available?
Loan repayment must begin one year after the completion of your studies. The loan must be repaid in monthly or quarterly installments according to your convenience and financial capacity.
What is the maximum time period allowed for completely repaying the principal amount of the loan I have received?
The principal loan amount must be fully repaid within a maximum period of 10 years from the date you begin repayment, which starts one year after course completion.
Are there any mandatory requirements regarding property mortgage or guarantor that I need to fulfill for this loan scheme?
Yes, you must submit one solvent guarantor with your application. Additionally, after approval, the property presented by your parent/guardian or the guarantor must be registered as a mortgage in favor of the government before loan disbursement.
Which social categories are eligible to apply for this financial assistance program for pursuing education in foreign countries?
Applicants must belong to the Socially and Educationally Backward Class. This includes various categories such as Notified Tribes/De-notified Tribes, More Backward, and Extremely Backward categories with specific eligibility criteria.
What is the deadline for repaying the interest amount accumulated on the loan taken for my foreign education?
The interest amount on the loan must be fully repaid within a maximum period of 2 years from the commencement of your repayment schedule.
What documents related to my admission and travel must I provide when applying for this overseas education loan?
You must provide an Offer Letter or Letter of Acceptance from the foreign university, a copy of your passport, a copy of your visa for the foreign country, and a copy of your air ticket.