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Padho Pardesh Scheme For Education Loan

About Padho Pardesh Scheme

Padho Pardesh Scheme is a government initiative launched in June 2006 to provide interest subsidy on education loan for students belonging to minority communities studying abroad. The Ministry of Minority Affairs, Government of India and IBA operate this scheme to encourage minority students to take admission in foreign educational institutions that increase employment prospects.

Fulfil the Padho Pardesh scheme eligibility and avail of interest subsidy on education loan. Learn about the features and benefits of this scheme in detail.

Features of Education Loan Against Property

Check out the features and benefits of an education loan against property below.

  • Simple eligibility

    Meet only a few easy-to-meet eligibility criteria to get a loan against property . Negotiate for better rates and services terms by fulfilling most eligibility parameters.

  • Quick loan processing

    We approve a loan against property application within 24 hours* of document submission.

  • Doorstep services

    Enjoy our doorstep services for loan against property. Our representatives will collect the documents from your doorstep.

  • Flexibility in repayment

    Enjoy flexibility in repayment with Bajaj Housing Finance Loan against Property. Choose a tenor of up to 18 years and repay the loan conveniently.

  • Easy to use tools

    We also extend various easy-to-use tools such as loan against property eligibility calculator and Loan Against Property EMI Calculator to simplify repayment.

  • Balance transfer and top-up loan facility

    Opt for a loan against property balance transfer  facility with us and enjoy a top-up loan additionally.

 

Padho Pardesh Scheme Features and Benefits

This government scheme aims to promote higher education among minority students and providing better job opportunities. Following are the features and benefits of this scheme:

  • The government extends up to 100% interest subsidy on education loan for minority students.
  • This scheme is available for education overseas that is usually expensive and needs a high-value education loan to cover the costs.
  • This subsidy scheme covers a wide range of educational courses, for example, commerce, science, humanities, and others.
  • Padho Pardesh interest subsidy scheme is available for the entire course tenor and a year after completion of course or 6 months of employment, whichever is first.
  • The interest subsidy scheme is applicable on an education loan acquired from any financial institution, which is a member of IBA.
  • The government reimburses the interest payable of the said education loan for the moratorium period and the extended period.

Note that after the designated time, the outstanding interest on that education loan needs to be paid by the beneficiary. Additionally, know about Padho Pardesh Yojana eligibility criteria before applying.

Padho Pardesh Scheme Eligibility Criteria

Fulfil the eligibility criteria of Padho Pardesh scheme and save on interest payable on an education loan for abroad studies. The requisites include:

  • Beneficiary should have proof of belonging from minority communities as mentioned under Section 2(c) of the National Commission for Minorities Act, 1992.
  • Minority education loan scheme is available only on Masters, M.Phil and PhD courses abroad.
  • The household income of the beneficiary family should not exceed Rs.6 lakh.
  • Must not give up Indian citizenship during the course or subsidy period.

Look for other additional eligibility criteria mentioned on the government portal for the same. Now, check out the application process for this interest scheme for minority education loans abroad.

How to Avail Padho Pardesh Education Loan Scheme

Follow the steps below to get an education loan interest subsidy under Padho Pardesh scheme:

  • Step 1: Compare different lenders and opt for a suitable education loan.
  • Step 2: Go to the official website of that financier and fill up the online application form with the necessary information.
  • Step 3: On getting the loan application, the representatives of that lender will contact you shortly.
  • Step 4: After eligibility check and documentation, the loan amount will be disbursed to a borrower’s account.
  • Step 5: Inform the lender about the willingness to avail of Padho Pardesh scheme interest subsidy.
  • Step 6: Meet the eligibility to qualify for all benefits of this scheme.
  • Step 7: If eligible, the lender will update the loan details and the loan term on Padho Pardesh portal.

However, for a higher loan amount, opt for an education loan against property. Bajaj Housing Finance provides this secured loan at competitive interest rates and other feasible benefits. Keep a high-stake property as collateral and qualify for a sizeable loan amount for students.