Whether it is in Canada, the US, Australia or even the Ukraine, studying abroad is a difficult task to handle, in terms of financial requirements. However, some states in India offer student loans that can help them achieve their dreams.

One of the main factors considered by students when seeking higher education abroad is the cost of education. Rising cost of education, inflation, falling value of the rupee, and rising interest rates as a result of rising repurchase rates have further pushed students to look for smart ways to finance education. higher abroad. One of the best options for lowering the cost of financing higher education abroad is through government loan programs that offer the lowest interest rates and interest rate subsidies. Below is a list of government student loan programs and interest subsidy programs that students who want to study abroad may want to consider: Student Loan Programs

National Backward Class Finance and Development Corporation (NBCFDC)

NBCFDC is a non-profit organization established under the Ministry of Social Justice and Empowerment, Government of India to assist members of the backward classes living below twice the poverty line. One of the organization’s best programs is a study loan for technical and professional courses abroad (and also in India). Students admitted to a higher or higher level course with a household income of up to Rs 3 lakh are eligible under this scheme. The scheme will finance 85% of the expenses subject to a maximum of Rs 20 lakh for studying abroad. The remaining expenses, if any, will be the responsibility of the student. The interest rate offered under the scheme –

• For children – 4% per year
• For girls – 3.5% per year
• Moratorium period – It is fixed at 5 years regardless of the type and duration of the training.
• Loan Term: The maximum loan repayment period is 10 years after the end of the moratorium period.

National Minority Finance and Development Corporation (NMDFC)

A non-profit corporation under the Ministry of Minority Affairs to provide financial grants to members of minority communities living below twice the poverty line. There are two education loan plans based on income limit.

• Students with a household income of up to Rs 1.20 lakh per year can apply for an education loan of up to Rs 30 lakh to study abroad at an interest rate of 3% per annum.
• Students with a household income of Rs 8 lakhs per year can apply for an education loan of up to Rs 30 lakhs to study abroad at an interest rate of 8% per annum for men and 5% per year. for women.
• Preference is given to students who have taken courses with high employability potential.
• The total repayment term of the loan is 5 years from the expiration of the moratorium (course period + 6 months).

Goa Government Interest Free Education Loan Scheme

The aim of the program is to promote higher education by providing interest-free loans to Goan youth for higher education abroad. Any student (under 30 years of age) residing in Goa for 15 years or more can apply for a loan to pursue higher studies abroad.

Students with a household income of Rs 12 lakh per year can apply for a student loan of Rs 16 lakh disbursed over two years. Eligible courses under this program are engineering, dentistry, medicine, pharmacy, architecture, finance, law, fine arts, home economics, management, and computer science.

Regime of the Credit Guarantee Fund for Student Loans (CGFSEL)

This scheme allows students to get an education loan of up to Rs 7.5 lakh without any third party collateral or guarantee. The Credit Risk Guarantee Fund Scheme provides a guarantee on education loans made by banks under the Association of Indian Banks Model Education Loan Scheme.

Students can apply for the loan under this scheme if they fall under the category of Economically Weaker Section (EWS) and the household income is less than Rs 4.5 lakh. Students are eligible under this scheme even if the loan amount they need is higher than the amount stipulated in the scheme.

Read Also:

• List of Scholarships Provided by Government of India for Study Abroad
• Each additional year of education increases a person’s average income by approximately 6.7% in India | study

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Hemesh Choudhary

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