How can minority students get a student loan to study abroad?

0

How can minority students get a student loan to study abroad?

The India Gazette identifies six minority communities present in India, namely Muslims, Christians, Sikhs, Jains, Buddhists and Parsis, under section 2 (c) of the 1992 Law on the National Commission for Minorities. Together, these six communities represent only over 19% of the Indian population.

Historically, some of these communities have not performed as high as the national average in terms of literacy. Even in urban areas, the percentage of Muslim men with secondary and higher education is only 30% compared to the national average of 74.04%. In rural areas and for women, the numbers are even worse.

Some of the main obstacles that have stifled the spread of education among these communities are high spending and their relative financial backwardness. A rural minority youth in India can hardly dream of studying at a foreign university, until now. We can now enjoy a study loan for abroad from reputable financial institutions and meet tuition fees with ease.

Student loan programs for minorities

The Ministry of Minority Affairs has taken note of this problem facing some communities and has planned measures to eliminate it. The government has launched several programs aimed at increasing the penetration of education among members of these communities.

Some of the government programs for the improvement of minority education are mentioned below –

  • Maulana Azad National Scholarship (MANF): Aimed at providing integrated 5-year scholarships as well as financial aid.
  • Naya Savera: Offers free coaching to minority students for education at the national level as well as competitions for government jobs.
  • Nai Udaan: Financial and educational support to students from minorities for the preparation of UPSC / SSC / PSC Mains.

However, the flagship device for the education of minority communities is the Padho Pardesh Scheme that provides subsidized student loans for study abroad.

The objective of this program is to offer an interest subsidy on student loans to deserving students belonging to the aforementioned minority communities for their studies abroad. It aims to improve the employability of these people by giving them the opportunity to study in international universities.

If you are not eligible for this program, you can easily qualify for an education home loan by meeting just a few simple eligibility criteria.

There are several financial institutions that offer real estate loans for education under this scheme, provided that the applicant meets all the requirements to apply for benefits under it.

Conditions to benefit from the Padho Pardesh program

The interest subsidy on the student loan under this scheme is only applicable for higher education above undergraduate level. You must be pursuing your Masters, Masters of Philosophy, or PhD to receive the benefits of Padho Pardesh.

  • The grant must be related to your permanent educational loan program from one of the financial institutions registered with the Association of Indian Banks (IBA).
  • You cannot benefit from any other government initiative in education as long as you are covered by the Padho Pardesh program.
  • You cannot renounce your Indian citizenship while you are a beneficiary of this scheme. All benefits will stop with immediate effect if you apply for citizenship elsewhere.

In case of expulsion or inability to continue your course, the program will be canceled.

If you benefit from the interest subsidy by falsifying data, you will be sued in court. Any subsidy from which you may have benefited will be liable for reimbursement as well as penal interest.

If you do not meet these conditions, you can apply for a student loan against property from reputable financial institutions like Bajaj Finserv. There are several reasons why Bajaj Finserv is the most preferred loan against real estate lenders in India.

Along with attractive interest rates and a host of other industry-new features, they also provide you with pre-approved offers, which makes the entire loan application process incredibly convenient. You can take advantage of these offers on a variety of financial products including home equity loans, business loans, personal loans, and more.

Education is one of the basic necessities in the current scenario. An individual who is not fortunate enough to receive a proper education is at a distinct disadvantage in the modern world. This is all the more true for minority communities, which are well below the national average on most socio-economic markers.

A study loan for foreign universities assisted by government interest subsidy programs could be the perfect instrument to fill this gap. Alternatively, you can also opt for a mortgage for higher education.

Disclaimer: Responsibility for the article lies solely with the author / brand. The content was not created or verified by Indian TV Channel and IndiaTVNews.com.

Leave A Reply

Your email address will not be published.