October 22, 2019
The Padho Pardesh scheme came into effect from the financial year 2013-2014. The Government of India introduced this scheme in an attempt to provide loans at a subsidised interest rate to students belonging to the minority communities with an annual income of parents below Rs. 6 Lakh to pursue higher studies abroad.
To enjoy the benefits of loans under the Padho Pardesh scheme, applicants have to fulfil some eligibility criteria and provide some documents. Read on to know more about how you can benefit from this scheme.
How Minority Students Benefited By Padho Pardesh
Elongated Loan Tenure
Under this scheme you get to enjoy prolonged repayment tenure, making the EMIs affordable. The tenure continue till you complete your course along with an additional year after the course is completed or 6 months after you get employed, whichever occurs earlier.
Considerable Loan Amount
The Padho Pardesh scheme has aimed to provide a substantial loan amount up to Rs. 20 Lakhs at subsidised interest rates to fund your education. With this amount you can finance your tuition fees, travel and stay expenses and other necessary costs.
However, if this amount does not serve your purpose, you can avail an educational loan in India as a source of finance for your education.
Flexible Eligibility Criteria
The eligibility criteria that you have to meet to avail a loan under this scheme are as follows –
- Applicant should avail a loan from the registered financial institution and NBFCs. You can visit the Padho Pardesh official website for a list of the registered financial institutions and NBFCs.
- The student must have gained admission at an educational institution abroad before applying for an education loan under this scheme and have to pursue Ph.D., M.Phil. or Masters in the below mentioned courses –
- Pure Science
- Nuclear engineering
- Humanities, social studies or arts
- Cryogenic engineering
- Art restoration technology
- Dock and harbour engineering
In addition to the above-mentioned courses, you can also pursue your education in other fields such as plastic technology, marine engineering, engineering, laser technology, etc. To get all the education loan details under this scheme, you can visit the official website of this scheme.
In case you do not qualify to avail a loan subsidy under this scheme, you can approach multiple financial institutions and NBFCs offering loans and other financial products. Bajaj Finserv is one such NBFC that provides Loan Against Property for Education at attractive interest rate against minimum documents. They also provide balance transfer facility, instant approval, flexible tenure, online account access, a loan amount up to Rs. 3.5 Crore and other lucrative benefits.
Bajaj Finserv also brought pre-approved offers to make the application process fast and hassle-free. These pre-approved offers are available on both secured credits such as home loans and unsecured credits such as business loans and personal loans. You can check your pre-approved offer by sharing some minimal details such as your name and phone number.
Before you decide to avail such loans make sure to inquire your lender on some details regarding your loan such as interest rate, other applicable charges, repayment tenure, EMI, etc. Know how to apply for a loan against property and the documentation process as per the lender.
Basic documentation which are required for the application process include KYC, income proof, address proof, mortgaged property documents, etc. In addition, the applicant also has to meet the eligibility criteria such as maintaining a CIBIL score of 750 and above, being within the age bracket of 25 to 70 years, etc.
The application process to finance your education with a loan against property is also convenient, and you can do so online. To apply head to your lender’s official website and fill out the application form by sharing your financial and personal details. Once you submit the application form, a representative of your lender will visit you to collect the required documents. After your lender receives the documents, your loan will be approved within 48 hours, and the amount will be disbursed accordingly.
If you qualify for a loan under the Padho Pardesh scheme, you can enjoy its benefits and pursue your higher education with your desired course from an institution abroad. Before applying for the loan you must have to know step by step padho pardesh scheme process.However, make sure to use the amount appropriately. Also, as you are allowed to enjoy a prolonged tenure, make sure to pay your dues on time to avoid hefty penal charges.