Padho Pardesh Yojana Scheme
Padho Pardesh Scheme is a new scheme launched by Government of India in order to provide interest subsidy of the education loan of those students who are desirous of studying abroad and belong to the minority communities under constitution.
Who is eligible for Padho Pardesh Scheme?
There are a number of minority communities in India. Anyone belonging to Parsi, Jain, Buddhist, Sikhs, Christian and Muslim community and opting for higher studies like Ph.D, M.Phil or Masters from abroad is eligible for getting subsidy under Padho Pardesh Scheme.
What would be the time period of Interest Subsidy?
The interest subsidy would be provided to the student for a period that is total of the course period by one year or six months during which student is expected to get a job. This clause has already been mentioned under the Education Loan Scheme of India. The Padho Pardesh Scheme would simply replicate and reinvest the model.
The Procedure for getting benefit under the scheme
There is a set procedure through which students can get benefit under the scheme. The procedures are as following:
- Before getting enrolled under the scheme, the concerned student should have allotted a place in the University or college abroad for Ph.D, M.Phil, Masters Degree or Post Graduate Diploma. The family income of the student should not be more than Rs 6 lakh per annum. If the student is married, his gross income along with his/her spouse would be considered.
- The students need to approach the designated commercial bank of Co-operative bank, whichever, is a member of the Indian Banks Association.
- The student would have to furnish a certificate mentioning that he/she belongs to a minority community.
- In order to get the subsidy, the concerned students would have to inform the lending bank about the Padho Pardesh Scheme for them to process the loan under the scheme.
How much interest subsidy would be provided to students?
Under the scheme, government would reimburse 100 per cent of the interest amount of the educational loan taken by the student.
What are the documents required for availing Padho Pardesh Scheme?
Under the scheme, the ministry would not require any documents from the students. Neither would the ministry maintain any record of the interest students. All the students would have to do is contact the bank just in case of normal education loan and inform the banks that they want the loan to be processed under the Padho Pardesh Scheme. The documents required would be same as any normal educational loan set by the respective banks.
Which banks should students approach for availing loan under the scheme?
The scheme is linked with all existing educational loans of the banks and monitored by the Indian Banks Association. So, whichever bank is lending educational loan could be approached to provide a loan under the scheme with their normal procedures.
Last but not the least, if you are looking forward to get an educational loan under the Padho Pardesh scheme, walk up to any bank in your vicinity and ask for a loan under the scheme. It is always preferred to approach a bank where either you or your parents hold an account for the process to become a little hassle free.