With the escalating cost of education, borrowing funds continues as a viable option to finance a child’s studies. However, many people find it difficult to avail a loan because of their financial capability. An education loan interest subsidy scheme here aims to make the credit affordable for EWC and minority communities.
Under such schemes, eligible applicants can avail education loan in India at a subsidised rate of interest.
The Government of India increased its efforts to enhance the quality and accessibility of education for students. Below are three major education loan interest subsidy schemes eligible borrowers can avail.
| Interest Subsidy Schemes | Purpose | Eligibility |
|---|---|---|
| Dr. Ambedkar Central Sector Scheme | Financing education abroad | Economically backward classes (EBC) and various other backward classes |
| Padho Pardesh Scheme | Financing education overseas | Minority communities including Jains, Parsis and others |
| Central Scheme of Interest Subsidy | Funding for professional or technical courses | Economically weaker sections |
This interest scheme on education loans are available for students belonging to EBC. They can enjoy this benefit when pursuing their studies overseas. Some of its conditions are:
It is an education loan interest subsidy scheme available for meritorious students from the minority community and EWS to study abroad. With Padho Pardesh, the Government of India aims to offer educational opportunities, and thus, increase employability. Some of its conditions are:
This scheme is for students belonging from the society's EWC or economically weaker sections. Eligible candidates can avail subsidy on education loan interest rate to pursue any technical or professional course. They must get enrolled at an accredited institution of the country for graduate or post-graduate courses. Some other conditions include:
Considering the increasing cost of education in India or abroad, you can avail Loan Against Property for Education with higher loan amount. Bajaj Finserv ensures to offer the credit at competitive interest rate with additional benefits. You can make repayments conveniently and fulfil your child’s dream with no more worries.
