Government of India Study Abroad Loans for Bangalore Students

Bangalore, the Silicon Valley of the country is also getting fame for the number of study abroad aspirants it produces. Further, looking at this high count the government has also come forward to help these learners. This is why they have introduced various study abroad loans for them. These loans will especially help the students belonging to the weaker sections of society. Along with that, the overseas education consultants in Bangalore are also there to aid scholars in getting these loans. Let’s discuss them in brief.

Aspects of Government Loans to Study Abroad

India has various schemes that provide interest subsidies and monetary help to students. These schemes apply to those wanting to pursue their higher studies from abroad. Further, these provide lower interest rates and various other kinds of support for Bangalore students. However, it is only possible to get this scheme at a bank which is a member of the IBA or the Indian Bank Association. Next up, the study abroad consultant in India is discussing the criteria for getting these loans:

Eligibility of Government Loans

Many schemes help Indian students wanting to study overseas. However, each of these schemes has its own rules that Bangalore students will need to follow to get the funds. Along with that, the general requirements that are common for all loans are shared in the next segment. So, check this list of requisites for study abroad loans in India.

Academics

Students will have to get at least 60% marks in their board exams of grade 12. It is even better if the marks are higher than this. In addition, you will need the mark sheet as proof of your grades.

Documents

Those who are applying for aid based on their society section will need to provide proof for the same. Along with that, you will need the records like bank statements.

Admission

You will also have to present an offer letter from the college where you want to study. It is a must for several study abroad loans in India.

Nationality

These schemes are only applicable to Indian students. Therefore, you will need to provide proof that you are a citizen of this country.

If you fulfil all these criteria, then you can apply for any of the loans given below:

Schemes for Abroad Study Loan

The trend for studying in a foreign nation is growing rapidly in India. There are many reasons for this, however, the most obvious one is the prospects students get there. The second reason is the availability of financial aid that allows students from every walk of life to study abroad. Even in India, there are many schemes that help students for the same. Here is a list of such schemes shared by overseas education consultants in Bangalore city.

Vidya Lakshmi Portal Education Loan

It is a single window portal that allows students to compare and apply for loans. Almost 45 banks are there on this portal that offer around 139 schemes to students.

Dr. Ambedkar Central Sector Scheme

It is a student loan that offers a 100% subsidy on the interest. It can be availed by the backward sections of the society. However, for this loan, the family income should not exceed 3 lakh rupees per year.

Padhao Pardesh Scheme

It is a loan scheme for the minority section of the society. Further, students do not require any collateral to avail of a loan.

Next up are some of the perks of the above mentioned schemes.

Benefits of Government Study Loans

According to the overseas education consultants in Bangalore, there are many benefits of government study loans. The following are a few of them:

Lower interest rates compared to private loans, making them affordable.

Interest subsidies reduce the loan price during studies.

Loans that do not require collateral.

Higher loan amounts for studying abroad.

Simple approval process, which is student friendly.

Repayment options that are flexible.

Since you have made up your mind to get one of these loans, let’s look at the process to apply.

Process of Applying for the Study Loan

The various study abroad loans can be a good way to sponsor your higher studies. Bangalore students can follow these simple steps to apply for the schemes in India.

Before choosing a loan scheme, research it thoroughly.

After that, check the criteria that you will have to fulfil to get approval for the scheme.

Gather all the papers needed for the loan application.

Apply for the loan either online or offline.

Once you get approval, the loan will be sanctioned to you.

Conclusion

In conclusion, students who belong to weaker socio economic areas can also fulfil their dream of studying overseas with the aid of these loans. Along with that, if they require help, they can connect with a study abroad consultant in India for guidance. The experts at Gradding.com will assist you in applying for the scheme. In addition, their offers of cashback and free flight tickets can also come in handy while studying abroad.