With the increasing cost of higher education, one of the major obstacles for students is securing funding for their studies abroad. In addition to the yearly increases in tuition fees, aspirants must also budget for foreign exchange fees, accommodation costs, study materials, and interest rates; while simultaneously balancing with the deteriorating value of the Indian currency.
Although there are numerous ways to pay for higher education, including loans, bursaries, scholarships, personal savings, etc. students oft-times overlook the benefits of state government subsidies that make studying abroad more economical. The following is a fruitful discussion of the top five states that offer scholarships for Indian students to study abroad.
Gujarat Government Study Abroad Scholarships
The Gujarat Unreserved Educational and Economical Development Corporation provides financing for foreign higher education. Under the auspices of the Gujarat government, education loans for overseas study are approved by the director of the Developing Castes Welfare Department.
At a low-interest rate of about 4%, students are eligible for education loans up to Rs 15 lakh. A loan of INR 13 lakh is accessible to students who have been accepted to a foreign university to pursue an MBBS, bachelor's, or master's degree.
Under this scheme, the interest rate charged to students in the unreserved category is 5%. However, the annual household income must be less than INR 3 lakh to be considered for this scheme.
Further, the Interest Subsidy Scheme on Education Loans is another programme run by the Gujarat government that offers a 100% interest subsidy on loans up to INR 10 lakh. Under this scheme, the Gujarat government pays the interest amount throughout the moratorium period.
Haryana Government Study Abroad Scholarships
Under the NSFDC/NSKFDC scheme, the Haryana Scheduled Castes Finance and Development Corporation offers education loans. Students may qualify for an education loan of up to INR 20 lakh to study abroad.
Individuals from scheduled castes with an annual household income of up to INR 3 lakh can be considered for the initiative. Candidates must be between the ages of 18 to 44 and have permanent residency in Haryana state.
For members of underrepresented groups, members of Economically Weaker Sections (EWS), and students with disabilities, the Haryana Backward Classes and Economically Weaker Sections Kalyan Nigam and Education Loans for Persons with Disabilities, respectively, offer educational loans and grants.
Goa Government Study Abroad Scholarships
Students who wish to pursue higher education abroad are given interest-free education loans by the Goan government. Students are eligible to apply for education loans up to INR 16 lakh. The annual household income must not, however, transcend INR 12 lakh to be eligible for this scheme.
The loan can be used to pay for courses at the undergraduate or graduate level in the disciplines of dentistry, engineering, medicine, architecture, pharmacy, finance, fine arts, law, home science, environment, management, and computer science.
Himachal Pradesh Government Study Abroad Scholarships
The government of Himachal Pradesh offers educational loans to students from socially disadvantaged groups. To help students in paying for career-focused and professional/technical courses, these loans are provided by the National Minority Development and Finance Corporation (NMDFC), which is an Indian government agency that operates under the administrative authority of the Ministry of Minority Affairs. Prospective students may apply for an education loan of up to INR 20 lakh at a 3% interest rate.
For specially-abled students, the Himachal Pradesh government also provides a loan initiative through the National Handicapped Finance and Development Corporation. Candidates are eligible to apply for a 4% interest-rate education loan up to Rs 20 lakh. For female students, there is an interest rebate of 1%.
Students must submit documents showing their Himachali identity along with supporting paperwork to be eligible for this initiative. Students with special needs who might have impairments to the degree of 40% or more will need to provide a medical certificate.
Rajasthan Government Study Abroad Scholarships
To support students from minority communities who want to pursue higher education in India and abroad, Rajasthan Minority Finance and Development Co-operative Corporation offer educational financing initiatives.
In accordance with these initiatives, students may apply for an education loan of up to INR 30 lakh for courses taking place internationally with a maximum term of five years and an annual interest rate of Rs 6 lakh. With an interest rate of 3%, the ceiling for rural family income is INR 81,000, whereas the ceiling for urban family income is INR 1,03,000.
The OBC community's 'Creamy Layer' criteria, which set a limit on a family income of INR 6 lakh per year, was adopted as a particular initiative of NMDFC. The interest rate given under this scheme is 8% for male applicants and 5% for female applicants.
In the end, these are a few of the lending initiatives that Indian state governments provide. Further, other states like Tamil Nadu, West Bengal, and Kerala also have such lending initiatives. The Andhra Pradesh government is one example of a state government that offers scholarships abroad for Indian students to study abroad. However, before applying for Top Scholarships to Study Abroad or requesting an education loan, students should thoroughly review the required eligibility criteria and other requirements.
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Source: The Indian Express