What Is Padho Pardesh Scheme And How To Apply For It?

The Padho Pardesh scheme was introduced in 2013 by the Government of India, Ministry of Minority Affairs, and IBA. It is an interest subsidy scheme where students belonging from minority groups – Muslims, Sikhs, Jains, Christians, Buddhists, Parsis, etc. – can avail 100% subsidized interest on their education loans.

This scheme is applicable if the education loan is availed to study abroad. Students must pursue any of the following degrees abroad to avail a Padho Pardesh scheme –

• Post-graduate diploma.
• Masters.
• M.Phil.
• Ph.D.

The interest subsidy is applicable until the moratorium period is over, i.e. the period of such courses plus 6 months or 1 year after securing a job.

Any such interest subsidy would be nullified if the student discontinues the course or is expelled from the education institute on the grounds of discipline.

How to apply for the Padho Pardesh Scheme?

The Padho Pardesh Scheme process is discussed below –

• Students should secure a loan for education such as an education loan against property or a traditional education loan from a financial institution recognized under the Indian Banks Association.
• Students should submit proof of admission to a foreign university for any of the above-mentioned degrees with the respective financial institution.
• Applicants should produce documents to show they belong to a minority group.

Additionally, students should inform their respective financer of their eligibility for the scheme that named Padho Pardesh. Then such financiers would proceed with the due process to apply interest subsidy on their education loan through the scheme’s official portal.

On the other hand, if students want to pursue their higher education from any Indian educational institute and need financial assistance to cover the expenses, they can decide to opt for any of the following types of loan against property – loan against residential property or loan against commercial property. These loans offer with substantial funds to adequately meet all education-related expenses at attractive EMIs.

Additional Read: Padho Pardesh Scheme Process