The Central Government has introduced “Padho Pardesh Yojana” for the students of poor, backward classes and minority communities to get higher education. Under this scheme, financial aid will be provided by the government to the poor, backward class and minority community students for pursuing higher education. Through this scheme, these poor students will be able to get good education and make their future better.
Interest for education loans are high. Thus, candidates from poor, backward and minority communities find it difficult to fulfill their dreams. The Central Government will help the meritorious students by providing assistance on education loan interest through the Padho Pardesh Yojana. Minority Pado Pardesh Yojana’s inauguration for the minorities. Was done at 14. Under the scheme, the government will give 100% subsidy on the interest rate of the loan taken by the students. Read this article carefully till the end for more information.
Objective of Alpsankhyak Padho Pardesh Yojana
The main objective of the government to introduce the Minority Pudho Pardesh Yojana is to provide financial assistance to students from poor families, who want to pursue higher education. Under this scheme, loans will be provided by the government to the poor, backward class and minority students for getting higher education. The best part of this scheme is that no interest will be charged on the amount received under this scheme. This means that no interest will be charged on this education loan.
| Scheme Name | Padho Pardesh Yojana 2020 |
| Start Date | Budget 2013-2014 |
| Launch by | Shri Mukhtar Abbas Naqvi (Union Minister of State for Minority Affairs) |
| in leadership | PM Narendra Modi |
| Department | By Ministry of Minority Affairs |
| Toll Free Help Line | 1800-11-2001 |
| Official Website | Click Here |
Key Features of Padho Pardesh Yojana
- Educational Welfare for Minorities – The main objective behind the formulation of the scheme was to help students belonging to poor and minority communities to get loans at concessional interest rates for educational betterment.
- 100% subsidy on interest rate – Higher interest rate on educational loan. Therefore, many students cannot afford these credits. With a place in the plan, students will receive a 100% grant on credit.
- Covering the duration of the course – Another feature of the scheme is that the students will get the benefit of subsidy for the entire duration of the course. Thus, they will be able to focus on the curriculum.
- Partial courses are also included – There are many courses that are taught in parts, namely a certain section is taught in India and the rest is taught in foreign lands. As long as the degree is conferred by the foreign university, the candidates will get subsidy.
- Number of beneficiaries – So far, the program has proved beneficial for 1343 students. These candidates belong to minority communities and have got admission in foreign universities.
Loans Rules under the Padho Pardesh Yojana
- Loan amount – As per the program rules, any minority candidate who has secured a credit of 20 lakhs or less from an Indian bank to fulfill the requirement of education from a foreign university, to apply under the scheme will get.
- Interest Rate – The student will not have to pay interest for the entire duration of the course. They will also get an additional year and six-month buffer period after the course is over, and they have quit the job respectively (whichever is earlier). Once this time is up, the remaining interest and the principal credit amount will have to be paid.
- Repayment – The amount has to be repaid by the creditor only after the completion of the course.
- Mode of payment – All payments will be made to the student’s account. The student can opt for internet banking or use the check to get the loan amount. They have to repay the loan and interest in the same manner.
- Loan period – The candidate will be given subsidy on interest till the course is scheduled to continue. After completion of the course, the government will wait for a period of one year or 6 months, from the time the candidates get the job.
Banks under the Alpsankhyak Padho Pardesh Yojana
- Indian Banks Association (IBA)
- Co-oprative Bank
- Private Bank
- Public Sector Bank
And who are associated with the Indian Bank Association. Only such banks are eligible to provide loans under this scheme.
Eligibility for Minority Read Pardesh Yojana
- To apply for loan under this scheme, the applicant should belong to a minority community (Muslim, Sikh, Jain, Christian, Parsi, Buddhist).
- The subsidy will be valid at the interest rate of loan by the government only when the applicant student enrolls in the approved courses Phil, PhD, MBA, PG Diploma and other courses of this category under this scheme.
- The student has enrolled in a recognized university abroad.
- Only those students belonging to the minority class whose annual family income is Rs 6 lakh can apply for loan under this scheme.
- Under this scheme, the rules of the scheme will apply only if the bank is borrowed by the designated bank.
- Subsidy on the interest rate will be valid under the scheme only on loans taken by minority students up to 20 lakhs.
- Students who wish to apply for a loan for study abroad under this scheme, should be a citizen of India by law.
Documents Required for Padho Pardesh Yojana
- Loan application form
- Aadhar Card
- Admission and course related papers
- income certificate
- Minority certificate
- Bank account details
Padho Pardesh Yojana Application/Registration Process
- Procedure can be initiated only after the candidate has obtained admission in a foreign university.
- With the admit card, the candidate should contact the bank of his / her choice which has got IBA approval.
- The banker will provide the Education Credit Document.
- After filling the loan documents with the necessary documents, all important papers should be attached in the form.
- Once the form is filled, it will be sent to the bank headquarters and then to the concerned minority welfare department for documentation.