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PADHO PARDESH SCHEME

 

PADHO PARDESH SCHEME

 
PADHO PARDESH SCHEME - SCHEME TO PROVIDE INTEREST SUBSIDY ON EDUCATIONAL LOANS FOR OVERSEAS STUDIES FOR THE STUDENTS BELONGING TO THE MINORITY COMMUNITIES (Effective from 2013-14)

Important features of the scheme are as under:

  • The Scheme is applicable to students who have availed educational loans from 2013-14 (1st April, 2013) onwards and have a family income up to Rs. 6 lakhs / annum.
  • The objective of the Scheme is to award interest subsidy to meritorious students belonging to economically weaker sections of notified minority communities declared as minority communities in terms of section 2 (c) of National Commission for Minorities Act, 1992, on the interest payable during the period of moratorium ( i.e. course period plus one year or six months after getting job whichever is earlier) for Education Loans for Overseas studies to pursue approved courses of studies abroad at Masters , M. Phil and Ph.D. levels only once either for Masters or Ph.D. levels.
  • Subsidy shall not be available to those students who either discontinued the course mid-stream due to any reason or those who are expelled from the institutions on disciplinary or academic grounds. If a student violates any conditions of the scheme, the subsidy will be discontinued forthwith.
  • The scheme is applicable for higher studies abroad. The interest subsidy shall be linked with existing Educational loan scheme of IBA.
  • After the period of moratorium is over, The borrower/s will bear the Principal installments and interest beyond moratorium period.
  • Total income from all sources of the employed candidate or his /her parent’s, guardians in case of unemployed candidate shall not exceed Rs. 6.00 lakh per annum.
  • INCOME CERTIFICATE should be submitted from the competent authority of the State/Union Territory.
  • The students obtaining benefits under this scheme shall not be given interest subsidy if he gives up Indian Citizenship during the tenure of the loan.
  • The Branch to ensure that Students from the minority communities, who may also belongs to SC/ST/OBC category, do not avail interest subsidy from other sources for the same purpose.
  • For further information, please contact your nearest BOI Branch.