Padho Pardesh Scheme (Education Loan Subsidy provided to the minority students)
The Minority Affairs Ministry has launched the “Padho Pardesh Scheme” in which Interest on Subsidy of Educational Loans taken for the Overseas Studies are provided to the minority students only to the approved courses of M.Phil, Ph.D. and Masters level. The subsidy on interest claims on these educational loans is already availed from April 1, 2013 and lots of students have already been benefitted from this scheme.
The eligibility measures in order to select loan beneficiaries are given below:
- The student ought to have assured admission of the authorized courses i.e. M/.Phil, Ph.D. or Masters level overseas as per rules and regulations.
- He or she ought to have availed this loan from any scheduled banking organization under the Scheme of IBA (Indian Bank’s Association) for this particular intention.
- Overall income of the applicant if she or she is in job or his or her guardians/ parents just in case the applicant is unemployed ought not to go over Rs. 6 lacs per year.
It is a hundred percent Scheme of Central Government carried out by the Ministry by the Minority Affairs Ministry through any Nodal Bank such as Canara Bank, etc. Candidates are able to enjoy educational loan under this scheme of existent Educational Loan from any bank, which is a member of IBA (Indian Banks’ Association) and are able to claim for the subsidy in interest by means of their respective banks.
The Union Territory and State wise particulars of claims obtained for subsidy of interest from the authorized banks of a number of States and UTs as operating of this scheme incorporating the present year are given on the below table-
|Claims received||Claims received||Claims received||Claims received|
|vi||Dadra & Nagar Haweli||0||1||0||LAUNCHED|
|Xi||Jammu & Kashmir||94||27||8|
* Scheme was operational in the year 2014-15. The subsidy on interest claims on this educational loan is already availed from April 1, 2013.
The finances apportioned, released as well as the quantity of applicants profited since launching of this scheme are given in the table below-
|2015-16 Till 29/02/2016||2014-15|
|Students Benefitted||Funds Released||Funds Allocated||Students Benefitted||Funds Released||Funds Allocated|
*Rupees in crores
Aside from the preceding, the Ministry as well carries out Scheme of Pre-matric Scholarship (from Class I-X); Scheme of Post-matric Scholarship (from Class XI-Ph.D. level); Scholarship Scheme based on Merit (only for technical as well as professional courses); in addition National Maulana Azad Fellowship to provide educational empowerment to the minority students across the nation. Additionally, Maulana Azad Educational Foundation, an independent body operating under the Minority Affairs Ministry, as well carries out National Scholarship schemes for the Meritorious Minority Girls”, it is an only scheme providing scholarship to the minority girl students studying in the class XI – XII.