Limited financial funds shouldn’t limit your study abroad dreams. To help aspiring students cover academic expenses, the Delhi Government offers an education loan scheme for study-abroad students. The Delhi Government’s education loan for abroad allows up to INR 15 lakhs to pursue professional and technical courses. Let’s dive into the important details of the Delhi government education for abroad studies and look at the eligibility criteria.
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Also Read: Before applying for loans, know all about the minimum family income requirements for education loans in our blog.
Delhi Government Education Loan for Abroad Studies
The Delhi Government’s education loan scheme aims to target the students in Delhi and provide them with education loans to pursue professional and technical courses through government-recognised Institutions in India and Abroad. The table includes the important details.
| Maximum Loan Amount | Up to INR 15 lakhs to study abroad |
| Interest Rate | Base Rate + 2% |
| Repayment Period | Up to 15 years |
Who Can Apply?
To avail of these loans, the following groups are eligible for Delhi Government education loans for abroad studies. This includes-
- Scheduled Caste (SC)
- Scheduled Tribe (ST)
- Other Backward Castes (OBC)
- Minorities
- Persons with Disabilities
Note: The applicants must submit the caste certificate issued by the Office of the SDM concerned. Minorities must submit an affidavit and applicants with a disability must submit disability certificate issued by a Government hospital.
Apart from being from the above categories, the applicant must also fulfil the following eligibility criteria to avail of a Delhi Government education loan for abroad studies-
- Be a permanent resident of Delhi
- The annual income of the parents/ guardians should be below INR 5 lakhs. (An income Certificate issued by the Office of the SDM concerned is required as proof of income)
- The applicant should have secured admission to a recognised university in top-notch courses abroad
- The duration of the course must not exceed 5 years
Also Read: Did you know that you can get an income tax rebate on education loans? Check out how to avail, calculate, and claim tax deductions.
Documents Required for Delhi Government Education Loan
At the time of applying for an education loan to study abroad from the Delhi Government, you need to submit the specified documents. Make sure that the documents are authentic, self-attested and clearly visible. Some of the documents are required to be submitted before loan sanction and some documents post sanction. Check the details of the documents below:
Documents Required Before Sanction
Here’s the list of following documents that the applicants must keep handy. All these documents must be self-attested. Submitting them is an important step as this helps banks assess the authenticity and offer education loans to qualified applicants.
- Copy of Aadhar Card of the applicant, co-borrower( Parents/ Guardian) and guarantor
- Copy of Income Certificate issued by the office of the SDM Concerned
- Copy of mark sheet of the last examination based on which the applicant has obtained admission in the present/particular course
- Four Passport size photographs of the borrower, co-borrower and guarantor
- One full-size photograph of the borrower, if the applicant belongs to the PWD category
- Copy of Birth certificate /Age proof
- Copy of Caste Certificate for (SC/ST/OBC)
- Affidavit in case of Minority category
- Disability Certificate issued by the Medical Board of Government Hospital, Delhi, in case of PwD applicant
- Affidavit stating that no loan has been availed from any Government Agency for the same purpose
- Copies of the letter confirming the scholarship (if any)
- Proof of admission to the recognized course/ Institute
- Copy of schedule of payment for the courses or demand notice from the institution/University.
- Copies of foreign expenses permit ( if applicable)
- Statement of bank account for the last six months of the borrower and co-borrower.
- Signature identification of borrower and co-borrower from the bank
- Statement of assets and liabilities of borrower/co-borrower.
Documents Required After Sanction
Besides the list of documents required before sanction, you need to provide documentation after the education loan for abroad studies has been sanctioned to you. Here’s the list of documents required Post Sanction of the Delhi Government education loan for abroad-
- Copy of acceptance of sanction-cum agreement letter
- Execution of guarantee deed
- Affidavit of Legal Heir
- Affidavit of personal guarantee by borrower and co-borrower
- ECS/Post Dated Cheques
- Processing fee of Rs. 350/-
- No Promoter’s contribution up to Rs. 4.00 lakh loan Whereas, 5%, in case of, Education Loan in India and 15% in case of, Abroad, above Rs. 4.00 lakh.
- Two Witnesses along with a copy of their ID Proof
- Copy of last year’s result of the student
- Undertaking for non-closing of bank account till the completion of repayment
- Documents required in respect of the Guarantor:- i. Copy of Aadhar Card/Election Card/Passport.
FAQs on Delhi Government Education Loan for Abroad Studies
The maximum permissible amount by Delhi Government education loans for study abroad students is up to 15 lakhs.
SCs, STs, OBCs, minorities, and persons with disabilities can apply for Delhi Government education loans to study abroad.
The education loan is given for a maximum of 15 years at the base rate specified by the banks plus 2% on it.
To be eligible for the same, the applicant must have secured admission to a recognised university in top-notch courses abroad and the duration of the course must not exceed 5 years.
Many documents are required to be submitted to get the Delhi government education loan. The basic ones include a caste certificate, date of birth certificate, age proof, income proof, passport-size photographs, and proof of admission to a recognized university.
This was all about the Delhi government education loan for abroad studies. Hope you liked it. To know more about international scholarships, the loan application process, the best international bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
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