The pursuit of higher education in New Zealand is a transformative journey that opens doors to a world of knowledge and opportunities. However, the financial commitment associated with studying abroad can be daunting for many Indian students. To bridge this gap, the Indian government has implemented a range of education loan schemes, each designed to empower aspiring students in their academic pursuits.
In this blog, we will take an in-depth look at the prominent government schemes tailored to facilitate Indian students’ dreams of higher education in New Zealand.
Table of contents
Padho Pardesh Scheme
Indian Banks’ Association (IBA) administers the Padho Pardesh Scheme, which demonstrates the government’s commitment to providing education opportunities for minorities. This visionary initiative provides interest subsidies on education loans, ensuring that deserving candidates with promising potential are not impeded by financial constraints. The eligibility criteria, which focus on parental income and academic performance, are carefully designed to identify and support those who are truly committed to their educational pursuits.
Eligibility Criteria
To be eligible for this program, candidates must meet the following criteria:
- Attain a minimum of 60% in their 12th-grade examinations.
- Successfully gain admission to a foreign university or college.
- Qualify for participation in this initiative during their first year of study, rather than in the middle of their program.
- This program specifically covers Master’s, M.Phil, and Ph.D. courses.
Application Process
To initiate the online application process, students are required to visit the official student portal. Within this portal, candidates must complete the registration procedure and proceed to download the application form. Subsequently, they should diligently fill out all essential information and accompany it with the mandatory documents, scanned and uploaded as per the specified prerequisites.
Also Read: Loans to Study Abroad
SBI Global Ed-Vantage Scheme
The State Bank of India, a stalwart in the banking sector, has launched the Global Ed-Vantage Scheme, which specifically targets students with exceptional academic records. This forward-thinking initiative offers financial assistance to meritorious students pursuing higher studies in esteemed institutions abroad, including those in New Zealand. With competitive interest rates and flexible repayment options, this scheme serves as a lifeline for students, allowing them to focus on their academic journey without undue financial stress.
Eligibility Criteria
- Applicants must be Indian citizens.
- There is no specific age limit, but candidates typically apply for this scheme when pursuing higher education abroad.
- Candidates should have secured admission to a recognized foreign university or college for a full-time Master’s, M.Phil, or Ph.D. program. Additionally, they must have obtained at least 60% in their 12th-grade examinations.
- Applicants must possess all relevant documents, including admission letters, mark sheets, and any other documents required for the application.
Application Process
- Go to the SBI website or a branch offering the scheme.
- Find scheme information, including the application and eligibility criteria.
- Get the application form from SBI’s website or a nearby branch.
- Fill in personal and academic details on the form.
- Collect required documents like admission letters, transcripts, and 12th-grade marks proof.
- Send the completed form and documents to the designated branch or use the online portal, if available.
- The bank reviews your application to check eligibility.
- If eligible, the bank approves the loan amount based on course fees and other factors.
Canara Bank’s Education Loan for Abroad Studies
Canara Bank, known for its trustworthiness and commitment to customer welfare, plays a pivotal role in facilitating Indian students’ access to international education. The Education Loan for Abroad Studies encompasses a wide range of expenses, from tuition fees to accommodation and other related costs. By tailoring financial solutions to the unique needs of each student, Canara Bank empowers them to embark on their academic journey with confidence and financial security.
Eligibility
- Indian citizenship.
- Secured admission to a recognised foreign university or institution.
- Clear academic qualifications and background.
- Co-applicant may be required.
- The loan amount should be commensurate with the course fee and other expenses.
- Meet Canara Bank’s credit and risk policies.
Application Process
- Go to your nearest Canara Bank branch.
- Request the education loan application form from the bank personnel and fill in the application form with accurate personal and course-related details.
- Provide necessary documents including admission letter, academic transcripts, and other relevant proofs.
- If necessary, arrange for a co-applicant and submit their details.
- Canara Bank will assess your loan eligibility based on the course fees and other factors.
Must Read: UK GOVERNMENT STUDENT LOAN: A GUIDE
Vidya Lakshmi Scheme
Launched by the Ministry of Finance, the Vidya Lakshmi Scheme is more than just an application portal; it is a comprehensive platform that centralises information on various loan schemes, interest rates, and repayment options. This initiative simplifies the process, ensuring that students have easy access to a diverse range of financial options tailored to their needs. With the Vidya Lakshmi Scheme, the government reaffirms its commitment to enabling students to achieve their academic aspirations.
Eligibility Criteria
- The applicant must hold Indian nationality.
- The student should have successfully gained admission to an overseas university or college.
- The applicant should have completed their 12th-grade education from a duly recognized Indian board.
Application Process
To get started, visit the official Vidya Lakshmi website. Once there, you’ll be prompted to provide all the necessary details. After completing this step, crucial information regarding your application will be promptly sent to the email address you’ve registered.
FAQs
Eligibility criteria may vary, but typically, you must be an Indian national, have secured admission to a recognised New Zealand institution, and meet the bank’s credit and risk policies.
Government education loans often cover tuition fees, living expenses, travel costs, and other related expenses.
Repayment typically begins after the completion of your course or a specified grace period.
The Indian government’s initiatives in the realm of education loans exemplify a commitment to nurturing talent and enabling access to global opportunities. By understanding and leveraging these schemes, aspiring Indian students can embark on their educational journey in New Zealand with confidence and financial security. These initiatives not only alleviate financial constraints but also empower students to realise their academic potential on the global stage. With these government schemes in place, the path to educational success in New Zealand is more accessible than ever before.
To know more about the government education loan to study in New Zealand, the best 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. Follow our social media handles on Twitter, LinkedIn and Instagram.
