{"id":8366,"date":"2023-11-27T17:03:13","date_gmt":"2023-11-27T11:33:13","guid":{"rendered":"https:\/\/fly.finance\/blog\/?p=8366"},"modified":"2024-06-05T18:56:18","modified_gmt":"2024-06-05T13:26:18","slug":"government-education-loans-for-study-abroad","status":"publish","type":"post","link":"https:\/\/fly.finance\/blog\/education-loan\/government-education-loans-for-study-abroad\/","title":{"rendered":"Best Government Education Loans to Study Abroad: Check Interest Rates"},"content":{"rendered":"\n<p>A lot of students apply each year for education loans to pursue their dream of studying abroad. What many students are not aware of is that they can also apply for government education loans. Government education loan schemes come with favourable interest rates and convenient repayment periods and students can even apply for these loans online. <\/p>\n\n\n\n<p>In this blog, we will be discussing some major government education loans for study abroad. So, let\u2019s get started!<\/p>\n\n\n\n<div class=\"wp-block-yoast-seo-table-of-contents yoast-table-of-contents\"><h2 id=\"table-of-contents\">Table of contents<\/h2><ul><li><a href=\"#h-3-best-government-education-loans-to-study-abroad\" data-level=\"2\">3 Best Government Education Loans to Study Abroad<\/a><\/li><li><a href=\"#h-vidya-lakshmi-portal-education-loan\" data-level=\"2\">Vidya Lakshmi Portal Education Loan<\/a><\/li><li><a href=\"#h-himachal-pradesh-mukhyamantri-gyandeep-yojana\" data-level=\"2\">Himachal Pradesh Mukhyamantri Gyandeep Yojana<\/a><\/li><li><a href=\"#h-e-samaj-kalyan-gujarat-yojana\" data-level=\"2\">E-Samaj Kalyan Gujarat Yojana<\/a><\/li><li><a href=\"#h-interest-subsidy-scheme-on-education-loan\" data-level=\"2\">Interest Subsidy Scheme on Education Loan<\/a><\/li><li><a href=\"#h-faqs-on-best-government-education-loans-for-study-abroad\" data-level=\"2\">FAQs on Best Government Education Loans for Study Abroad<\/a><\/li><\/ul><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-3-best-government-education-loans-to-study-abroad\"><span id=\"3-best-government-education-loans-to-study-abroad\">3 Best Government Education Loans to Study Abroad<\/span><\/h2>\n\n\n\n<p>Indian government provides various education loans to help students achieve their dreams of studying overseas. Some examples of such schemes include the Vidya Lakshmi Portal Education Loan Scheme and E-Samaj Kalyan Gujarat Yojana to name a few. When a student begins his study abroad journey, it is important to check about such loans and also go through the official websites of such government loan schemes.<\/p>\n\n\n\n<p>Here is the list of best Government Education Loans to Study Abroad:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Vidya Lakshmi Portal Education Loan<\/li>\n\n\n\n<li>Himachal Pradesh Mukhyamantri Gyandeep Yojana<\/li>\n\n\n\n<li>E-Samaj Kalyan Gujarat Yojana<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-vidya-lakshmi-portal-education-loan\"><span id=\"vidya-lakshmi-portal-education-loan\">Vidya Lakshmi Portal Education Loan<\/span><\/h2>\n\n\n\n<p>Vidya Lakshmi Portal is a unique platform for students looking for education loans to study abroad for higher education. The Department of Financial Services, the Department of Higher Education, and the Indian Banks Association (IBA) collaborated on creating this portal. Many students use the <a href=\"https:\/\/fly.finance\/blog\/education-loan\/vidya-lakshmi-portal-education-loan\/#h-eligibility-criteria\"><strong>Vidya Lakshmi Portal Education Loan<\/strong><\/a> platform to apply for education loans and track their application status. Around 44 banks are registered on this portal and you can access around 138 loan schemes. Students can check different loan schemes offered by different banks and apply for one that they find most suitable. Some other details are mentioned below-<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table><tbody><tr><td><strong>Category<\/strong><\/td><td><strong>Details<\/strong><\/td><\/tr><tr><td><strong>Application Process<\/strong><\/td><td>Students have to apply online and fill out the Common Educational Loan Application Form (CELAF).<\/td><\/tr><tr><td><strong>Eligibility Criteria<\/strong><\/td><td>The student must be an Indian National.<br>Must have completed HSC (10 plus 2 or equivalent) examination.<br>Must have secured admission into a recognised university in India or abroad.<\/td><\/tr><tr><td><strong>Loan Amount<\/strong><\/td><td>INR 4 Lakhs to INR 1.5 crores subject to terms and conditions.<\/td><\/tr><tr><td><strong>Number of Associated Banks&nbsp;<\/strong><\/td><td>A total of 44 banks are registered on the platform. However, a student can apply only to a maximum of 3 banks at a time.<\/td><\/tr><tr><td><strong>Interest Rate<\/strong><\/td><td>Starting from 8.15% and varies from bank to bank and scheme to scheme.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><strong>Note:- Interest rates are subject to change as per changing economic conditions. Students are suggested to check with their bank and understand properly the rate of interest and other terms and conditions.<\/strong><\/p>\n\n\n\n<p class=\"has-pale-ocean-gradient-background has-background\"><strong>Also Read- Check out our blog <\/strong><a href=\"https:\/\/fly.finance\/blog\/education-loan\/vidya-lakshmi-education-loan-interest-rate\/\"><strong>Vidya Lakshmi Education Loan Interest Rate<\/strong><\/a><strong> to know more about the interest rates of different banks.<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-himachal-pradesh-mukhyamantri-gyandeep-yojana\"><span id=\"himachal-pradesh-mukhyamantri-gyandeep-yojana\">Himachal Pradesh Mukhyamantri Gyandeep Yojana<\/span><\/h2>\n\n\n\n<p>The Himachal Pradesh Mukhyamantri Gyandeep Yojana scheme was launched by the Government of Himachal Pradesh on 1 April 2016. The scheme aims to provide financial assistance in the form of interest subsidy on education loans. To avail this scheme the student has to be a native of Himachal Pradesh and must have secured admission into a recognised university in India or abroad for higher education. Students who apply for this scheme will also be eligible to get a Vidyarthi Credit Card. Below are some of the major details of this scheme-<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table><tbody><tr><td><strong>Category<\/strong><\/td><td><strong>Details<\/strong><\/td><\/tr><tr><td><strong>Application Process<\/strong><\/td><td>Students can apply online on the ePASS portal and offline at the respective bank branch.<\/td><\/tr><tr><td><strong>Eligibility Criteria<\/strong><\/td><td>The student must be a bona fide Himachali. <br>Students must have passed the class 12th examination. <br>Students must be willing to take admission in a technical or professional course.<\/td><\/tr><tr><td><strong>Loan Amount<\/strong><\/td><td>A maximum of INR 10 Lakhs is provided under this scheme.<\/td><\/tr><tr><td><strong>Interest Rate<\/strong><\/td><td>Interest subsidy to the extent of <strong>4% <\/strong>p.a. on education loans is allowed.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><strong>Note:- The above-mentioned information has been taken from the ePASS Portal of the Government of Himachal Pradesh. Students must check the portal for any updates.<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-e-samaj-kalyan-gujarat-yojana\"><span id=\"e-samaj-kalyan-gujarat-yojana\">E-Samaj Kalyan Gujarat Yojana<\/span><\/h2>\n\n\n\n<p>Launched by the Department of Social Justice and Empowerment of Gujarat, E-Samaj Kalyan Gujarat Yojana is another government education loan scheme for studying abroad. The scheme was launched to provide financial assistance to candidates belonging to Scheduled Castes, Developing Castes, Economically Weaker Sections, etc. Under this scheme, education loans are provided at a subsidised rate of interest to students interested in studying abroad. Let\u2019s look at the major features of the <a href=\"https:\/\/fly.finance\/blog\/education-loan\/e-samaj-kalyan-gujarat-education-loan\/\"><strong>E-Samaj Kalyan Gujarat Education Loan<\/strong><\/a> Scheme-<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table><tbody><tr><td><strong>Category<\/strong><\/td><td><strong>Details<\/strong><\/td><\/tr><tr><td><strong>Application Process<\/strong><\/td><td>Students can apply online on the official website of the Gujarat E-Samaj Kalyan portal.<\/td><\/tr><tr><td><strong>Eligibility Criteria<\/strong><\/td><td>The student must be a resident of Gujarat. <br>Students must have secured more than 60% marks in the 12th examination. <br>Students must have secured admission to a technical or professional course. <br>Only 2 students per family can apply for this loan scheme.<\/td><\/tr><tr><td><strong>Maximum Loan Amount<\/strong><\/td><td>A maximum of INR 15 Lakhs is provided under this scheme.<\/td><\/tr><tr><td><strong>Interest Rate<\/strong><\/td><td><strong>4% p.a.<\/strong><\/td><\/tr><tr><td><strong>Repayment Period<\/strong><\/td><td>10 years<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-interest-subsidy-scheme-on-education-loan\"><span id=\"interest-subsidy-scheme-on-education-loan\">Interest Subsidy Scheme on Education Loan<\/span><\/h2>\n\n\n\n<p>Under its Interest Subsidy Scheme on Education Loan, the Government of Gujarat offers a<strong> 100% interest subsidy<\/strong> to economically weaker students from Gujarat who want to pursue higher education from abroad. The 100% interest subsidy is available on education loans till the moratorium period ( the duration of the course period and one year more). After the completion of the moratorium period, the interest payment for the remaining loan amount is not considered. Some of the major details of the scheme are mentioned below-<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table><tbody><tr><td><strong>Category<\/strong><\/td><td><strong>Details<\/strong><\/td><\/tr><tr><td><strong>Application Process<\/strong><\/td><td>Students can apply online on the official website of the Knowledge Consortium of Gujarat, Department of Education.<\/td><\/tr><tr><td><strong>Eligibility Criteria<\/strong><\/td><td>The student must be a resident of Gujarat. <br>Students must have secured more than 60% marks in the 12th examination. <br>The income of the parent(s) should not be more than INR 6 Lakhs p.a.<br>Students must have secured admission to a technical or professional course.<\/td><\/tr><tr><td><strong>Interest subsidy<\/strong><\/td><td>100% interest subsidy till the moratorium period (the duration of the course period and one year more).<\/td><\/tr><tr><td><strong>Nature of Bank<\/strong><\/td><td>The loan must be taken only from a scheduled bank.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"has-pale-ocean-gradient-background has-background\"><strong>Also Read: Check out this blog <\/strong><a href=\"https:\/\/fly.finance\/blog\/education-loan\/bihar-state-cooperative-bank-education-loan\/\"><strong>Bihar State Cooperative Bank Education Loan<\/strong><\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-faqs-on-best-government-education-loans-for-study-abroad\"><span id=\"faqs-on-best-government-education-loans-for-study-abroad\">FAQs on Best Government Education Loans for Study Abroad<\/span><\/h2>\n\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1701169475746\"><strong class=\"schema-faq-question\">What is the most popular education loan for abroad studies by the Indian government?<\/strong> <p class=\"schema-faq-answer\">Vidya Lakshmi Education Loan is regarded as one of the best education loans to study abroad. More than 40 banks are registered on the portal and you can check different loan schemes offered by these banks.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1701169491406\"><strong class=\"schema-faq-question\">What are the most popular interest subsidy schemes by the government?<\/strong> <p class=\"schema-faq-answer\">Himachal Pradesh Mukhyamantri Gyandeep Yojana for Himachali students and the Interest Subsidy Scheme on Education Loan by the Government of Gujarat are the two most popular schemes launched by the government.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1701169499559\"><strong class=\"schema-faq-question\">What is the minimum percentage required to apply for the Interest Subsidy Scheme on Education Loan?<\/strong> <p class=\"schema-faq-answer\">A student must have secured more than 60% marks in the 12th examination to be eligible for applying to this scheme.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1701169509724\"><strong class=\"schema-faq-question\">What is the maximum loan amount available under Vidya Lakshmi Education Loan?<\/strong> <p class=\"schema-faq-answer\">On the Vidya Lakshmi Education Loan portal, students can get education loans from INR 4 Lakhs to INR 1.5 crores depending on the requirement and the bank.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1701169523841\"><strong class=\"schema-faq-question\">Who is eligible for Vidya Lakshmi Loan?<\/strong> <p class=\"schema-faq-answer\">Below are the eligibility criteria for Vidya Lakshmi Education Loan-<br\/>-The student must be an Indian National.<br\/>-Must have completed the HSC (10 plus 2 or equivalent) examination.<br\/>-Must have secured admission into a recognised university in India or abroad<\/p> <\/div> <\/div>\n\n\n\n<p>This blog was all about the best government education loans for studying abroad. To know more about such loan schemes, the best <a href=\"https:\/\/fly.finance\/international-bank-account\"><strong>international bank accounts for students<\/strong><\/a>, forex and banking experience for global students or <a href=\"https:\/\/fly.finance\/blog\/money-transfer\/\"><strong>international money transfers<\/strong><\/a>, reach out to our experts at 1800572126 to help ease your study abroad experience.<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table class=\"has-pale-ocean-gradient-background has-background\"><tbody><tr><td><strong>Additional Reads<\/strong><\/td><\/tr><tr><td><strong><a href=\"https:\/\/fly.finance\/blog\/money-transfer\/dcb-bank-forex-card\/\">DCB Bank Forex Card: Features, Charges, Application Process<\/a><\/strong><\/td><\/tr><tr><td><a href=\"https:\/\/fly.finance\/blog\/scholarships\/ap-ambedkar-overseas-vidya-nidhi-scholarship\/\"><strong>AP Ambedkar Overseas Vidya Nidhi Scholarship: Features, Eligibility, Apply Online<\/strong><\/a><\/td><\/tr><tr><td><a href=\"https:\/\/fly.finance\/blog\/education-loan\/rajasthan-marudhara-gramin-bank-education-loan\/\"><strong>Rajasthan Marudhara Gramin Bank Education Loan For Study Abroad: Check Details Here!<\/strong><\/a><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><strong>Follow Us on Social Media <\/strong><\/p>\n\n\n\n<ul class=\"wp-block-social-links is-layout-flex wp-block-social-links-is-layout-flex\"><li class=\"wp-social-link wp-social-link-instagram  wp-block-social-link\"><a href=\"https:\/\/instagram.com\/flydotfinance\" class=\"wp-block-social-link-anchor\"><svg width=\"24\" height=\"24\" viewBox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" aria-hidden=\"true\" focusable=\"false\"><path d=\"M12,4.622c2.403,0,2.688,0.009,3.637,0.052c0.877,0.04,1.354,0.187,1.671,0.31c0.42,0.163,0.72,0.358,1.035,0.673 c0.315,0.315,0.51,0.615,0.673,1.035c0.123,0.317,0.27,0.794,0.31,1.671c0.043,0.949,0.052,1.234,0.052,3.637 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class=\"wp-block-social-link-label screen-reader-text\">Twitter<\/span><\/a><\/li><\/ul>\n","protected":false},"excerpt":{"rendered":"<p>A lot of students apply each year for education loans to pursue their dream of studying abroad. What many students are not aware of is that they can also apply for government education loans. Government education loan schemes come with favourable interest rates and convenient repayment periods and students can even apply for these loans &#8230; <a title=\"Best Government Education Loans to Study Abroad: Check Interest Rates\" class=\"read-more\" href=\"https:\/\/fly.finance\/blog\/education-loan\/government-education-loans-for-study-abroad\/\" aria-label=\"Read more about Best Government Education Loans to Study Abroad: Check Interest Rates\">Read more<\/a><\/p>\n","protected":false},"author":26,"featured_media":8373,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[21],"tags":[],"class_list":["post-8366","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-education-loan"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Best Government Education Loans to Study Abroad: Check Interest Rates<\/title>\n<meta name=\"description\" content=\"This blog includes the details about the Government Education Loans for Study Abroad. 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