Studying abroad can be a life-changing experience for Indian students, but the cost of tuition and living expenses can be a major obstacle. Fortunately, there are several loan and scholarship programs available to help Indian students finance their education abroad.
The Government of India has launched several loan schemes to support students who wish to study abroad. One of the most well-known programs is the “Vidya Lakshmi” portal, which provides a single window for students to apply for educational loans from multiple banks. The scheme also provides information on scholarships and other financial aid programs.
In addition, the “Pravasi Bhartiya Sahayata Kendra” (PBSK) scheme provides financial assistance to overseas Indian students in need. The scheme provides up to Rs. 20 lakh in loans for courses in foreign universities, with a repayment period of up to 15 years.
Another loan scheme is the “Scheme for Interest Subsidy on Education Loans for Overseas Studies,” which provides an interest subsidy of 2-3% for education loans taken by students from economically weaker sections of society. The scheme also provides a moratorium period of up to one year after the completion of the course.
The Government of India also offers several scholarship programs for Indian students studying abroad. The “Commonwealth Scholarship and Fellowship Plan” provides fully-funded scholarships for postgraduate studies in the UK. The “Fulbright-Nehru Fellowships” provide funding for Indian students to pursue graduate studies in the United States.
Moreover, many foreign universities also offer scholarships and financial aid programs specifically for Indian students. It is recommended that students research these opportunities and apply early to increase their chances of receiving funding.
In conclusion, studying abroad can be an expensive endeavor, but there are several loan and scholarship programs available to help Indian students finance their education. By exploring these options and applying early, students can make their dreams of studying abroad a reality.