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Frequently asked Questions (FAQs) related to the Scheme of Padho Pardesh (For Students)
1. Who is eligible for this Scheme? Ans. : Students who belong to minority communities viz. Muslims Christians, Sikhs,
Buddhists, Jains, and Parsis and want to pursue higher studies i.c. Masters, M.Phil
& Ph. D level abroad. 2. What will be the time period for interest subsidy? Ans. : Interest subsidy will be granted for the period of moratorium (i.e. course period
plus one year or six months after getting job, whichever is earlier) as prescribed
under the Education Loan Scheme of the Indian Banks Association (IBA). 3. What is the procedure to avail the benefit of the Scheme? Ans. : Student can avail the benefit of the Scheme by following the given procedure:
(i) Student should have secured admission in the University Abroad for
pursuing Post-graduate Diploma, Masters, M.Phil or Ph.D level courses with the overall family income of not more than Rs. 6.00 lakh per annum. Family income means gross parental income in case of unmarried students
and gross income of spouse incase of married students. (ii) Student should have to take the loan from any Private Bank, Public Sector
Bank, Scheduled commercial Bank and member urban Cooperative Banks
etc. who is a member of Indian Banks Association. (iii) Student should have the proof of belonging to a minority community
(details at Q. No. 10). (iv) Student should inform their lending Banks that Ministry of Minority
Affairs has launched a new Scheme of Padho Pardesh - interest subsidy on educational loans for pursuing higher studies abroad and helshe is eligible under that particular Scheme. Then the lending Bank will feed the students information into the Portal of Padho Pardesh launched by Canara Bank which is the implementing Agency of this Scheme. The Portal will remain
open for the period of two month in every quarter. 4. Whether Ministry gives educational loan under this Scheme? Ans. : No, Ministry does not give educational loan under this Scheme. The Scheme
provides reimbursement of Interest accrued on the Education Loan taken by a student from Bank, which is a member of IBA for moratorium period ( i.e. Course period + one year after completion of course or six months after getting
employment whichever happens earlier). 5. How much interest subsidy is given under this Scheme?
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