Overview on Dr Ambedkar Central Sector Scheme

The world is shrinking, and the pursuit of knowledge knows no borders. Yet, the dream of a master's degree abroad often stumbles at the foot of financial hurdles. Imagine a key, a government-backed initiative, designed to unlock these doors for deserving students. This isn't just about monetary aid; it's about leveling the playing field, fostering global intellect, and empowering future leaders.

We'll delve into the specifics of the Dr. Ambedkar Central Sector Scheme, revealing some details like the banking partners and more that can make this aspiration a reality. Discover how to navigate the landscape of a crucial loan for masters abroad.

What is Dr Ambedkar Central Sector Scheme?

The Dr Ambedkar Central Sector Interest Subsidy Scheme for overseas education was started to promote educational advancements of students from other backward classes and economically backward classes. The scheme aims to award interest subsidy to meritorious students in OBC and EBC classes to make better opportunities more accessible to them and improve their employability.

This scheme provides interest subsidy to students belonging to the OBC and EBC communities on the interest incurred during the moratorium period of the education loan for abroad studies in certain courses for Masters, M.Phil, and Ph.D. There are certain conditions for the subsidy scheme to apply.

There is an income ceiling for OBC as well as EBC candidates. For candidates from the OBC background, the ceiling is INR 8 lakhs per year. For EBC candidates the income ceiling to get the subsidy depends on their loan sanction date. The family income criteria for them can range from INR 2.5 Lakhs to INR 5 Lakhs.

Since the interest subsidy is only applicable on the interest students have to pay during the moratorium period after the period is over, students have to pay the remaining interest as well as the principal amount.

Now that we know about the scheme, let’s see the banks that offer the scheme in the upcoming section.

Banks That Offer Dr Ambedkar Central Sector Scheme

These are the banks that offer the Dr Ambedkar Central Sector Scheme for abroad studies:

1. State Bank of India

State Bank of India (SBI) provides education loans for students aspiring to study abroad through its Global Ed-Vantage scheme. This loan covers tuition fees, living expenses, and other academic costs for higher education in renowned institutions worldwide.

With competitive interest rates, flexible repayment options, and a moratorium period covering the study duration plus six months, SBI ensures financial ease for students. The loan amount can go up to ₹1.5 crore, making overseas education more accessible.

2. Bank of Baroda

Bank of Baroda offers education loans for students pursuing higher studies abroad through its Baroda Scholar scheme. This loan covers tuition fees, living expenses, travel, and other academic costs at recognized international institutions.

With loan amounts up to ₹1.5 crore, competitive interest rates, and flexible repayment options, the bank ensures financial support for aspiring students. A moratorium period is provided during the study duration plus a grace period, easing the repayment process.

3. Punjab National Bank

Punjab National Bank (PNB) provides education loans for overseas studies through its PNB Udaan scheme. This loan covers tuition fees, living expenses, travel, and other academic costs for students admitted to recognized foreign institutions.

With loan amounts up to ₹1 crore, competitive interest rates, and flexible repayment terms, PNB ensures financial ease for aspiring international students. A moratorium period is available, covering the study duration plus a grace period, simplifying loan repayment.

4. IDBI First Bank

IDBI First Bank offers education loans for students pursuing higher studies abroad, covering tuition fees, living expenses, travel, and other academic costs. With competitive interest rates, flexible repayment options, and a moratorium period that includes the study duration plus a grace period, IDBI ensures financial ease for international students.

The loan amount depends on the course and institution, making quality education accessible to aspiring students planning to study at reputed global universities.

5. Canara Bank

Canara Bank offers education loans for students aspiring to study abroad through its Vidya Turant and Canara Education Loan schemes. These loans cover tuition fees, living expenses, travel, and other academic costs at recognized international institutions.

With loan amounts up to ₹1.5 crore, competitive interest rates, and flexible repayment options, Canara Bank provides financial support for students. A moratorium period covering the study duration plus a grace period ensures easier loan repayment.

With this, we have reached the end of the article. We saw the Dr. Ambedkar Central Sector Scheme and the banks that offer this scheme. To know more about the banks and the schemes offered by them, students can get guidance from global education loan experts.

These experts can help students to find out about the different banks and their loan schemes for abroad studies. With their help, students can choose the best bank for education loan according to their needs. These experts can help students to make the right decisions and get the best deal on their journey abroad.