The Gujarat Government’s Study Abroad Loan Scheme is a commendable initiative aimed at making international education more accessible to underprivileged students. This scheme provides financial assistance to aspiring students who wish to pursue higher education abroad by offering interest subsidies on their education loans.
Eligibility Criteria
To be eligible for this scheme, applicants must meet the following criteria:
- Academic Performance: Must have secured 60% or more marks in their Class 12th examinations.
- Financial Background: Belong to the Economically Weaker Section (EWS) category with an annual family income of ₹6,00,000 or less from all sources.
- Loan Requirement: Must have taken an education loan from a scheduled bank on or after July 4, 2017, for studies in India or abroad.
- Academic Enrollment: Must have passed the Higher Secondary Examination conducted by the Board of Secondary Education, Gujarat or the Central Board of Secondary Education and be enrolled in a recognized university abroad.
Key Benefits
- Substantial Financial Assistance: The scheme offers interest subsidies on education loans up to ₹10,00,000.
- Lower Interest Burden: Reduces the overall financial burden on students by significantly lowering interest payments.
- Collateral-Free Loans: Students can avail of education loans without the need to provide any collateral.
- Flexible Repayment Options: Offers flexible repayment options upon completion of studies.
How it Works
- Interest Subsidy: The scheme provides an interest subsidy on the education loan up to ₹10,00,000.
- Moratorium Period: The interest subsidy is applicable during the moratorium period, which includes the duration of the course plus one year.
- Disbursement: Interest subsidies are disbursed annually to the student’s loan account.
- Loan Eligibility: Loans must be availed from scheduled banks only.
Ineligibility Criteria
- Students who have availed benefits of Central or State Government education loan subsidy schemes or any other scholarship are not eligible for this scheme.
- Students who drop out or discontinue their studies or whose loans are canceled by the bank will not be eligible for the interest subsidy.
Required Documents
- Application form for the loan
- Birth certificate
- Passport-sized photograph
- Copy of the loan application form
- Copy of the loan agreement
- Copy of Aadhaar card
- Copy of visa/visa approval letter
- Proof of residence (Passport, Driving license, Aadhaar card, etc.)
- Family income proof (Income tax returns, property proof, etc.)
- Sanctioned letter authorized by the bank (in KCG format)
- Copy of certified financial statements
- Copy of the first page of the bank passbook
- Copies of Class 10 and 12 marksheets and certificates
- Copies of college/university documents
- Copies of fee receipts from the institute/university
- Acceptance letter from a university abroad
- Self-declaration certificate stating no other scheme benefits have been taken (in KCG format)
- Interest calculation sheet
Conclusion
The Gujarat Government’s Study Abroad Loan Scheme is a valuable initiative that aims to empower underprivileged students to pursue higher education abroad. By providing financial support and easing the burden of student loans, this scheme can significantly contribute to the academic and professional growth of aspiring individuals and enhance the overall human capital development of the state.
Table: Key Features of Gujarat Government’s Study Abroad Loan Scheme
| Feature | Details |
| Eligibility | EWS category, 60% marks in Class 12, loan from a scheduled bank |
| Loan Amount | Up to ₹10,00,000 |
| Benefits | Interest subsidy, collateral-free loans, flexible repayment |
| Ineligibility | Recipients of other government subsidies |
| Application | Online application through designated channels |
Disclaimer: This information is for general guidance only. Please refer to the official website of the Gujarat Government or contact the relevant authorities for the most accurate and up-to-date information on the scheme’s eligibility criteria, application process, and other details.
*Knowledge Consortium of Gujarat (KCG)
Format for required Documents:-
Note:- All the documents must be submitted in the prescribed format.
For Document Checklist, CLICK HERE.