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The Ministry of Minority Affairs, Govt. of India, has formulated a new interest subsidy scheme “Padho Pardesh” , under the Prime Minister’s New 15 Point Programme for the Welfare of Minorities announced in June 2006. The objective of the scheme is to award interest subsidy to meritorious students belonging to economically weaker sections of notified minority communities so as to provide them better opportunities for higher education abroad and enhance their employability. The scheme is effective from FY-2013-14 (i.e. from 01.04.2013).The salient features of the scheme are as under:
It is a Central Sector Scheme to provide interest subsidy to the students belonging to the minority communities’ viz. Muslims, Christians, Sikhs, Buddhists, Jains and Parsis on the interest payable for the period of moratorium for the Education Loans under the Scheme of Interest subsidy on Education Loans for Overseas Studies to pursue approved courses at Masters and PhD levels.
- The Scheme is applicable for higher studies abroad. The interest subsidy shall be linked with existing Education Loan Scheme and restricted to students enrolled for pursuing PG, M.Phil and PhD courses.
- The Interest subsidy under the scheme shall be available to eligible students only once, either for Masters or PhD levels. Interest subsidy shall not be available to those students who either discontinued the course mid-stream, due to any reason, or those who are expelled from the institutions on disciplinary or academic grounds.
- If a student violates any condition of the scheme, the subsidy will be discontinued forthwith.
- If a student is found to have obtained the subsidy by false statement /certificates, the subsidy will be withdrawn / cancelled forthwith and amount of the subsidy paid shall be recovered with penal interest, apart from taking criminal action as per law.
- The students obtaining benefits under this scheme shall not be given the interest subsidy if he gives up Indian citizenship during the tenure of the loan.
- The student should have secured admission in the approved courses at Masters, M.Phil, or PhD levels abroad.
- He/ She should have availed loan under the Education Loan Scheme of the bank.
- Education Loans sanctioned and disbursed from FY 2013-14 (i.e. from 01.04.2013) onwards will only be eligible for interest subsidy.
- Presently the subsidy is restricted to the limits specified under IBA model education loan scheme i.e. Rs.20.00 lacs only.
- Students who have availed subsidy under any other scheme including the Central Sector Interest Subsidy Scheme for undergraduate courses are also eligible under this scheme as this scheme is for pursuing PG, M.Phil & PhD level courses.
- If the course pursued by the minority student is partly in India and partly abroad, the student is eligible for interest subsidy, provided that the Degree is awarded by Foreign University.
- Total income from all sources of the employed candidate or his / her parents/guardians in case of unemployed candidate shall not exceed Rs. 6.00 lacs per annum.
- Income certificate should be submitted from the competent authority in the State/ Union Territory.
- Under the scheme, interest payable by the students availing the education loans 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 shall be borne by the Government of India.
- After the period of moratorium is over, the interest on the outstanding loan amount shall be paid by the student.
- The candidate will bear the Principal installments and interest beyond moratorium period.
The subjects/ disciplines which are covered under the scheme for providing Interest Subsidy to minority students are listed below:-
- Arts/Humanities/Social Sciences.
- Commerce
- Pure Sciences
- Engineering
- Bio-technology/Genetic Engineering
- Industrial Environmental Engineering
- Nano-technology
- Marine Engineering
- Petro-Chemical Engineering
- Plastic Engineering
- Cryogenic Engineering
- Mechatronics
- Automation Robotics including artificial intelligence
- Laser Technology
- Low temperature Thermal Dynamics
- Optometry
- Art Restoration Technology
- Dock and Harbor Engineering
- Imaging System Technology
- Composite Materials Engineering including Decentralized Power Distribution (for Solar Heat) system, Energy Storage Engineering, Energy conservation, Energy Efficient Habitat.
- Packaging Engineering/Technology
- Nuclear Engineering
- Information Technology including Computer Engineering, Software, Software Quality assurance, Networking/Connectivity Engineering, Communication System under Hazardous or Post- Disaster Conditions, Multimedia Communication
- Industrial Safety Engineering
- Agriculture & Agro Technology
- Agronomy
- Medical
- Floriculture & Landscaping
- Food Sciences & Technology
- Forestry & Natural Resources
- Horticulture
- Plant Pathology
- Energy Studies
- Farm Power & Machinery
- Veterinary Sciences
- Soils & Water Management
- Plant Breeding & Genetics
- Small Scale Rural Technology
- Ocean & Atmospheric Sciences
- M.B.A
- M.C.A
- Any other Subject______*
*Subject may be deleted or added by the Ministry from time to time as situation demands.
