# Government Education Loan Scheme for Study Abroad Aspirants


Many Indian students dream of studying overseas; this would expose them to international career possibilities and academic levels. Nevertheless, the costs of studying abroad can be quite steep. In cooperation with banks and financial institutions, the Government of India has launched several educational loan programs to deal with this.

By offering financial aid, these plans guarantee that worthy students can follow their goals free from monetary limitations. The main government educational loan schemes, their characteristics, qualifying requirements, application procedures, and advantages are examined in this post.

## 1. Vidya Lakshmi Portal
Vidya Lakshmi is an innovative initiative of the Government of India wherein a common platform provides for students seeking educational loans or scholarships. It combines all sorts of loans from banks into a singular application process.

### Key Features:

**• Single Application Form (CELAF):** Compare the interest rates offered by different lenders to ensure you're getting the most competitive rate.

**• Loan Information Access:** Comprehensive details on various loan schemes and eligibility criteria.

**• Scholarship Linkage:** Direct access to government scholarships.

### Application Process:

**• Registration:** Students register on the Vidya Lakshmi Portal with their basic details.

**• Profile Creation:** Academic and financial details are entered.

**• Loan Application:** Apply to multiple banks simultaneously.

**• Tracking:** Students can track the status of their applications in real-time.

## 2. Central Sector Interest Subsidy Scheme (CSIS)

The **[Central Sector Interest Subsidy Scheme](https://www.elanloans.com/blogs/central-sector-interest-subsidy-scheme-for-abroad-education-loans)** (CSIS) provides an interest subsidy on education loans for students from economically weaker sections, making higher education more affordable.

### Key Features:

**• Full Interest Subsidy:** Available during the moratorium period (course period plus one year or six months after securing a job, whichever is earlier).

**• Loan Coverage:** Up to INR 7.5 lakh for studies in India and abroad.

### Eligibility Criteria:

**• Family Income:** Annual gross income should not exceed INR 4.5 lakh

**• Course Requirement:** Professional or technical courses from recognized institutions.

## 3. Credit Guarantee Fund Scheme for Education Loans (CGFSEL)

The **[Credit Guarantee Fund Scheme for Education Loans](https://www.elanloans.com/blogs/credit-guarantee-fund-scheme-for-abroad-education-loans)** (CGFSEL) ensures that students can avail loans without collateral.

### Key Features:

**• Loan Amount:** Up to INR 7.5 lakh without collateral.

**• Guarantee Coverage:** Provided by the Credit Guarantee Fund.

**• Repayment:** Flexible repayment options available.

### Eligibility Criteria:

**• Indian Nationality:** The applicant must be an Indian citizen.

**• Admission Proof:** Students must secure admission to a recognized institution abroad.

## 4. National Minorities Development and Finance Corporation (NMDFC) Education Loan Scheme

The NMDFC Education Loan Scheme is tailored for students from minority communities to facilitate access to higher education abroad.

### Key Features:

**• Loan Amount:** Up to INR 20 lakh.

**• Interest Rate:** 3% per annum for male students, 2.5% for female students.

**• Repayment:** Up to 5 years post-course completion.

### Eligibility Criteria:

**• Minority Community Status:** As per Government of India guidelines.

**• Income Limit:** Family income should not exceed INR 6 lakh.

## 5. National Scheduled Castes Finance and Development Corporation (NSFDC) Education Loan Scheme

The NSFDC Education Loan Scheme offers Scheduled Caste (SC) students study abroad loans.

### Key Features:

**• Loan Amount:** Up to INR 20 lakh.

**• Interest Rate:** 4% per annum (3.5% for female beneficiaries).

**• Repayment:** Up to 10 years.

### Eligibility Criteria:

**• SC Certificate:** Required for application.

**• Income Limit:** Annual family income should not exceed INR 3 lakh.

## 6. Dr. Ambedkar Central Sector Scheme of Interest Subsidy on Educational Loans for Overseas Studies

This scheme provides an interest subsidy on educational loans for students from Other Backward Classes (OBC) and Economically Backward Classes (EBC).

### Key Features:

**• Interest Subsidy:** Full subsidy during the moratorium period.

**• Loan Coverage:** Up to INR 20 lakh.

### Eligibility Criteria:

**• Family Income:** Not exceeding INR 8 lakh (OBC) or INR 2.5 lakh (EBC).

**• Course Requirement:** Master’s, M.Phil., or Ph.D. abroad.

## 7. State Bank of India (SBI) Global Ed-Vantage Scheme

The SBI Global Ed-Vantage Scheme is designed for students pursuing full-time regular courses in foreign institutions.

### Key Features:

**• Loan Amount:** INR 20 lakh to INR 1.5 crore

**• Interest Rate:** Competitive, linked to MCLR.

**• Repayment:** Moratorium period plus 15 years.

### Eligibility Criteria:

**• Admission Requirement:** Students must have secured admission to a recognized university abroad.

The education loan schemes backed by the Government of India provide an essential financial lifeline to students hoping to study abroad. These loan schemes have different forms, from interest subsidies to guaranteed loans, ensuring that students' academic dreams never die due to financial constraints.

If this does not work for you, you can always opt **[education loans for international students](https://www.elanloans.com/)** offers by various financial institutions like State Bank of India, Union Bank of India, ICICI Bank, and a lot more.

Want guidance in the application procedure? Connect with a study abroad consultant today to get things started!