Education Loan for Study Abroad by Gujarat Government

Updated on: 05 Sep 2023

 

In today's interconnected world, obtaining quality education is more important than ever. Many students aspire to pursue their higher education abroad, where they can access world-class universities, gain valuable international exposure, and enhance their career prospects. However, the cost of studying abroad can be a significant barrier for many students. To address this issue and empower aspiring students, the foreign education loan by the government of Gujarat aims to provide financial support to students pursuing education overseas.

Education loan schemes by the government of Gujarat

The Gujarat government recognizes the immense value of international education and the long-term benefits it brings to individuals, families, and society as a whole. With the education loan schemes for study abroad by the Gujarat government, students are now able to explore a wider range of educational opportunities and unleash their full potential on the global stage. These schemes reflect the government's commitment to fostering excellence in education and creating a skilled workforce to contribute to Gujarat's and India's progress in a globalized world.

Administered by the Developing Castes Welfare Department, the Government of Gujarat aims to provide financial assistance to deserving students. For students in Gujarat aspiring to pursue higher education abroad, the Gujarat Unreserved Educational and Economical Development Corporation (GUEEDC) offers specialized education loan schemes. These initiatives, established by the Government of Gujarat, aim to provide financial assistance to deserving students.

Features of GUEEDC foreign education loan

For students seeking financial support for self-financed medical, engineering, pharmacy, nursing, architecture, and other technical programs, GUEEDC offers an education loan scheme.

Under this scheme, students who have secured admission to a foreign university for MBBS, Bachelor's, Postgraduate, or equivalent courses can apply for an education loan. Under this scheme, students can obtain loans:

• INR 15 lakhs at a favorable interest rate of 4%.
• To be eligible, candidates must have achieved a minimum of 60% marks in their 12th grade
• Students must belong to families with an income of less than INR 4.5 lakhs per annum.
   

Must read: Education Loan for Abroad Studies by Indian Government

Bin Anamat education loan scheme

The Gujarat government has recently unveiled the introduction of the Bin Anamat education loan scheme, aimed at extending financial support to economically underserved students aspiring to pursue higher education abroad. This initiative caters specifically to individuals from underprivileged backgrounds who face difficulties affording the substantial expenses of studying abroad.

The Bin Anamat education loan scheme offers students loans up to INR 20 Lakh without collateral and margin money. Additionally, the interest rate on these loans is usually around 4% per annum for the initial year and 9% per annum for the remaining loan period.

Eligibility criteria for the Bin Anamat education loan scheme

The eligibility criteria for education loan for study abroad by Gujarat government schemes are as follows:

• Students should belong to socially and economically backward sections of society.
• Students must have secured admission to a recognized foreign university for a full-time degree or diploma course.
• Students should have consistently scored well in academics
• Students must possess a valid passport.

The application process for the schemes is simple. Interested students can apply online through the official website of the Gujarat government or seek assistance at designated banks. A committee established by the state government will review the loan applications, and eligible students will receive the approved loan amount.

Dr. Baba Saheb Ambedkar loan for foreign education by government of Gujarat

The Dr.Baba Saheb Ambedkar loan scheme for education loan for SC/ST students in Gujarat provides a loan to students who wish to pursue higher education in foreign countries. To be eligible for the loan, students must have obtained a visa and must be pursuing diploma or equivalent technical and professional courses. They should have achieved a minimum of 50% in their 12th-grade examination.

Eligibility criteria for Dr.Baba Saheb Ambedkar loan scheme

The eligibility criteria for the Dr.Baba Saheb Ambedkar education loan for SC/ST students in Gujarat are as follows:

• No income limit.
• Loan granted to SC/ST students for higher studies abroad.
• Visa acquisition is required.
• For Diploma and equivalent technical and professional courses: Minimum 50% marks in Std.XII examination.
• For post-graduate courses: Minimum 50% marks in Graduation level examinations.
• Application must be submitted before leaving abroad.
   

Must Read:NSFDC Government Education Loan for SC Students to Study Abroad

Documents required for foreign education loan by government of Gujarat

To apply for a foreign education loan by the government of Gujarat the following list of documents are required:

• Passport
• Study visa
• Admission/offer letter
• Academic transcripts and Final degree
• English proficiency tests (such as IELTS, TOEFL)
• Documents showing financial arrangements
• Health insurance
• Travel related documents
   

Also read in detail: Documents required for an education loan

Benefits of foreign education loan by Government of Gujarat

The foreign education loans by the government of Gujarat has a profound impact on the lives of numerous students. It has opened doors to prestigious universities worldwide, enabling students to gain exposure to diverse cultures, cutting-edge research, and innovative academic environments. Some key benefits of this scheme include:

• Enhanced career prospects: Gujarat government education loan for abroad studies equips students with valuable skills, knowledge, and international exposure, which significantly enhance their employability. Graduates with international qualifications often have a competitive edge in the global job market, increasing their chances of securing rewarding career opportunities.

• Cultural exchange: By studying abroad, students can immerse themselves in different cultures and develop a global perspective. This exposure fosters tolerance, empathy, and understanding, contributing to their personal growth and making them true global citizens.

• Academic excellence: Many reputed universities and educational institutions across the world offer cutting-edge programs in various disciplines. Through the abroad education loans scheme, students can access world-class education, advanced research facilities, and renowned faculty.

• Contribution to Gujarat's development: The knowledge and skills gained by students through their international education are invaluable assets that can be utilized for the development of Gujarat and India. Students returning after completing their education abroad often become catalysts for positive change, bringing innovative ideas, entrepreneurial ventures, and international networks to contribute to the state's growth.

Central Sector Interest Subsidy (CSIS) Scheme Explained!

The foreign education loan scheme by the Government of Gujarat has truly transformed the landscape for students aspiring to study abroad. With its financial support, flexible repayment options, and simplified application process, the scheme has opened doors to global educational opportunities. This initiative not only benefits individual students but also contributes to the overall development of Gujarat and India. If you're considering financing your higher education through an education loan, check your loan eligibility with GyanDhan and find personalised best suited loan offer.
Read More about: Central Sector Interest Subsidy (CSIS) Scheme

FAQs

Who is eligible to apply for Gujarat government education loan for abroad schemes?

Eligibility criteria for Gujarat government education loan for abroad may vary depending on the specific scheme, but generally, Gujarat residents who have secured admission to recognized universities or institutions abroad for higher studies are eligible to apply.

Is there any collateral required for an education loan for study abroad by Gujarat government?

The collateral requirement for education loans for study abroad by the Gujarat government may vary depending on the specific scheme and the loan amount. Generally, collateral or a co-applicant may be required for higher loan amounts. However, Bin Anamat Education Loan Schemes offer education loans without collateral.

What is the interest rate for Gujarat Government education loans?

The current rate of interest for Gujarat Government education loans is 4%.

Read Also:

• Education Loan Without Collateral for Abroad Studies
• Foreign Education Loan for Abroad Studies
• International Student Loan Without Cosigner: A Detailed Study
• Types of Education Loans for Abroad Studies
• Collateral Security for Education Loan

• Education loan 
• study abroad 

First published date: 16 Apr 2021