Education Loan By Gujarat Government To Study Abroad
Education Loan

Education Loan for Study Abroad by Gujarat Government

Education Loan for Study Abroad by Gujarat Government

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Check out the Gujarat Government Education Loans for overseas education. Continue reading to know more about the eligibility, offers, and other details to apply for it.

GyanDhan

Ananya Ghai

Updated on: 10 Oct 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.


 

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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.


 

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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:

  • list items INR 15 lakhs at a favorable interest rate of 4%.
  • list items To be eligible, candidates must have achieved a minimum of 60% marks in their 12th grade
  • list items 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

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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:

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

Check Your Education Loan Eligibility

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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:

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

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

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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:

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

Also read in detail: Documents required for an education loan

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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:

  • list items 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.
  • list items 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.
  • list items 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.
  • list items 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.  
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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

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FAQs

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

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

What is the interest rate for Gujarat Government education loans?