Gujarat’s Overseas Education Loan Scheme Empowers Students to Chase Global Dreams
Ahmedabad: Gujarat’s ambitious ‘Overseas Education Loan Scheme’ has become a game-changer for students from non-reserved categories, enabling them to pursue higher education abroad and build promising careers. According to government reports, the initiative has approved loans worth over ₹2,182.43 crore for 14,993 students, providing them with the financial backing to achieve their academic aspirations on a global stage.
Over ₹2,182.43 Crore in Loans Disbursed to Students
Under the leadership of Chief Minister Bhupendra Patel, the Gujarat government has rolled out multiple welfare programs to uplift marginalized communities. Guided by Social Justice and Empowerment Minister Bhanuben Babariya, the Overseas Education Loan Scheme, managed by the Gujarat Unreserved Educational and Economical Development Corporation, supports talented students from non-reserved categories in pursuing higher education abroad after completing Class 12. Since its inception in 2018, the scheme has disbursed loans of up to ₹15 lakh each, totaling ₹2,182.43 crore, to 14,993 students.
Income Cap Set at ₹6 Lakh for Eligibility
The scheme offers loans at a simple interest rate of 4% per annum for courses lasting at least one year or two semesters. To qualify, students and their families must have an annual income of ₹6 lakh or less, ensuring the program targets those who need financial assistance the most.
Eligibility Extends to Diverse Academic Programs
The Gujarat government is committed to ensuring inclusive development for all communities. To qualify for the loan, students must have scored at least 60% in Class 12 or equivalent recognized courses. The scheme supports a wide range of programs, including diplomas, undergraduate and postgraduate degrees, Ph.D.s, and other courses lasting at least one year or two semesters, enabling students to pursue their chosen fields abroad.
Flexible Repayment Terms for Students
The scheme allows up to two students from the same family to benefit. For loans up to ₹5 lakh, repayment begins one year after course completion and is spread over five years in equal monthly installments. For loans exceeding ₹5 lakh, the repayment period extends to six years after a one-year grace period, ensuring manageable terms for students.