Study Abroad Loan | Foreign Education Loan Scheme
Gujarat Unreserved Educational and Economic Development Corporation (GUEEDC) works to understand the sufferings of unreserved classes. Recommends to the Government to understand the problems of unreserved class and solve them. After studying various schemes related to social welfare, Bin-Anamat prepares recommendations for welfare schemes for classes. The Unreserved Class Commission runs various welfare schemes such as Educational Study Scheme Loan, Meal Bill Assistance, Coaching Assistance (Tuition Assistance), Coaching Assistance for JEE, GUJCET, NEET Exams, Training Assistance for Competitive Exams and Study Abroad Loans etc.
Purpose of Videsh Abhyas Loan Sahay
With the aim of helping the bright students of non-reserved castes in the state to get good and higher education in foreign countries and to help the economic situation, Gujarat government is implementing foreign study loan scheme. “Unreserved Loans” are provided by Gujarat Unreserved Educational & Economical Development Corporation.
Study Abroad Loan Eligibility
For MBBS after Class – 12, recognized courses even if degree is obtained after graduation and diploma
● For Master Course as well as Post Graduation Diploma or similar course known as
● Loans are available up to a total limit of Rs 15 lakh for any type of higher studies abroad like research, technical, paramedical, professional etc.
● Those who have 60 ℅ or more in class-12 can benefit from this scheme.
● Eligible for those whose annual family income is less than Rs 600000 (six lakhs).
How much is a study abroad loan?
Under the Loan For Foreign Study scheme, a total limit of 15 lakhs (fifteen lakhs) is available at 4% simple interest for higher studies abroad.
Videsh Abhyas Loan Sahay Requirement Document
Bin anamat aayog has set policies for students to take loans for study abroad. The prescribed documents for taking unreserved scheme loan are as follows.
- Application form in prescribed format
- Unreserved Class Certificate
- Copy of Aadhaar Card
- Income certificate
- Admission letter
- Copy of mark sheet of class-12 and above studies
- Mark sheet of class – 10 and 12
- Instance of School Dropout (LC)
- Copy of passport
- Visa Copy
- Air Ticket
- Proof of fees payable/paid every year
- Copy of the first page of the applicant’s bank passbook
- Mortgage / encumbrance and 5 bank cheques
- Consent letter of father/guardian to mortgage property as per Annexure-3
- Approval of Guarantor and Property valuation report and basis of property as per Annexure-1.
Documents/Guarantee for Bin-Anamat Loan
● For total course loan amount of Rs 7.50 lakh or less, the applicant student has to register an encumbrance on his or a relative’s property worth one and half times the loan amount.
● Each borrower shall furnish 5 (five) post dated checks signed in favor of the Corporation (for the Corporation).
● Full Course Loan Total Amount Rs. 7.50 lakhs in excess of that total amount shall be mortgaged in favor of the immovable property corporation of himself or any other relative.
Where to Apply for Study Abroad Loans
To take an unreserved loan for studying abroad, the applicant must fill the online form on the website mentioned below before going abroad. After filling the online form, the necessary documents have to be uploaded on the website.
Study Abroad Loan Repayment
● Equal monthly installments to be paid in 5 years after 1 year of completion of total loan course up to Rs.5.00 lakhs.
● In case of loan above Rs 5.00 lakhs to be repaid in equal monthly installments in 6 years after 1 year of completion of course.
● The money paid has to be deposited as interest on the first money.
● A student taking a study abroad loan can repay the loan even before the stipulated time limit.