New Delhi, 09, December, 2021: ‘Dr. Ambedkar Central Sector Scheme of Interest Subsidy on Educational Loans for Overseas Studies’ is open for students to claim loans for their education abroad. This educational loan aims to make higher education affordable for the students belonging to the Other Backward Class (OBCs) and Economically Backward Class (EBCs) categories. Recently, Sushri Pratima Bhoumikin, Minister of State for Social Justice and Empowerment wrote to the Lok Sabha that all applications received from the eligible students as per the guidelines of the scheme have been considered.
Note: The scheme is applicable to Indian students pursuing approved courses of studies abroad at Masters, MPhil, and PhD levels. It was launched by the Ministry of Social Justice & Empowerment* on October 1, 2017.
*The Ministry of Social Justice and Empowerment is a government ministry. It is responsible for welfare, social justice, and empowerment of disadvantaged and marginalised sections of society, including Scheduled Castes (SCs), Other Backward Classes (OBCs), manual scavengers, disabled, elderly, and the victims of drug abuse. The Ministry has requested all the banks to implement this scheme.
Dr. Ambedkar Central Sector Scheme of Interest Subsidy for Overseas Studies – Eligibility Guidelines
- Students belonging to Other Backward Classes (OBCs) and Economically Backward Classes (EBCs) are eligible.
- Students pursuing Masters, MPhil, or PhD levels abroad are eligible.
- The income of selected students from all sources (parental and self-employment) must not exceed the limit of INR 8,00,000 per annum.
How to Claim Dr. Ambedkar Central Sector Scheme of Interest Subsidy for Overseas Studies?
- Visit the website of the nodal bank
- Scroll down to the bottom of the page
- Navigate to the third section of “Member Login”
- Login using username and password
Dr. Ambedkar Central Sector Scheme of Interest Subsidy for Overseas Studies – Aims
- This scheme aims to make high-quality education accessible to marginalized students.
- This scheme aims to provide selected students access to better opportunities for higher education abroad and enhance their employability.
Dr. Ambedkar Central Sector Scheme of Interest Subsidy for Overseas Studies – Details
- This scheme has proved to be helpful to 10,803 students during the last 3 years.
- Till now, 1557 claims have been made by eligible students. All applications received from eligible students have been considered as per the guidelines of the scheme.
- Canara Bank has been designated as a nodal office to handle the activities related to this scheme.
Dr. Ambedkar Central Sector Scheme of Interest Subsidy for Overseas Studies – Funding Data
Here is the information regarding fund allocation since the last three years:
- In 2018-19: INR 100 crore
- In 2019-20: INR 260 crore
- In 2020-21: INR 326 crore
Note: For more information about the scheme, click here.