Dr. Ambedkar Scheme Of Interest Subsidy On Educational Loans For Overseas Studies: A Step Of Empowerment

One of the things that contributes exceptionally to an individual’s growth and development is quality education. It not only shapes a person’s career but their personal life as well. Therefore, it is of utmost importance to deliver good quality education for a child’s wholesome development through government schemes for education.

However, we live in times where everything has a value attached to it, including crucial components such as education, and families who aren’t financially well-off experience this as the biggest barrier in the path of learning. Therefore, to tackle this issue and provide monetary help to the students, the Ministry of Social Justice and Empowerment introduced the Dr. Ambedkar Scheme of Interest Subsidy on Educational Loans for Overseas Studies to support students from marginalised communities to pursue further education abroad.

Read the article to learn more about the Dr Ambedkar Yojana, ranging from its objectives to benefits and Dr Ambedkar Central Sector Scheme eligibility and application process.

What Is The Dr Ambedkar Education Loan Scheme?

The Dr Ambedkar Education Loan Scheme is a government scholarship scheme created by the Indian government, especially for students who come from the vulnerable sections of society, like OBC and EBC. The Dr Ambedkar Yojana provides financial assistance to selected students in the form of Dr Ambedkar Loan so that they can pursue higher education abroad.

Key Features Of The Dr Ambedkar Scheme of Interest Subsidy on Educational Loans for Overseas Studies

The significant features covered under this Sarkari Yojana are laid out below in brief for one’s reference:

• The Dr. Ambedkar Scheme of Interest Subsidy on Educational Loans for Overseas Studies provides interest subsidies on educational loans.

• The amount of Dr Ambedkar Loan is dependent upon the release of funds each year for this subsidy scheme, and the maximum amount is decided thereon on a first-come, first-served basis.

• The loans are given for the moratorium, which includes the period of education plus a year or six months extra after getting a job, which implies that the government pays off the entire interest on the loans as prescribed under the Educational loan scheme of the Indian Banks Association (IBA).

What Are The Dr Ambedkar Central Sector Scheme Eligibility Criteria?

To be eligible for this scheme, the following criteria of Dr Ambedkar Central Sector Scheme eligibility must be fulfilled. The Dr Ambedkar Central Sector Scheme eligibility criteria is as follows:

• Candidates must belong to either the OBC (with family’s annual income not exceeding 8 lakhs or the EBC (with family’s annual income not exceeding 2.5 lakhs) categories and produce relevant documents like an Income Certificate to prove the same.

• Candidates should’ve availed loans from banks under the IBA.

• The candidate must’ve secured admission in approved courses abroad for pursuing a Master’s, M.Phil, or Ph.D.

What Are The Documents Required For Dr Ambedkar Education Loan Scheme?

Applicants need to attach all the required documents to successfully apply for the scheme. The list of those documents is as follows:

• Aadhaar card

• Marksheets

• Bonafide Certificate

• OBC Caste certificate

• Income certificate

• Bank account details