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With Lok Sabha elections due in the next few months, the UPA Government is planning to woo minority communities with a Padho Pardesh (study abroad) scheme.
Under the scheme, interest subsidy will be given on education loans taken by meritorious students belonging to economically weaker sections of notified minority communities – Muslims, Christians, Sikhs, Buddhists and Zoroastrians (Parsis).
According to 2001 census, these communities together accounted for about 17.4 per cent of India’s total population of 103 crore. The Padho Pardesh scheme is being put together by the Ministry of Minority Affairs and the Finance Ministry to provide minority community students with better opportunities for higher education (Masters and Ph.D level) abroad and enhance their employability.
According to the scheme, interest payable by the eligible students during the period of moratorium (covering the course period plus one year or six months after getting a job, whichever is earlier) will be borne by the Government.
After the period of moratorium, interest on the outstanding loan amount will be paid by the student, in accordance with the provisions of the existing education loan scheme of banks.
The interest subsidy under the scheme will be available to eligible students only once, either for Masters or for Ph.D level. Further, only one child per family can avail of the benefit, said a senior official of a public sector bank in the know of the developments.
Reservation for females Thirty per cent of the benefit under the scheme will be reserved for female candidates. In case sufficient number of eligible female candidates are not available, the balance of the earmarked interest subsidy will be transferred to eligible male candidates.
To avail of the scheme, the total income from all sources of the employed candidate or his/ her parents/ guardians in case of unemployed candidate cannot exceed Rs 6 lakh a year.
The official said students obtaining benefits under this scheme will not be given interest subsidy if they give up their Indian citizenship during the tenure of the loan.
Migration of students from one institution to another would not normally be allowed during the course of the academic programme except under exceptional circumstances and in the interest of the student’s academic career. The designated bank, which will administer the scheme, will have to ensure that the students from the minority community, who may also belong to the scheduled castes/ scheduled tribes/ other backward classes, do not avail of the interest subsidy from other sources for the same purpose.
Other benefit The benefit of one per cent reduction in interest rate charged by the banks in the normal course on pre-payment of interest during the moratorium period will be passed on to the students.
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