Hyderabad, Telangana :

Whereas the Telangana government’s Overseas Study Scheme for minority students for pursuing higher studies in post-graduate courses in foreign universities is meant to cover those applicants with family incomes of less than two lakh rupees per annum, the Union government’s Padho Pardesh scheme of interest subsidy on educational loans for overseas studies for minority students is designed to help those hailing from middle and upper-middle class families with annual income upto six lakh rupees.

While the minority students are provided financial assistance of upto Rs 10 lakh for pursuing overseas studies under a Telangana state scheme, those applying under Padho Pardesh scheme would be entitled to a maximum loan of Rs 20 lakh for studying abroad. Ministry of Minority Affairs (MoMA) would reimburse 100 percent interest component of the educational loan availed by minority students from the banks under Padho Pardesh upto the moratorium period (that is, the course period plus one year after completion of the course or six months after getting employment, whichever happens earlier).

Padho Pardesh scheme is meant for students enrolled for courses at masters, MPhil and PhD levels. The interest subsidy under the scheme would be available to eligible students only once, either for Masters or PhD. The students would be required to secure admission into a university abroad for pursuing post-graduate diploma, masters, MPhil or PhD level course. The student can take the loan from any private, public sector, scheduled commercial or urban cooperative bank (which is a member of Indian Banks Association).

The applicants need to inform their lending banks that they want to avail interest subsidy under Padho Pardesh scheme. The lending bank would feed the students’ information into Padho Pardesh portal launched by Canara Bank, the implementing agency of the scheme. The portal would remain open for a period of two months in every quarter. The applicants would have to provide proof of belonging to a minority community.

Padho Pardesh scheme was launched in 2013-14 under the Prime Minister’s 15-Point Programme for the welfare of minorities, which provided for schemes for scholarships for meritorious students from minority communities, namely, Muslims, Christians, Sikhs, Buddhists, Jains and Parsis, to promote their educational advancement. This central scheme is restricted to provision of interest subsidy on educational loans for overseas studies obtained by selected students. The candidates would have to bear the principal instalments and interest beyond the moratorium period. The benefit of the interest subsidy would be given to notified minority communities in the ratio of their population.

As many as 41 subjects/disciplines are covered under the scheme, ranging from arts, humanities, social sciences, commerce, pure sciences, engineering, information technology, to agriculture, medicine, business management, computer applications etc. The advanced disciplines include genetic engineering, cryogenics, mechatronics, automation robotics, laser technology, imaging system technology, nuclear engineering, ocean and atmospheric sciences.

A recommendatory committee headed by joint secretary incharge of the scheme in MoMA, with representatives of finance division and nodal bank, examines and recommends the applications for award of interest subsidy on quarterly basis. Preference is to be given to girl candidates. Two meetings of the recommendatory committee were held in the year 2014, and 573 students were awarded interest subsidy.

Students from Kerala topped the list of beneficiaries, closely followed by Punjab, Tamil Nadu, Andhra Pradesh, Karnataka and Maharashtra. Fewer beneficiaries hailed from other major States– Uttar Pradesh, Bihar, Madhya Pradesh, Rajasthan, Haryana, Gujarat, Assam and West Bengal. Muslim students accounted for a big chunk of the list, followed by Christians and Sikhs.

MoMA monitors the performance of the scheme through a web-enabled monitoring mechanism put in place by the designated bank. The nodal bank is required to furnish quarterly financial and physical progress reports to the ministry and place relevant details on its official website. The designated bank would maintain year-wise details of the students receiving scholarship, indicating institute, location, class, gender, new or renewal, permanent address and parents’ address.

Under Padho Pardesh, income certificate produced by the student for availing educational loan, namely, Income Tax Return, Form 16/ Audited Accounts/Income Certificate issued by the designated authority of the state government or Union territory is acceptable to the ministry for determining income ceiling. Similarly, the student would have to furnish the minority certificate issued by any religious body or school/college principal, or even a self-declaration would be sufficient.

Selected students would have to submit periodical progress reports/ documents to their respective lending banks from time to time during the period of their study abroad. On completion of the course, the student would need to submit a copy of mark list and certificate to the lending bank as well as to the ministry for record.

source: http://www.timesofindia.indiatimes.com / The Times of India / Home> City> Hyderabad / by Syed Amin Jafri, TNN / June 22nd, 2015