Education and Career Forum

I want to know about the details of subsidy scheme under education loan available in Union Bank? I am going to apply for an education loan in this bank as I am interested to study MS course in Abroad. So, I want to know about the subsidy scheme first.

The Padho Pardesh Scheme is the purpose to provide subsidy on interest for education loans to study abroad. This subsidy scheme is designed especially for meritorious and qualified students belonging to the economically weaker sections of minority communities. In order to be eligible for this scheme, you must fulfill the following criteria:

You must have secured admission to approved courses at the Masters, M.Phil and Phd level.

You must have taken a loan from a scheduled bank under the education loan scheme of the Indian Banks’ Association (IBA).

The income ceiling of the applicant’s parents/guardians in this case must not exceed Rs 6 lakhs per annum and the evidence for this should be submitted in form of an Income Certificate issued by the concerned authority of the state / Union Territory.