Foreign Education Loans for Other Backward Classes

The objective of the scheme is to assist members of other backward classes, and minorities to obtain foreign education

Quantum of Loan
This scheme is an own fund scheme of the corporation. Maximum loan amount available under the Scheme is 90% of the expenditure of the course subject to maximum loan limit of Rs. 10,00,000 /-. Disbursement of the loan will be on the basis of the statement of expenditure by the head of the institution.
Eligibility
1.The applicant must belong to any one of the notified other Backward Classes or minority communities of the state.
2.The annual family income of the applicant must be below Rs.3,00,000/-
3. Applicant should have obtained admission for any full time Post Graduate Professional/Technical Courses.

Rate of interest and repayment
Up to Rs. 5,00,000/- - 6%

Above Rs. 5,00,000/- - 8.5%

The benificiary should repay the loan in equal monthly instalments over a period of 5 to 9 Years.