According to the Bureau of Immigration (BoI) reports, the number of Indian students pursuing international education in the year 2023 reached a staggering figure of 7.65 lakh in the period running up to October 2023. Indian Student Mobility Report, 2023 estimates that the number of Indian students studying abroad was over 1 million in 2019 and it is likely to reach between 1.5 and 2 million by 2025. As per the statistics, the United States, Canada, the United Kingdom, and Australia are the most favoured destinations for Indian students pursuing their studies. As of 2023, there were approximately 8,50,000 Indian students enrolled across these four countries.
Direct expenditure for 2022, projected at around $47 billion that includes tuition fees, accommodation, and other living costs, and on the basis of the current growth rate, this amount is expected to rise further and reach $70 billion by 2025.
As we witness that the trend of pursuing international education or studies overseas seems to be increasing every year, with Indian banks disbursing more than ₹364 crores in education loans in the last quarter of 2023.
We all are aware that education plays a crucial role in a student’s life as it helps them acquire the necessary skills to secure matching employment opportunities and live a fulfilling life. This is especially true for higher education from renowned international institutions. Graduating from reputed institutions increases the likelihood of landing a dream job. However, with the cost of education persistently increasing, pursuing international education has become challenging for many students. Fortunately, there are several governmental initiatives, education loan and scholarship programmes available for graduate students that partially or fully fund their studies abroad or considerably supplement it.
Exploring International Education
Throughout this article we will consider education loan/scholarship opportunities provided by the government to extend support to Indian students willing to pursue their studies abroad. Some of the most prominent and relevant initiatives are listed and explained in greater details hereafter.
- National Overseas Scholarship
- Swami Vivekananda Scholarship
- Goa Interest-Free Education Loan
- Gujarat Government’s Study Abroad Loan Scheme
- West Bengal Student Credit Card Loan Scheme
- Maharashtra Scheduled Caste Scholarship
- Maharashtra Scholarship for Meritorious Students
- Financial Assistance for APST Students Studying Abroad
- Prabhudda Overseas Scholarship
- Kerala Overseas Scholarship
- Ambedkar Overseas Vidya Nidhi
National Overseas Scholarship
The National Overseas Scholarship provides financial support to students hailing from the following categories for pursuing master’s or doctoral degrees in any field of study at a recognised university overseas.:
- Scheduled Castes
- Denotified Nomadic and Semi-Nomadic Tribes
- Landless Agricultural Labourers
- Traditional Artisan
The scholarship benefits include an annual maintenance allowance of USD $15,400, a contingency allowance of USD $1,500, visa and tuition fees, medical insurance, including incidental journey and equipment allowance. The eligibility criteria for the scholarship include the following:
- Age limit of 35 years
- A minimum score of 60% marks in relevant degrees
- Annual family income not exceeding ₹8 lakh per annum.
This scholarship programme is made available every year for the eligible students willing to pursue their studies overseas.
Swami Vivekananda Scholarship
The Swami Vivekananda Scholarship for Academic Excellence provides financial assistance to residents of Rajasthan pursuing higher studies at top-ranked universities in India and abroad. Tuition fees up to ₹50 lakh is paid during the course duration per annum including the living expenses of ₹1 lakh per month along with additional benefits such as tuition fees, maintenance allowance, medical insurance, visa fees etc. In order to become eligible, a student must meet the following criteria:
- He or she should be under 35 years of age.
- Applicants must be pursuing an undergraduate, postgraduate, Ph.D. or postdoctoral degree programme in any of the universities/institutions listed in the latest QS Global Rankings or ranked within the top 1-50 NIRF institutions.
Also Read: Scholarship Scheme for Overseas Education 2024-25 – Empowering Students of SC Community
Goa Interest Free Education Loan
The Goa Interest Free Education Loan (IFEL) Scheme provides financial assistance to residents of Goa pursuing higher education abroad. The scholarship benefits include loans up to ₹8 lakh per annum. Eligibility criteria for this scheme are the following:
- A minimum of 60% marks in the last qualifying examination.
- Applicants must be enrolled in an undergraduate or postgraduate degree programme.
- A family income not exceeding ₹12 lakh per annum.
The students are provided with the facility of repayment period decided by the entitled fee charged by their institution.
Gujarat Government’s Study Abroad Loan Scheme
The Gujarat Government extends financial aid through the study abroad program to students who want to study abroad for their undergraduate, graduate, diploma, or professional degrees. Students can get loans up to ₹15 lakhs to cover their tuition fees, accommodation, travel and other expenses. The following eligibility criteria apply:
- Applicants must be Indian national and a resident of Gujarat.
- A minimum of 60% marks in class 12 from the Higher Secondary Examination Board of Gujarat or the Central Board.
- Applicants must have secured admission to a university abroad.
- Annual family income should be less than ₹6 lakh.
West Bengal Student Credit Card Scheme
The West Bengal Student Credit Card Scheme is an initiative of the State Government of West Bengal. This scheme is dedicated to students willing to pursue their studies in secondary, higher secondary, madrasah, undergraduate, and postgraduate studies, including professional degrees and equivalent courses. The benefits of this scheme are a maximum collateral-free and third-party guarantee-free education loan of ₹10 lakh at a nominal interest rate of 4% per annum. The eligibility criteria for the applicants are as under:
- A maximum age limit of 40 years
- 10 years of residency in West Bengal
- Applicants must be pursuing studies in Class 10 or above.
Maharashtra Scheduled Caste Scholarship
Scholarship benefits are being provided by the State Government of Maharashtra to the students hailing from Scheduled Caste communities for pursuing their studies abroad. Students who intend to pursue their international education can receive tuition fees and maintenance allowance of up to USD $14,000 or GBP £9,000. In order to become eligible for this scholarship, the student’s family income limit is ₹6 lakh per annum. Applicants should enter into a contract with the government of Maharashtra to repay a minimum of 10% of the total expenditure, however, this is optional.
Maharashtra Scholarship for Meritorious Students
The Scholarships for Higher Education Abroad to Meritorious Children provides financial assistance to students pursuing postgraduation, diploma, and PhD courses in institutions ranked in the QS (Quacquarelli Symonds) or THE (Times Higher Education) World Ranking 200. The benefits of this scholarship program include a full tuition fee and personal health insurance, a subsistence allowance of USD $15,400 or GBP £9900, and one-time round-trip airfare for economy class. To be eligible, students must have their parents residing in the state of Maharashtra with an annual family income not exceeding ₹8 lakh.
Financial Assistance for APST Students Studying Abroad
The Financial Assistance scheme provides financial assistance to bonafide Arunachal Pradesh Scheduled Tribe (APST) students willing to pursue their higher studies abroad. Selected students shall be extended financial assistance not exceeding 50% of tuition fees for regular academic courses only. To be eligible, a student must have secured a minimum of 90% marks in Class 12 and admission to an institution at the time of the application.
Prabhudda Overseas Scholarship
The Karnataka Prabuddha Overseas Scholarship Scheme is a major education welfare scheme of the State Government of Karnataka. This scholarship extends financial assistance to resident students of Karnataka hailing from Scheduled Caste (SC) and Scheduled Tribe (ST) communities and willing to pursue undergraduate, postgraduate, or doctoral studies in a foreign university. Benefits of this scholarship include a full tuition fee, medical insurance, visa fee, airfare, maintenance allowance of ₹8 lakh, and ₹1 lakh per year for books and other expenses. To be eligible, a student must secure admission in the world’s top 325 universities, clear GRE/GMAT/TOEFL/IELTS exams. He or she should be under 21 years of age and have secured 80% marks as an undergraduate. He or she should be under 35 years of age having secured 55% of marks for postgraduate and doctoral studies.
Kerala Overseas Scholarship
The Kerala Overseas Scholarship provides financial aid to OBC students pursuing postgraduate studies in highly-rated universities abroad. A maximum of ₹10 lakh will be awarded to selected students. To be eligible, a student must pass with a minimum of 60% marks (first class), choose the same subject as their graduation. The family income should not exceed ₹6 lakh per annum.
Ambedkar Overseas Vidya Nidhi
The Ambedkar Overseas Vidya Nidhi is an initiative of the State Government of Telangana for students seeking financial assistance to pursue their studies abroad. Scholarship grants up to ₹20 lakh is available as per the admission offer. It also includes the cost incurred on visa fee, and one-way ticket for travelling. Students must have an annual family income not exceeding ₹5 lakh. Applicants must have secured 60% marks in graduation. He or she should have an eligible score in the GRE/GMAT and English Proficiency Test in order to become eligible under the scholarship programme.
Also Read: Swami Vivekananda Scholarship for Academic Excellence Scheme 2024!
Frequently Asked Questions (FAQs)
What are the governmental initiatives meant to provide aid to students for international education?
The Central and State Governments of India have launched several initiatives that provide financial assistance to students willing to pursue their studies abroad. It is being done through several scholarships and education loan programmes already listed and explained. The incentives also include medical insurance, fee waivers, maintenance and accommodation fees, etc.
Provide a list of study abroad scholarships and loan programmes offered by the Central and State Governments of India in 2024.
These are the scholarships and educational loan schemes or programmes provided by the central and state governments of India in 2024 are listed as follows:
- National Overseas Scholarship
- Swami Vivekananda Scholarship
- Goa Interest Free Education Loan
- Gujarat Government’s Study Abroad Loan Scheme
- West Bengal Student Credit Card Loan Scheme
- Maharashtra Scheduled Caste Scholarship
- Maharashtra Scholarship for Meritorious Students
- Financial Assistance for APST Students Studying Abroad
- Prabhudda Overseas Scholarship
- Kerala Overseas Scholarship
- Ambedkar Overseas Vidya Nidhi
Is pursuing studies abroad a very expensive affair for Indian students?
Pursuing studies abroad comes with managing financial challenges. This becomes more acute in the absence of awareness and proper guidance. There are several governmental initiatives as already listed that can help fulfill the dreams of scores of meritorious students willing to pursue their studies abroad. Pursuing international education becomes a costly affair only in the absence of proper guidance and awareness on availing available opportunities. Buddy4Study provides a comprehensive solution combining the benefits of scholarships and cheaper education loans. This is no longer an expensive affair.
Is the Swami Vivekananda Scholarship for Academic Excellence 2024 scheme meant for the residents of Rajasthan only?
Yes, the Swami Vivekananda Scholarship for Academic Excellence provides financial assistance to residents of Rajasthan who are already pursuing higher studies at top-ranked universities in India and abroad. There are 500 scholarship opportunities available to meritorious students and a tuition fee up to ₹50 lakh is paid during the course duration per annum.
What does APST stand for?
The acronym APST stands for Arunachal Pradesh Scheduled Tribe (APST). Bonafide Arunachal Pradesh Scheduled Tribe (APST) students who are willing to pursue their higher studies abroad receive monetary support under the programme ‘Financial Assistance for APST Students Studying Abroad.