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The Gujarat government has raised the annual family income limit for general category students under the 'Foreign Study Loan Scheme,' which provides financial assistance for studying abroad. The income limit has been increased from ₹6 lakh to ₹10 lakh.

Gujarat Foreign Study Loan: The Gujarat government has increased the annual family income limit for general category students under the scheme providing financial aid for overseas education. Students with an annual family income of up to ₹10 lakh will now be able to avail the benefits of this scheme; previously, the limit was ₹6 lakh. This decision is expected to benefit students who were previously excluded from the scheme because their family income exceeded ₹6 lakh.

Income Limit Raised from ₹6 Lakh to ₹10 Lakh

Gujarat's Department of Social Justice and Empowerment has approved the proposal to raise the annual family income limit for general category students under the scheme. The scheme is being implemented through the 'Gujarat Unreserved Education and Economic Development Corporation.' Now, general category students whose families have an annual income of up to ₹10 lakh can also avail loan assistance for studying abroad under this scheme. Previously, only students with a family income of up to ₹6 lakh were eligible. The government states that the objective behind raising the income limit is to provide financial assistance for overseas education to a larger number of students.

Loan of Up to ₹15 Lakh for Studying Abroad

Under this scheme, eligible general category students are provided with an education loan of up to ₹15 lakh for studying abroad. This assistance is available for specific courses, including Bachelor of Medicine, Bachelor of Surgery (MBBS), post-graduation, and post-graduate diploma courses. To avail the benefits of the scheme, a student must have secured more than 60% marks in the Class 12 examination. Simple interest is charged on the loan at a rate of 4% per annum, and the repayment period varies depending on the loan amount.

Which expenses will be covered by the financial assistance?

While studying abroad, students face expenses such as living and food costs in addition to tuition fees. The education loan assistance provided under the scheme will help cover these expenses. According to the government, raising the income limit will enable meritorious students from middle-income families to pursue studies abroad. Students who were previously unable to avail the benefits of the scheme due to an income exceeding ₹6 lakh will now be eligible under this revised limit.