Coimbatore: The Tamil Nadu Backward Classes Economic Development Corporation has announced an overseas education loan scheme for 100 students belonging to backward classes, most backward classes, and scheduled tribes to pursue higher studies in foreign universities.

According to Coimbatore District Collector Pawan Kumar, students from families with an annual income not exceeding Rs. 3 lakh are eligible to apply. The scheme provides a maximum loan of Rs. 15 lakh per student, with 85 per cent funded by the National Backward Classes Finance and Development Corporation and 15 per cent by the Tamil Nadu government.

The loan will be disbursed based on the tuition fees paid to the foreign university, with subsequent instalments linked to academic performance. Applicants must be between 21 and 40 years of age, and the interest rate is fixed at 8 per cent per annum.

Application forms can be downloaded from www.tabcedco.tn.gov.in and submitted along with required documents to the District Backward Classes and Minorities Welfare Office, the Joint Registrar of Cooperative Societies Office, or designated Cooperative Banks.

The initiative aims to support meritorious students from underprivileged backgrounds in accessing quality higher education abroad.