RD Sethna Loan Scholarship to do studies abroad

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Is RD Sethna Loan Scholarship eligible for those applying to do studies abroad like MTech?

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R D Sethna Scholarship Fund grants only ban scholarships to students who are citizens of India, regardless of community, caste or creed.

Loan scholarships are granted to enable students to undertake scientific, technical, industrial or commercial studies in India and overseas on the condition that they are repayable with interest in terms of the agreement and other documents required to be entered into and executed by applicants and their male guarantors.

Only those applicants who have passed at least the Secondary School Certificate examination or other equivalent examination and who have secured not less than 50% of the total marks in the last examination given by them prior to the making of the applications are eligible to apply for a loan scholarship.
The person proposed as guarantor must be a male, and permanent resident in Mumbai having a monthly income of not less than Rs.10,000/- for applicants pursuing studies in India and Rs.15,000/- for applicants pursuing studies overseas.