goa.gov.in Interest Free Education Loan Scheme Goa : Education Development Corporation

Organization : Goa Education Development Corporation
Facility : Interest Free Education Loan Scheme

Home Page : https://www.goa.gov.in/department/goa-education-development-corporation/
Details here : www.statusin.in/uploads/Education.pdf

Interest Free Education Loan Scheme :

Objectives of the Scheme :

Related : Goa Kala Gaurav Puraskar Scheme : www.statusin.in/22582.html

The main objectives of the scheme are to promote pursuit of higher education and technical education by younger population of Goa, to ensure that economic conditions and financial difficulties do not come in the way of such pursuit and, to assist eligible candidates

Details of the Scheme :
The scheme envisages grant of loans to younger population of Goa to assist them in their pursuit of higher and technical education. It provides for exemption from the payment of interest charges, as long as the loanees adhere to repayment schedule strictly. For this purpose, maximum five years of study period /course duration is covered in India and maximum of two years course duration is covered for abroad courses. In the event that the situation faced by a particular candidate

Eligibility for grant of loans
Any person below the age of 30 years , who has been resident of Goa for a period of 15 years, shall be entitled to apply for, and receive, loans under the Scheme provided h e fulfill s all the following conditions
**Has passed the qualifying examination i.e
** Std Xth or XIIth for professional / non-professional courses at diploma /degree level from any of the recognized institutions situated in Goa.
** Graduation from recognized institutions in Goa for postgraduate courses.
** Graduation from institutions outside Goa in case of those educational courses which are not available in Goa.
** Post Graduation for PhD courses.
** Studies in India Has obtained 55% or more marks in the qualifying examination. (For candidates belonging to SC/ST/OBC categories, the qualifying marks will be relaxable by 10%).

Reservation of Candidates : Efforts will be made to accommodate all eligible applicants for grant of loan.

In the event that the number of candidates has to be restricted in any particular year owing to the financial situation of the HEPF, it shall be ensured that not less than 2% of the numbers of selected candidates belong to Scheduled Caste, 12% to Scheduled Tribe and 19.5% to Other Backward Classes.

Further 30% of the selected candidates in each category (General, SC, ST and OBC) shall be women.

In case the number of otherwise eligible candidates among reserved categories is less than the percentage prescribed above the slots remaining vacant shall be offered to General category candidates.

Criteria for economic/ financial constraint : Applicants whose total family income, including the income of both the parents, is up to Rs.5,00,000 per annum shall be eligible to apply for loans under this Scheme for undertaking approved courses within India.

In the event that a brother or sister of the applicant is also pursuing studies at Higher/Technical education level (whether or not such sibling has applied for, or availed, loan under this Scheme), the eligibility limit for family income will be raised to Rs.6,00,000 lakhs per annum.

For pursuing Higher or Technical education in an institution located outside India, the family income limit for eligibility to apply for loans will be Rs.10,00,000 p.a.

In the event that a brother or sister of the applicant is also pursuing studies at Higher/Technical education level, within India or abroad, (whether or not such sibling has applied for, or availed loan under this Scheme), the relevant eligibility limit for family income shall be raised to Rs.12,00,000 lakhs per annum.

Approved Courses : Loans under the scheme can be availed of for pursuing any higher/technical education courses, at undergraduate or post graduate level in the fields of Engineering (degree and diploma), Dentistry, Medicine, Pharmacy, Architecture, Finance including Chattered Accountancy and Cost Accountancy, Law, Fine Arts, Home Science, Management, Environment and Computer Science