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State Govt Offers 0%Interest Education Loan In Goa

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Interest-Free Education Loans
About The Loan

The State Government which launched the Interest-Free Education Loan Scheme in 2003, provides financial assistance to students in Goa in order to undertake approved degree and diploma courses at the undergraduate and postgraduate levels in India or abroad.

It was implemented by the Goa Education Development Corporation and grants students interest-free loans where the beneficiary pays back the principal amount and the government bears the interest. The procedure of Application for assistance under this scheme has started. For the courses conducted in India a maximum of Rs. 10 lakh will be contributed over 5 years. For courses in abroad, a maximum of Rs. 16 lakh will be contributed over 2 years.

What are the eligibility requirements

  • Any applicant should be less than 30 years of age, born and rent in Goa for at-least 15 years.
  • He/she should have cleared Class 10 and 12 examinations for admission to diploma or degree level courses in any recognized institutions in Goa.
  • As a graduate, he or she must have received a graduation certificate from the institution after clearing the final exams of a Post-graduation course for admission to Ph.D courses.
  • An annual income of an family should not exceed 7Lakhs within India. In case one of the applicants sibling is pursuing a course in Higher education, then income can be 8 Lakhs per annum.
  • For pursuing higher education in an institution outside India, the annual family income limit is Rs. 12 lakhs. If a sibling studying then its 14 lakhs per annum.
  • The entitled fees payable to the institution for undertaking the course should be at least Rs. 10,000 per annum.
  • The course for which admission is opted should be recognized by an accreditation authority approved by the government of India or the government of Goa.

What are the Major Documents required

  • Application form can be collected from the office of the Goa Education Development Corporation on paying Rs. 150/-
  • Affirmed copy of resident certificate, birth certificate, parents I-T returns for the last financial year, markshets of qualifying examination are required.
  • In case of admissions in foreign institutes, then Affirmed copy of proof of admissions to be given.
  • Original fee receipt for the current academic year along with the original, bonafide certificate issued by the institute for the current academic year along with the fee structure of the respective course.
  • Affirmed copy of Caste Certificate (optional) and Self Affirmed envelope with Rs.5/- postage stamp.

How to apply

  • The above-mentioned documents have to be submitted to the office of Goa Education Development Corporation.
  • Once the documents are scrutinized and their authenticity established, the funds are released through the electronic clearing system, which requires the applicant to have an activate account in any national or private sector banks.

Please Note :

  1. Under this scheme, a maximum of 5-year course is covered for studies in India and a maximum of 2-year is covered for studies abroad. In the event that the situation faced by a particular candidate requires minor modification in study period, the scheme provides for flexibility to make adjustments.
  2. On failure to comply with the repayment schedule will attract liability of payment of interest at a prescribed rate.
  3. The last date for submission of application form is October 31, 2012, extended to December 31, 2012, only in case where the courses commences after October 31, 2012.

For more details contact

Goa Education Development Corporation,
DIET Hostel Building, Near Teacher's Training College,
Provorim, Goa-403521, India
Phone : 2411187 / 2411194
Website : Goa Education Development Corporation

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