Interest-Free Education Loan Scheme- Goa

Interest-Free Education Loan Scheme- Goa

The Government of Goa has started a scheme for students of Goa, which will grant them interest-free loans for higher education, which means they just have to pay back the principal amount and the Government will bear the interest on it.

The scheme has been planned in such a way that reimbursement of the loan would start after one full year from when you have completed your education. The duration of the course, for which you need a loan, will determine which funding plan suits you the best.

The scheme visualizes funding of loans to younger population of Goa to help them in their pursuit of higher and technical education. It provides for absolution from the payment of interest charges, as long as the loaners adhere to repayment schedule strictly.

The scheme is valid when:

  • A maximum of five years of study period /course duration is covered in India
  • A maximum of two years course duration is covered for abroad courses.

In the event that the situation faced by a particular candidate requires minor modification in the study period, the scheme provides for flexibility to make adjustments. Failure to comply with the repayment schedule, however, will attract the liability of payment of interest at a prescribed rate.

Under this scheme:

  • The state government offers an interest-free loan for approved degree and diploma courses at the undergraduate and postgraduate levels in India or abroad and the students just have to pay back the principal amount and the Government will bear the interest on it.
  • The Interest-Free Education Loan has been implemented by the Goa Education Development Corporation. State provides a maximum loan of Rs.10 lakh for the courses conducted in India for over 5 years and a maximum loan of Rs. 16 lakh for courses in abroad for over 2 years.
  • This scheme was started in the year of 2005-06.
  • Students can choose from a wide range of focused courses and programs at all levels like graduate, post graduate degree, diploma, vocational training in India and abroad.

Benefits of Interest-Free Education Loan Scheme (IFEL)

  • Benefits of interest-free loans for higher education in India or abroad.
  • A Student just has to pay back the primary amount.
  • A student can make use of this scheme for taking a loan for higher education in India or abroad.

Eligibility Criteria

  • Candidate should be a resident of Goa.
  • The Candidate should be less than 30 years old.
  • Candidate should have cleared Class X and XII exams for admission to courses at diploma or degree level in any recognized institution in Goa.
  • Candidate should have received a graduation certificate from any recognized institution.
  • Candidate should have a minimum aggregate of 60% in Std. X and/or XII in the case of general category and percentage of up to 50% in case of SC/ST/OBC.
  • Annual family income of the student should not be more than Rs.20,0000/-

Documents required for the scheme

  • Passport size photos
  • True copy of Proof of admission
  • Power of Attorney in the name of a working parent (in case of studies outside Goa)
  • Bank account details
  • Caste certificate if required
  • Identity proof (Ex. Aadhaar card)
  • Residence Certificate
  • Birth Certificate
  • Family income certificate
  • 10th or 12th mark sheets
  • Diploma passing certificate in case of diploma

Applying Procedure

  • A candidate may apply for Interest-Free Education loan online.
  • Visit Interest-Free Education Loan Scheme official site http://ifel.in/
  • If you are new candidate then click on register and fill essential details
  • Once after creating a profile, applicant will get username and password
  • Now, click on login portal and put username and password
  • Once login, fill up essential details such as personal details, educational details, course for which loan is applied, background details and list of documents required to upload with fresh form only
  • Fill the form
  • Click on submit it
  • On the submission of the form, a registration number will be generated
  • The applicant should download and print this for references
  • Candidate can also renew their form online by logging into the portal.

Reference and Details

For more information about interest-free education loan scheme http://ifel.in/form

Goa Education Development Corporation https://www.goa.gov.in/department/goa-education-development-corporation/

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