Interest-Free Education Loan in Goa 2023 is created by the government of Goa for the people who are permanent residents of Goa and it focuses on the younger population of Goa to provide them with technical education without any problem. Students will be provided support so that they can continue their higher education and technical training under this scheme by taking loans from the Government of Goa. People can easily apply for loans but they must strictly follow the repayment schedule which is very flexible as per the benefits provided by the authorities. Students can check out the major information about the loans that are provided for people studying in India or even abroad. You can check out the major information about the loans that are provided by the Goa Government from the article given below.
Objective Of Interest-Free Education Loan in Goa 2023
Interest-free education loan is provided to the student so that they can pursue higher education and technical education in Goa because of the less population who is inclined towards these options. Sometimes the people who want to continue their higher education do not have the proper economic conditions to go forward with the decision so Interest-Free Education Loan in Goa will definitely help them to push forward and take out loans so that they can continue their education. Sometimes people go through financial difficulties and they do not have the proper funds to pay the fees of famous IITs available in India so through this official platform you will be able to apply for loans and can continue your education in prestigious institutes.
No internet is charged to the students for the loans that they are taking and the eligible candidates can easily pay off their loans in the long period of repayment presented by the authorities.
Also Read: Goa Education Trust Scholarship
- The last date for submission of the form along with the requisite documents is 16/01/2023.
- The applicant must be below the age of 30 years.
- The applicant must have been a resident of Goa for a period of 15 years.
- For professional/non-professional diploma/degree courses: Candidates must have passed Class 10 and 12 from recognized schools/boards in Goa.
- For postgraduate courses: Candidates must have passed graduation from recognized institutions in Goa.
- For educational courses not available in Goa: Candidates must have passed graduation from institutions outside Goa.
- For PhD courses: Candidates must have passed post-graduation.
- For education in India, obtaining 55% or more marks in the qualifying examination is necessary (with a relaxation of 10% for Scheduled Caste (SC)/Scheduled Tribe (ST)/Other Backward Class (OBC) candidates).
- For education abroad, obtaining 60% or more marks in the qualifying examination is necessary (with a relaxation of 10% for SC/ST/OBC candidates).
- The applicant must follow the income criteria.
- Engineering (degree and diploma)
- Finance, including Chartered Accountancy and Cost Accountancy
- Fine Arts
- Home Science
- Computer Science
- The course must require full-time attendance.
- The fees of the course must be at least INR 10000 per annum.
- The course must be recognized by any of the following institutions/authorities:
- University Grants Commission (UGC)
- All India Council of Technical Education (AICTE)
- Medical Council of India (MCI)
- Dental Council of India (DCI)
- Architectural Council of India (ACI)
- Board of Technical Education, Goa
- Any other recognizing authority approved by the Government of India or the Government of Goa.
- Up to INR 50,000 with a repayment period of 18 months (1.5 years) and a max EMI of INR 2,777.
- INR 50,001 to INR 1 lakh with a repayment period of 24 months (2 years) and a max EMI of INR 4,166.
- INR 1,00,001 to INR 2 lakh with a repayment period of 36 months (3 years) and a max EMI of INR 5,555.
- INR 2,00,001 to INR 4 lakh with a repayment period of 42 months (3.5 years) and a max EMI of INR 9,523.
- INR 4,00,001 to INR 8 lakh with a repayment period of 48 months (4 years) and a max EMI of INR 16,666.
- INR 8,00,001 to INR 12 lakh with a repayment period of 54 months (4.5 years) and a max EMI of INR 22,222.
- INR 12,00,001 to INR 16 lakh with a repayment period of 60 months (5 years) and a max EMI of INR 26,666.
- The maximum amount of loan depends upon the yearly fees of the course selected by the students.
- In India, if the entitled fee is INR 10,000 and above, the maximum loan per year is the actual entitled fee, subject to a maximum of INR 2 lakh per annum. (Maximum disbursement of INR 10 lakh over 5 years)
- For Studies Abroad: The maximum loan per year is the actual entitled fees, subject to a maximum of INR 8 lakh per annum. (Maximum disbursement of INR 16 lakh over 2 years)
- Entitled fees include tuition fees, lab fees, development fees, and any other associated fees.
- Any scholarships or benefits received by the applicant under other schemes will be deducted from the maximum loan permissible. The applicant must provide relevant details in their application.
- Applicants have the choice to avail of loans at the maximum entitlement level or opt for a lesser amount based on their actual needs, which will result in an easier repayment schedule.
Distribution and Repayment
- 20% of the total funds of the schemes are reserved for study abroad candidates.
- The scheme encompasses seven different slabs based on the total amount disbursed to the applicant.
Also Check: Digital Goa Scholarship
Interest-Free Education Loan in Goa 2023 Application Procedure
- You will first have to visit the Interest-Free Education website of the scheme by clicking on the link given here
- The details of the scheme will open on your screen
- The applicants are requested to download the form, fill in the details and attach the requisite documents in hard copy and submit the form & checklist in the GEDC office between 10.00 a.m. to 4.00 p.m. on working days.
Interest-Free Education Loan in Goa 2023 FAQs
If you want to apply for an interest-free loan in Goa then you must first visit the official website presented by the authority and then check out the information related to the last date to apply for this scheme. Now, download the application form to submit it to the concerned authorities.
If you want to apply for the loan presented by the Goa government then you must follow the eligibility criteria presented by the authorities which is that you must be below the age of 30 years and you must be a resident of Goa.
The students can take loans for higher education, and technical education and the students can also apply for study abroad loans available by the Gujarat government because 20% of the scheme fund is reserved for study abroad students.
There is no interest provided on the loans that are presented by the Goa government so you can easily take loans and you can repay the loans as per the repayment period presented by the government on the basis of your education.