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Interest-free Education Loan Scheme (IFEL Scheme): Goa

Name of the Scheme : Interest-free Education Loan Scheme (IFEL Scheme)

Sponsored by : State Government

Funding Pattern : By State Government.

Ministry/Department : Department of education, art & culture

Description
The Government of Goa has designed a scheme for Goan students that will grant them interest-free loans for higher education, which means you just have to pay back the principal amount and the Government will bear the interest on it. The scheme has been designed in such a way that repayment of the loan starts one full year after you have completed your education. The duration of the course, for which you need a loan, will determine which financing plan suits you the best

Beneficiaries : Individual,Family,Women,Children

Benefit Type : Loan

Eligibility criteria :
The applicant: Should have been born and brought up in Goa. Should have been residing continuously in Goa for a period of 10 years. Should have passed Std. X and XII in Goa. Should have minimum aggregate of 60% in Std. X and/or XII in case of general category, percentage relaxation granted up to 50% in case of SC/ST/OBC. Should be less than 30 years. Annual family income should not exceed Rs.200000/-. In case a sibling is pursuing a course in Higher Education, the income ceiling is Rs.300000/-. In case of a candidate seeking admission abroad, the income limit is Rs.400000/- flexible upto Rs.500000/- in case there is a sibling pursuing Higher Education. The tuition fees for the academic year should be equal to or in excess of Rs.10000/-. The course should be of a full-time nature.

How to Avail
Prospective first-time applicants for the Interest Free Education Loan Scheme have to submit the following documents: Attested copy of Residence Certificate. Attested copy of Birth Certificate. Attested copy of the parent(s) IT returns for the previous year affidavit, in original, of the non-working parent (if any)/ attested copy of pension certificate (in case the parent(s) has retired) / attested copy of annual family income (in case the income is below taxable limits). Attested copies of Std.X and/or Std.XII marksheets. In case a student seeks to pursue an undergraduate course following successful completion of a diploma level course, then the attested copy of diploma passing certificate need also be attached. In case of aspirants for post-graduate / doctoral courses, attested copies of passing certificates of each milestone in the educational past need be attached. True copy of ‘Proof of admission’. Power of Attorney, in case the candidate is pursuing studies abroad, executed preferably in the name of a working parent, so as to authorize them to pursue matters pertaining to the applicant’s loan, in his / her absence. True copy of fee receipt for the current academic year / true copy of fee receipt for the semester , beginning July . Original Bonafide Student Certificate for the current academic year .

Validity of the Scheme

Introduced On
01 / 05 / 2005

Valid Upto
01 / 05 / 2011

Reference URL : http://gedc.nic.in/ifelscheme.htm

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