Scheme for Interest-free Education Loan Scheme (IFEL Scheme) for higher education, Goa


The Government of Goa has initiated a scheme for Goa 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 planned 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.The scheme envisages grant of loans to younger population of Goa to help 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 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.


The objectives of this scheme are summarised as below:

To promote pursuit of higher education and technical education by younger population of Goa, to ensure that economic conditions and to reduce financial difficulties, to assist eligible candidates by way of interest-free loans to undertake approved degree and diploma courses at undergraduate and postgraduate levels, in India or abroad.


The applicant should fulfill the following conditions:

  1. The applicant should have been born and brought up in Goa. Student should have been residing continuously in Goa for a period of 10 years.
  2. Student/candidate should have passed Std. 10th class and 12th class in Goa.
  3. The minimum aggregate should be 60% in Std. 10th class and 12th class.
  4. In a case of general category, the percentage is up to 50% in case of SC/ST/OBC. The age limit should have up to 30 years.
  5. Annual family income of student should not more than Rs.200000/-.
  6. In case a sibling is pursuing a course in Higher Education, the income ceiling is Rs.300000/-. In a case of a candidate seeking admission abroad, the income limit is Rs.400000/- flexible up to 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.

Any person below the age of 30 years, who has been a resident of Goa for a period of 15 years, shall be entitled to apply for, and receive, loans under the Scheme provided he fulfills all the following conditions:

  1. Student should have cleared the qualifying examination i.e
  2. Std Xth or XIIth for professional / non-professional courses at diploma /degree level from any of the recognized institutions situated in Goa.
  3. Graduation from recognized institutions in Goa for postgraduate courses.
  4. Graduation from institutions outside Goa in case of those educational courses which is not available in Goa.
  5. Post Graduation for Ph.D. courses.

Also student should fulfill the following criteria:

  1. 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%).
  2. Studies abroad (outside India): Has obtained 60% or more marks in the qualifying examination. (For candidates belonging to SC/ST/OBC categories, the qualifying marks will be relaxable by 10%).
  3. Meets the prescribed eligibility conditions relating to economic/financial constraints.
  4. Undertakes any of the courses approved under this Scheme




Following table provides information regarding the maximum the amount of loan that can be availed of by a candidate in a year:

Amount of Loan
Sr. No. Max Entitled fee charged by the Institution Maximum Loan per year
1. Rs. 10,000 and above Actual “Entitled fees*” subject to a maximum of Rs. 2.00 Lakh per annum. (Max 10 lakhs disbursed over 5 years)
2. For studies abroad Actual “Entitled fees*” subject to a maximum of Rs. 8.00 Lakh per annum. ( Max 16 lakhs disbursed over 2 years )

*Entitled fees includes tuition fees, lab fees, development fees and any other fees that are associated with lab fees.

How To Apply

Contact to 0832-2411187 or E mail

For more information visit to Goa Education Development Corporation Portal

Sponsored By

Central Government of India


Department of education, art & culture, Goa

Date of Launch


Valid Upto





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