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:
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:
Also student should fulfill the following criteria:
Following table provides information regarding the maximum the amount of loan that can be availed of by a candidate in a year:
|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.
Contact to 0832-2411187 or E mail firstname.lastname@example.org
For more information visit to Goa Education Development Corporation Portal
Central Government of India
Department of education, art & culture, Goa
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