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Interest-free Education Loan Scheme ( IFEL Scheme )
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Grab
your opportunity to get a higher education without worrying about
financial considerations. 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. |
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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. The three
financing plans available are a) 5 year b) 7 year and c) 9 year.
Download
Brochure [PDF format]
Details
of the Scheme [PDF format]
Bonds:
1. Bond and Affidavit for the Major
applicant.
2. Bond and Affidavit for the
Minor
applicant.
3. Bond and Affidavit for applicants pursuing Foreign
Courses.
4. Bond for Renewal.
Forms:
1. Re-payment
for 3years :: 2.
Re-payment for 5years :: 3.
Re-payment for 7years
4.
Re-payment for 9years
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.
Prospective first-time applicants for the Interest Free
Education Loan Scheme have to submit the following documents:
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Attested
copy of Residence Certificate.
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Attested
copy of Birth Certificate.
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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).
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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.
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True
copy of 'Proof of admission'.
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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.
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True
copy of fee receipt for the current academic year / true copy
of fee receipt for the semester , beginning July .
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Original
Bonafide Student Certificate for the current academic year .
Note
1: If the admission procedure is incomplete at the time of
filing your application for the IFEL Loan, you may submit
documents enlisted between 7-8 at the time of the interview or
within 60 days of your status indicating that the aforementioned
documents need to be submitted.
Note 2: The GEDC will summarily reject any application form
received without the barest minimum of annexures enumerated
between 1-5/6 above.
Note 3: No disbursement will be made against incomplete
applications.
Note 4: The loan will be sanctioned only when all
documentary evidence unambiguously proving eligibility is
furnished.
Renewal Applicants for the IFEL Scheme
The renewal applicants need only submit the documents enlisted
from 7-8.
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