Interest Free Education Loan Scheme for Higher Education in Goa / गोवा में उच्च शिक्षा के लिए ब्याज मुक्त शिक्षा ऋण योजना

गोवा में उच्च शिक्षा के लिए ब्याज मुक्त शिक्षा ऋण योजना

Interest Free Education Loan Scheme (IFEL) launched by state Government of Goa (Goa Education Development Corporation) for students. Under this scheme, the government provides an interest-free loan for approved degree and diploma courses at the undergraduate and postgraduate levels in India or abroad. In this scheme, students just have to pay back the principal amount and the Government will bear the interest on it.

Interest-Free Education Loan implemented by Goa Education Development Corporation. The government provides the maximum loan of Rs. 10 lakh for the courses conducted in India for over 5 years and a maximum loan of Rs. 16 lakh for courses in abroad for over 2 years. Interest-Free Education Loan for higher education is started in the year of 2005-06. The world is becoming increasingly specialized and complex and education is evolving to meet those needs. Students today can choose from a wide range of specialized courses and programs at all levels like graduate, postgraduate degree, diploma, vocational training in India and abroad. Regarding this, government of Goa took very good initiative and an education loan makes it possible for students to pursue academic studies of their choice in premier institutions, even if they or their family cannot afford it at that time

Benefits of Interest-Free Education Loan Scheme:

1. Benefits of interest-free loans for higher education in India or abroad
2. Student just have to pay back principal amount
3. Loan for higher education in India or abroad

Eligibility criteria for Interest-Free Education Loan Scheme:

1. Applicant should be resident of Goa
2. The applicant should be less than 30 years old
3. Applicant Should have cleared Class X and XII exams for admission to courses at diploma or degree level in any recognized institution in Goa
4. Applicant Should have received a graduation certificate from any recognized institution
5. Applicant should have the minimum aggregate of 60% in Std. X and/or XII in case of general category and percentage of up to 50% in case of SC/ST/OBC
6. Annual family income of student should not be more than Rs.200000/-

Documents required for Interest-Free Education Loan Scheme:

1. Identity proof such as Aadhaar card
2. Residence Certificate
3. Birth Certificate
4. Family income certificate
5. 10th or 12th mark sheets
6. Diploma passing certificate in case of diploma
7. Passport size photos
8. True copy of Proof of admission
9. Power of Attorney in the name of a working parent (in case of studies outside Goa)
10. Bank account details
11. Caste certificate if required

How to apply for Interest-Free Education Loan Scheme:

1. Applicant may apply for Interest-Free Education loan online
2. Just visit Interest-Free Education Loan Scheme official site http://ifel.in/
3. If you are new applicant then click on register and fill essential details
4. Once after creating a profile, applicant will get USERNAME and PASSWORD
5. Now, click on login portal and put USERNAME and PASSWORD
6. Once login, fill up essential details such as personal details, educational details, course for which loan is applied, background details and list of documents required to upload with fresh form only
7. Fill the form and submit it
8. On the submission of the form, a registration number will be generated
9. The applicant should download and print this for references
10. Applicant also renew their form online by just log in the portal

References & Details:

1. For more details about Interest-Free Education Loan Scheme visit: http://ifel.in/form
2. Goa Education Development Corporation: https://www.goa.gov.in/department/goa-education-development-corporation/