Taking an education loan is a very easy and convenient process but the amount of interest students need to pay is creating a very big mess and tension. At this time education is quite expensive and paying fees is not an easy thing. So, most of the students take education loans but the interest rate will be too high. Observing this problem the Government of Goa has implemented a very new scheme called Interest Free Education Loan in Goa 2023. This interest-free education loan scheme will be a sigh of relief for the students of Goa who enrolled in higher educational courses and want to take educational plans for paying their course fees.
The state government hopes to develop a diverse and intellectually rich student community by removing financial obstacles and by fostering a dynamic learning environment that encourages creativity, critical thinking, and social mobility.
About Interest Free Education Loan in Goa
The interest-Free Education Loan scheme is mainly introduced by the Government of Goa for the students who are permanent residents of Goa. In accordance with this plan, consumers who properly follow the repayment schedule will be given loans with the benefit of not having to pay interest. The policy includes a maximum study length of two years for courses taken abroad and a maximum of five years for courses taken in India in order to accomplish this goal.
- Applicants who are 30 years old and have lived in Goa for at least 15 years are eligible to apply for and receive loans under the interest free education loan goa 2023-24. Applicants who want to apply for the interest free educational loan, must visit the official website before the deadline.
Also Read: Maulana Azad Education Loan
Objective of Interest Free Education Loan in Goa
The main goal of Interest Free Education Loan in Goa 2023 is to offer interest-free educational loan services to students who belong to financially unstable backgrounds and are unable to pay the interest rate of education loans. The traditional way to get an educational loan is by paying interest which is sometimes more than the rate of the loan, which is very difficult for students. This interest-free education loan scheme will be a sigh of relief for the students of Goa who enrolled in higher educational courses and want to take educational plans for paying their course fees.
Key Highlights of Interest Free Education Loan in Goa
| Launched By | Government of India |
| Name of Scheme | Interest Free Education Loan in Goa 2023 |
| Objective | Financially help students |
| Benefits | Interest free educational loan |
| Eligibility Criteria | Students who are permanent resident of Goa |
| Mode of Application | Online |
Eligibility Criteria for Goa Interest Free Education Loan
- Applicants who are 30 years old and who have lived in Goa for at least 15 years are eligible to apply for and receive loans.
- Candidates must pass class 10th and 12th standards from goa government-recognized school.
- Candidates should pass graduation from goa government recognized institute\college.
- Students who want to enroll in a Ph.D. course must pass post-graduation.
- Students must score at least 55% marks in their previously passed examination from goa college.
- Candidates must belong to economically weaker backgrounds.
Also Read: Colgate Scholarship
Course Related Eligibility Criteria
- The student must enrol in a full-time course.
- The institution is entitled to receive at least INR 10,000 in annual fees as payment for the course.
- University Grants Commission (UGC)
- All India Council of Technical Education (AICTE)
- Medical Council of India (MCI)
- Dental Council of India (DCI)
- Architectural Council of India (ACI)
- Board of Technical Education, Goa
- Any other recognizing authority approved by the Government of India or the Government of Goa.
Additional Information Related to Interest Free Educational Loan
| Amount of Payment | Duration | Repayment |
| Up to INR 50,000 | 18 months (1.5 years) | INR 2,777 |
| INR 50,001 to INR 1 lakh | 24 months (2 years) | INR 4,166 |
| INR 1,00,001 to INR 2 lakh | 36 months (3 years) | INR 5,555 |
| INR 2,00,001 to INR 4 lakh | 42 months (3.5 years) | INR 9,523 |
| INR 4,00,001 to INR 8 lakh | 48 months (4 years) | INR 16,666 |
| INR 8,00,001 to INR 12 lakh | 54 months (4.5 years) | INR 22,222 |
| INR 12,00,001 to INR 16 lakh | 60 months (5 years) | INR 26,666 |
Application Process to Apply under Interest Free Educational Loan
- Applicants first need to visit the official website of Goa Education Development Corporation.
- The homepage will appear on your screen.
- Here you have to click on the Fresh Application form option.
- The application form will be downloaded on your device.
- On the application form, you have to fill in all the necessary details and upload the documents.
- After filling out the form, send it to the Gedc education loan.
Contact Details
- Phone number: +91-0832-2411194
- Email id: office-gedc.goa@nic.in
FAQs
What is the aim of introducing Interest Free Educational Loan in Goa 2023?
The main goal of Interest-Free Education Loan in Goa 2023 is to offer interest-free educational loan services to students who belong to financially unstable backgrounds and are unable to pay the interest rate of education loans.
What qualification criteria are required to apply for the Interest Free Educational Loan?
Students must score at least 55% marks in their previously passed examination from goa college
Can Students from abroad also apply for interest free education loans?
Yes, abroad students who are residents of Goa and pursuing specific courses from outside can avail the benefits.