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goa.gov.in IFEL Interest Free Education Loan Scheme 2018-19

Organisation : Goa Education Development Corporation
Scholarship Name : IFEL 2018-19 Interest Free Education Loan Scheme
Applicable State/UT : Goa
Application Deadline : November 9, 2018
Website : https://www.goa.gov.in/know-goa/spotlight/

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Goa Interest Free Education Loan Scheme

The Goa Education Development Corporation has announced the Interest Free Education Loan (IFEL) Scheme for the Academic year 2018-19.

Related : Goa Directorate of Social Welfare Scholarship/ Stipend To Differently Abled Students 2018-19 : www.scholarships.net.in/25316.html

The main objectives of the scheme are to promote pursuit of higher education and technical education by younger population of Goa

Who Can Apply?

Any person below the age of 30 years, who has been a resident of Goa continuously for a period of at least 15 years, shall be entitled to apply for, and receive, loans under the Scheme provided.

He fulfills all the following conditions :
1. Has passed the qualifying examination i.e.
a) Std Xth or XIIth for professional /non-professional courses at diploma /degree level.
b) Graduation for postgraduate courses.
c) Post graduation for PhD courses.

2. 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%)

3. Meets the prescribed eligibility conditions elating to economic/financial constraints.
4. Undertakes any of the courses approved under this Scheme.

Income Limit

Within India :
** Applicants whose total family income, is up to Rs.5,00,000 per annum shall be eligible to apply.

** In the event that a brother or sister of the applicant is also pursuing studies at Higher/Technical education level, the eligibility limit for family income will be raised to Rs.6,00,000 lakhs per annum.

Outside India :
** For pursuing Higher or Technical education in an institution located outside India, the family income limit for eligibility to apply for loans will be Rs.10,00,000 p.a.

** In the event that a brother or sister of the applicant is also pursuing studies at Higher/Technical education level, within India or abroad, the relevant eligibility limit for family income shall be raised to Rs.12,00,000 lakhs per annum.

Application Procedure

The brochure and application forms for IFEL Scheme (fresh and renewal) will be available at the Goa Education Development Corporation (GEDC), Ground Floor, SCERT Building, Alto Porvorim, from August 1, 2018 to October 31, 2018 from 10.00 a.m to 12.30 p.m and from 2.00p.m to 5.00 p.m.

The complete form should be submitted to the office on or before November 9, 2018 along with photocopy of all the documents mentioned in the brochure and also soft copy on CD (each document should be more they a 100 KB and less then 2MB in size and it should be Jpg or PDF file format.

Guidelines :
https://www.scholarships.net.in/uploads/pdf2018/27915-IFEL.pdf

Note :
In case of students studying abroad, the power of Attorney Holder (Parents) may fill the application form and submit them in the office.

Approved Courses

Loans under the scheme can be availed of for pursuing any higher/technical education courses, at undergraduate or post graduate level in the fields of Engineering (degree and diploma), Dentistry, Medicine, Pharmacy, Architecture, Finance including Chattered Accountancy and Cost Accountancy, Law, Fine Arts, Home Science, Management, Environment and Computer Science.

The following conditions must be fully met:
1. The course requires fully time attendance.
2. The tuition fees payable to the institution for undertaking the course exceed Rs.10,000/- p.a. or on pro-rata basis, e.g. Rs.5000/- per semester of six months duration. This limit of minimum qualifying amount of fees shall not be insisted upon incase of Below Poverty Line (BPL) families.

3. The course is recognized by any of the following institutions/authorities
** University Grants Commission (UGC)
** All India Council of Technical Education (AICTE)
** Medical Council of India (MCI)
** Dental Council of India (DCI)
** Architechtural Council of India (ACI)
** Board of Technical Education, Goa

Loan Amount

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

Sl.No Tuition fee charged by the Institution Maximum Loan per year
1 Rs. 10,000 and above Actual Tuition fee subject to maximum of Rs. 1.00 Lakh per annum.
2 For studies abroad Actual Tuition fee subject to maximum of Rs. 4.00 Lakh per annum.
1 Comment
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  1. Kindly answer me, when and how does the candidate come to know that his loan application is granted?

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