Goa Interest Free Education Loan (IFEL) Scheme is a government loan scheme launched by the Government of Goa. The main objective of this scheme is to provide interest-free loans to help young students in the state pursue higher studies (approved diploma and degree courses) at undergraduate and postgraduate levels in India and abroad. The loan amount is up to INR 16 lakh and the repayment period is up to 5 years. Interest will not be charged on the loan as long as the borrower repays the loan on time.
The applicants must meet the following eligibility criteria:
• Candidates must have a domicile in Goa (for a minimum period of 15 years).
• Students must be enrolled in one of the following fields of study at undergraduate and postgraduate levels:
o Fine Arts
o Home Science
o Environment Science
o Computer Science
o Engineering (degree and diploma)
o Finance, including Chartered Accountancy and Cost Accountancy
• Applicants must have completed Class 10th or 12th from a recognized institution in Goa to be eligible for professional or non-professional courses at the diploma or degree level.
• Applicants must have a bachelor’s degree from a recognized institution in Goa for postgraduate courses, except for those courses that are not offered in Goa. In that case, applicants may graduate from an institution outside Goa.
• Applicants must have a postgraduate degree to be eligible for PhD courses.
• To study in India, students must have secured 55% or more marks in the qualifying examination*.
• To study abroad, students must have obtained 60% or more marks in the qualifying examination*.
• Candidates must meet one of the following income criteria:
o Annual family income, including the income of both the parents not exceeding INR 7 lakh shall be eligible to apply for this education loan for undertaking approved courses within India.
o If the applicant has a sibling who is also pursuing higher/technical education, the eligibility limit for family income will be raised to 8,00,000 per annum, regardless of whether the sibling has applied for or availed of a loan under this scheme.
o Annual family income must not exceed INR 12 lakh if the applicant wishes to pursue higher/technical education in an institution located outside India.
o The annual family income of the applicant must be INR 14 lakh if his/her brother or sister is also pursuing higher/technical education within India or abroad, regardless of whether they have applied for or taken a loan under this scheme.
• *The qualifying marks are relaxed by 10% for candidates belonging to SC/ST/OBC categories.
• If the entitled fees are more than INR 6 lakh, the government may approve a relaxation of the income ceiling of up to INR 1 lakh. This decision will be made on a case-by-case basis.
Students can avail the following maximum amount of loan in an academic year:
If the entitled fee is INR 10,000 and above, the maximum education loan offered per year is the actual entitled fees, which is subjected to a maximum of INR 2 lakh per annum. (Maximum loan amount disbursement of INR 10 lakh over 5 years)
• The maximum loan per year is the actual entitled fees, subject to a maximum of INR 8 lakh per annum. (Maximum loan amount disbursement of INR 16 lakh over 2 years)
• Entitled fees include tuition fees, lab fees, development fees, and any other associated fees.
• The maximum loan amount permissible is based on the actual entitled fees in India and abroad.
• Any scholarships or benefits received by the applicant under other schemes will be deducted from the maximum loan permissible. The applicant must provide relevant details in their application.
• Applicants have the choice to avail loans at the maximum entitlement level or opt for a lesser amount based on their actual needs, which will result in a more manageable repayment schedule.
*Entitled fees include tuition fees, lab fees, development fees and any other fees that are associated with lab fees.
The maximum loan admissible to an applicant will be the actual entitled fees subject to the maximum limit in India and abroad.
The candidates will receive benefits as below under seven different slabs:
Loan Amount Repayment Period Maximum EMI
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
The maximum amount of loan that can be availed by a candidate in a year depends on the entitled fee charged by the institution.
• No extension will be granted for either the moratorium period or the repayment period.
• No loan amount or penal interest will be waived off.
• Beneficiary shall apply for a clearance certificate or no due certificate with copies of repayment challans, once all dues are settled.
• Equated Monthly Installments (EMIs) shall be payable on 1st day of every month and must be paid by the 10th of each month to avoid penal interest charges.
• Students can settle the entire loan amount at once after a minimum period of course duration or can make payments more than EMI.
• Self-attested copy of a valid 15 years residence certificate issued by a competent authority
• Self-attested copy of birth certificate issued by a competent authority
• Copy of parents’ IT return for the financial year 2021-22 (Assessment year 2022-23)OR
• Attested copy of family annual income certificate for the financial year 2021-22 (Assessment year 2022-23) issued by a competent authority and signed by the Chief Officer or Commissioner of Municipality or Panchayat (in case of non-taxable income bracket) OR
• Pension certificate for the financial year 2021-22, in case of retired parent OR
• Affidavit, in case of unemployed parents (housewife mother or unemployed father)
• Self-attested copy of marksheets of Class 10,12 and/or Diploma, Graduation, Postgraduation passing certificate
• Sefl-attested copy of admission proof (in case of foreign studies)
• Self-attested copy of fee receipt for the current academic year with stamp and signature from school/university/institute
• Self-attested copy of caste certificate issued by the competent authority
• Original bonafide certificate issued by the college for the current academic year along with year-wise fee structure for the entire course (tuition fee, lab fee, etc.)
• Original Power of Attorney in the name of working parent (in case of studies outside Goa) [Only for students completing 18 years of age]
• Self-attested copy of the bonafide certificate of sibling pursuing higher studies (in case where income exceeds) of the academic year 2022-23
• Self-attested xerox copy of student’s bank passbook cover page with account details (account number for electronic transfer) with IFSC code or cancelled cheque
• Letter from institution, if the original marksheet and other documents are submitted in the institute
• Previous year’s marksheets in case the student is studying in 2nd, 3rd, 4th or 5th year
• Self-addressed envelope with INR 5 per stamp
• Formats for the above-mentioned documents can be downloaded from the official website.
• The application must be filled using a ballpoint pen. Refrain from using running handwriting.
• Documents are required to be submitted in the above-mentioned sequence.
• Attach a self-addressed stamped envelope along with the application form.
• Applicants are required to scan each original document separately in colour mode and save it in JPG or PDF format. The file size must not exceed 2 MB. Submit on CD or DVD.
• Applicants have to apply for the renewal of the loan for the subsequent year. Hence, they are required to submit the necessary documents as may be required.
• The corporation reserves all the rights to cross-verify the above documents with the originals.
• Incomplete applications will be rejected summarily.