Kalinga Sikhya Sathi Yojana

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Brief Description:

Kalinga Sikhya Sathi Yojana provides a self-financing option for higher education to students residing in Odisha. Under this scheme, eligible students have the opportunity to obtain loans up to INR 10,00,000. The repayment period for these loans can extend up to 15 years, while loans up to INR 7,50,000 have a repayment period of 10 years.


To be eligible for the scheme, students must meet the below-mentioned criteria:
• The student must be a resident of Odisha.
• The annual family income of the applicant should be less than INR 6,00,000.
• Students must not have already availed similar benefits for the same purpose from any other government or institution.
• The course of study should be in management, integrated law, engineering, or medicine, and it must be pursued in an educational institution in India.


Educational loans up to INR 10,00,000.


The repayment period for these loans can extend up to 15 years, while loans up to INR 7,50,000 have a repayment period of 10 years. In order to facilitate the pursuit of professional courses in UGC/AICTE-recognised institutions, the Government of Odisha provides a subsidy for the remaining loan amount.
The Government of Odisha allows students to avail of educational loans from scheduled banks. While the specific list of participating banks may vary, here is a general list of banks that often participate in the KSSY scheme:
• Allahabad Bank
• Andra Bank
• Bank of Baroda
• Bank of India
• Bank Of Maharastra
• Bharatiya Mahila Bank
• Canara Bank
• Central Bank
• Central Bank of India
• Dena Bank
• IDBI Bank
• India Bank
• India Overseas Bank
• Oriental Bank of Commerce
• Punjab & Sind Bank
• Punjab National Bank
• State Bank of Bikaner & Jaipur
• State Bank of Hyderabad
• State Bank of India
• State Bank of Mysore
• State Bank of Travancore
• Syndicate Bank
• UCO Bank
• Union Bank of India
• United Bank of India
• Vijaya Bank
• Axis Bank Ltd.
• Bandhan Bank
• City Union Bank
• Federal Bank
• HDFC Bank
• ICICI Bank
• Indus Ind Bank
• Karnataka Bank
• Karur Vysya Bank
• Kotak Mahindra Bank
• Laxmi Vilas Bank
• Standard Chartered Bank
• The South Indian Bank Ltd.
• Yes Bank
• Orissa State Co-operative Bank
• The scheme applies only to students enrolled in recognised technical/professional courses in India.
• The applicants are required to pay only 1% interest on the loan amount, while the remaining portion of the interest will be covered by the Government of Odisha, Higher Education Department.
• The repayment period for loans up to INR 7,50,000 is 10 years, while for loans up to INR 10,00,000, the repayment period is extended to 15 years.
• If students borrow INR 10,00,000 under the KSSY scheme, their total interest and principal liability over a 60-month repayment period will amount to INR 1,02,562. The EMI (Equated Monthly Installment) for each month would be INR 1,709.
• For family income between INR 4,50,000 to INR 6,00,000, the moratorium period (the period when the student is not required to make loan repayments), the interest subsidy is provided by the Government of India


While applying for the Kalinga Sikhya Sathi Yojana scheme, certain documents are required to complete the application process. These documents include:
• Proof of Identity: Valid identification documents issued by the government, such as Aadhaar card, PAN card, Voter ID, or Passport.
• Proof of Residence: Documents that establish the candidate’s residency in Odisha, such as residential certificate, domicile certificate, or utility bills.
• Income Certificate: Certificates indicating the annual family income, issued by a competent authority.
• Educational Documents: Copies of marksheets or transcripts from previous academic qualifications.
• Admission Letter: A copy of the admission letter or proof of enrollment from the educational institution where the student plans to pursue higher studies.
• Fee Structure: A document detailing the course fees, including tuition fees, hostel charges, and other academic-related expenses.
• Bank Account Details: Information regarding the student’s bank account including the account number and IFSC code for loan disbursement purposes.

Note –

The specific document requirements may vary depending on the implementing authority. Therefore, it is advisable to refer to the official scheme documentation or contact the relevant authorities for the most accurate and up-to-date information regarding the required documents for the KSSY scheme.
The moratorium period is a specific time frame during which a student who has taken an education loan is not required to make any loan repayments. In the case of the KSSY scheme, the moratorium period is calculated as the course period (the duration of the student’s educational program) plus one year. Alternatively, if the student secures employment before the completion of the course, the moratorium period ends six months after they start working, whichever comes earlier.
Under the scheme, students can receive financial aid in the form of interest subvention* during the repayment period, which includes the moratorium period after completing the course.
*Interest Subvention – Interest subvention refers to a financial assistance program where a portion of the interest on a loan is subsidised by a third party. Here, the interest percentage incurred by the student borrower is covered by the government.

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