Reg. No. RNP/GOA/32/2021-2023
Panaji, 21st November, 2023 (Kartika 30, 1945)
RNI No. GOAENG/2002/6410
SERIES I No. 33
PUBLISHED BY AUTHORITY
EXTRAORDINARY No. 2
GOVERNMENT OF GOA
Department of Education, Art & Culture
Directorate of Higher Education ___
Notification
DEV/SCHEME-AMEND/IFEL/96/2022
Government of Goa had approved the scheme for grant of Interest Free Loans for Higher Education in the year 2003 and the said scheme was handed over to Goa Education Development Corporation by Directorate of Higher Education. The scheme is amended and hereby notified for public information.
1. Short title & commencement.— (i) The scheme shall be called "Interest Free Education Loan Scheme for Higher Education".
(ii) The scheme shall come into force from the date of its publication in the Official Gazette and shall remain in force till further notice.
2. Introduction.— (i) The "Interest Free Education Loan Scheme for Higher Education" has been designed with an objective to assist younger population of Goa to pursuit higher education and technical education.
(ii) The scheme aims to ensure that no student is denied the opportunity to pursue higher education due to financial constraint.
(iii) The scheme will be operated by Goa
Education Development Corporation.
3. Objectives of the scheme.— (i) The main objectives of the scheme are to promote pursuit of higher education and technical education by younger population of Goa.
(ii) To ensure that economic conditions and financial difficulties do not come in the way of such pursuit of higher education and technical education.
(iii) To assist eligible candidates by way of interest free loans to undertake approved degree and diploma courses at undergraduate and post graduate levels in India or abroad.
4. Details of the scheme.— (i) The scheme envisages grant of loans to younger population of Goa to assist them in their pursuit of higher and technical education.
(ii) It provides for exemption from the payment of interest charges, as long as the loanees adhere to repayment schedule strictly.
(iii) For this purpose, maximum five years of study period/course duration is covered in India and maximum of two years course duration is covered for abroad courses. In the event that the situation faced by a particular candidate requires minor modification in study period, the scheme provides for flexibility to make adjustments.
(iv) Failure to comply with the repayment schedule, however, will attract the liability of payment of interest at a prescribed rate.
OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 33 (EXTRAORDINARY No. 2) 21ST NOVEMBER, 2023(v) The scheme enumerates the eligibility criteria to be followed for the selection of candidates, criteria for economic/financial constraints and details of approved courses that can be undertaken.
(vi) The Government has established a "Higher Education Promotion Fund" (HEPF), from which all loans that are sanctioned under this scheme will be disbursed and to which all recoveries made under the scheme shall be credited.
5. Eligibility.— Any person below the age of 30 years, who has been a resident of Goa for a period of 15 years, shall been entitled to apply for, and receive, loans under the scheme provided he fulfills all the following conditions:
(i) Has passed the qualifying examination
i.e.
(a) Std Xth or XIIth for professional/ /non professional courses at diploma/ /degree level from any of the recognized institutions situated from Goa.
(b) Graduation from recognized institutions in Goa for postgraduate courses.
(c) Graduation from institutions outside Goa only if both the parents are residing in Goa for 15 years.
(d) Postgraduation for PhD. courses.
(ii) Percentage criteria
(a) Studies in India has obtained 55% or more marks in the qualif ying examination. (For candidates belonging to SC/ST/OBC categories, the qualifying marks will be relaxable by 10%).
(b) Studies abroad (outside India): Has obtained 60% or more marks in the qualifying examination. (For candidates belonging to SC/ST/OBC categories, the qualifying marks will be relaxable by 10%).
(iii) Meets the prescribed eligibility conditions relating to economic/financial constraints.
(a) Applicants whose total family income, including the income of both the parents not exceeding Rs. 12,00,000 per annum shall be eligible to apply for loans under this scheme for under taking courses within India. In the event that a brother or sister of the applicant is also pursuing studies at higher/technical education level (whether or not such sibling has applied for, or availed, loan under this scheme), the eligibility limit for family income will be raised to Rs. 13,00,000 per annum. In case of entitled fees beyond Rs. 1 lakh; relaxation of upto Rs. 1.00 lakh in the income ceiling may be granted by the Government on case to case basis.
(b) 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. 20,00,000 per annum. In the event that a brother or sister of the applicant is also pursuing studies at higher/technical education level within India or abroad (whether or not such sibling has applied for, or availed loan under this scheme), the relevant eligibility limit for family income shall be raised to Rs. 23,00,000 per annum. In case of entitled fees beyond Rs. 6 lakhs; relaxation of upto Rs. 1.00 lakh in the income ceiling may be granted by the Government on case to case basis.
(iv) Approved Courses.— The following
conditions must be fully met:
(a) The course requires full time
attendance.
(b) The entitled fees payable to the institution for undertaking the course should be more than Rs. 10,000/- p.a.
(c) The course is recognized by any of
the following institutions/authorities:—
(i) University Grants Commission
(UGC).
OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 33 (EXTRAORDINARY No. 2) 21ST NOVEMBER, 2023(ii) All India Council of Technical
Education (AICTE).
(iii) Medical Council of India (MCI).
(iv) Dental Council of India (DCI).
(v) Architectural Council of India
(ACI).
(vi) Board of Technical Education,
Goa.
Any other recognizing authority approved
by Government of India or Government of
Goa or any other State Governments in the
union of India.
(d) In respect of educational courses
offered by institutions located outside India.
The list as maintained and updated by
w w w. s h a n g h a i r a n k i n g . c o m / w w w.
u s n ew s.co m/qs ra n ki n g for g lobal
universities shall be considered. Only
the top 500 universities of the world or
top 1 00 u nive rsities i n a par ticu lar
Continent shall be considered for the
courses that are ordinarily not available in
India. The Sanctioning Committee
constituted under this scheme shall have
the powers to consider additional
universities for exceptional/specialised
course after obtaining the necessary details
relating to that particular university/course.
6. Reservation of candidates.— Efforts will
be made to accommodate all eligible
applicants for grant of loan. In the event that
the number of candidates has to be restricted
in any particular year owing to the financial
situation of the HEPF, it shall be ensured that
not less than 2% of the number of selected
candidates belongs to Scheduled Caste, 12%
to Scheduled Tribe and 19.5% to Other
Backward Classes. Further 30% of the selected
candidates in each category (General, SC, ST and OBC) shall be women. In case the number
of other wise eligible candidates among
reser ved categories is less than the
percentage prescribed above the slots
remaining vacant shall be offered to General
category candidates.
7. Quantum of financial assistance.—
Following table provides information regarding
the maximum amount of loan that can be
availed by a candidate in a year:—
Sr. Max entitled fee Maximum loan per year
No. charged by the
Institution
1. ` 10,000 & above Actual "Entitle fees*" subject to a maximum of ` 2.00 lakhs per annum (Max Rs. 10 lakhs disbursed over
5 year).
2. For studies abroad Actual "Entitle fees*"
subject to a maximum of
Rs. 8.00 lakhs per annum
(Max Rs. 16 lakhs disbursed over 2 year).
*Entitled fees includes tuition fees,
laboratory fees, development fees, hostel fees and any other fees that is associated with laboratory fees.
(i) The maximum loan admissible to an applicant will be the actual entitled fees subject to the maximum limit in India and abroad.
(ii) Any amount received by the selected candidate as scholarship or benefit under any other scheme shall be deducted from the maximum loan permissible under this scheme. It shall be the duty of the selected candidate to inform relevant details in his application.
(iii) It shall be open to the applicants whether to avail loans at the maximum level of entitlement or to seek a lesser amount that would fulfill actual needs and will entail easier
repayment schedule.
OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 33 (EXTRAORDINARY No. 2) 21ST NOVEMBER, 2023(iv) From the total year marked funds in any given year, 20% shall be reserved for loans for
studies abroad. These funds shall be sanctioned on need cum merit based on appropriate formula
designed by the Sanctioning Committee.
8. Disbursement and repayment schedule.— (i) Seven different slabs are envisaged under the scheme according to the total amount disbursed to the applicant.
Slab Loan amount Repayment period Max EMI No. disbursed (in Rs.)
in months
(in Rs.)
1 Upto 50,000/- 18 months (1.5 yrs.) 2777
2 50001 to 1 lakh 24 months (2 yrs.) 4166
3 100001 to 2 lakhs 36 months (3 yrs.) 5555
4 200001 to 4 lakhs 42 months (3.5 yrs.) 9523
5 400001 to 8 lakhs 48 months (4 yrs.) 16666
6 800001 to 12 lakhs 54 months (4.5 yrs.) 22222
7 1200001 to 16 lakhs 60 months (5 yrs.) 26666
(ii) Repayment of the loan shall start one year after the minimum period of course duration. Equated Monthly Instalment (EMI shall become payable on 1st day of every month and must be paid by last day of each month in order to claim exemption from payment of interest. Failure to make regular and timely repayments in accordance with the repayment schedule during Pay Back Period (PBP) will make the loanee liable to payment of interest at a rate of 10% on EMI, as shown below:—
Interest = Balance EMI * 10%
12
In case the loanee fails to repay the loan by end of payback period, the interest on the outstanding amount will be charged as shown below, until the dues are settled.
Interest = (Balance Principle amount + Total interest) * 10%
12
Any loan amount or a part thereof shall be recoverable from loanee or the surety as if it were arrears of Land Revenue.
9. Procedure of applying for the scheme and approval.— (i) The completed loan application along with all the necessary documents should be submitted to the office of GEDC on or before the last scheme date for receiving the applications. Loan applications submitted after the last date shall not be considered for grant of loan. If applicant does not complete his documentation within 2 weeks of receipt of intimation from the Corporation either by phone call, which shall be duly recorded in register maintained for this purpose only in the Corporation, or through letter or email or any other form of communication, the application form would be filed and considered as rejected.
(ii) All applications received under the scheme shall be registered and a unique registration number shall be generated and provided to the applicant. The registration number must be quoted in all subsequent correspondence and documentation.
(iii) The applications for loan under the scheme will generally be decided upon by the Sanctioning Committee within two months of receiving complete applications. Applicants OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 33 (EXTRAORDINARY No. 2) 21ST NOVEMBER, 2023 may be required to submit additional details or to appear for a personal interview before the Sanctioning Committee if such a need arises.
(iv) Any applicant, who furnishes false or incorrect information or fails to furnish any necessary information, shall be disqualified from obtaining any benefit under the scheme. In the event that some loans have already been disbursed to such disqualified applicant, the loan shall become payable at once and will attract the liability of payment of interest at prescribed rate.
(v) Activities relating to scrutiny of applications and sanctioning of loans shall be undertaken by the Selection Committee constituted by the Government. The Committee shall frame, and be guided by, appropriate rules of procedure for smooth operation of the scheme. Such rules of procedure can be changed from year to year but generally will not be modified after notice inviting applications has been issued for that year.
(vi) The cases once rejected by the Sanctioning Committee constituted under the scheme will not be reopened/considered for sanction in the subsequent years.
(vii) In the event that the applicant has applied for a course that involves deadlines in relation to payment of fee and other charges, it shall be the responsibility of the applicant to arrange adequate finances for meeting such deadlines in such cases, the loan amount granted under the scheme can be utilized to pay back any such bridging loan obtained by the applicant from relatives friends or banks.
10. Documentation required.— (i) On approval of the application, and before the first disbursal of the sanctioned loan amount, for a total loan sanctioned upto Rs. 5.00 lakhs the beneficiary applicant shall execute a bond in favour of the Government of Goa for repayment of the loan amount in accordance with the terms and conditions of the IFEL Scheme. A similar bond will also need to be executed by one of the parent as surety (preferably one who is employed) for the beneficiary applicant. In the event that both the parents of the beneficiary applicant are deceased; the bond may be executed by the beneficiary applicant himself.
(ii) For a total loan sanctioned above Rs. 5.00 lakhs the beneficiary applicant shall execute a bond in favour of the Government of Goa for repayment of the loan amount in accordance with the terms and conditions of the IFEL Scheme. A similar bond will also need to be executed by one of the parent as surety (preferably one who is employed) of the beneficiary applicant and any person who is of major age and serving as Government servant or any person who owns a plot of land, flat or house in Goa.
(iii) In the event of the unfortunate death of the borrower, during the course of his studies or after the repayment has started, but before the entire loan has been paid, the outstanding amount of loan as on date of death may be written off after examining on case to case basis, on written request submitted along with the death certificate from the concerned parent.
(iv) In the event the borrower suffers a terminal illness, become insane or suffer from medical condition that makes him unfit to pursue a career/job during the course of his studies or after the repayment has started, but before the entire loan has been paid, the outstanding amount of loan as on date of such ailment proven, may be written off af ter examining on case to case basis; on written request from the concerned parent af ter verifying the medical report issued by GMC/ /IPHB.
11. Structure of "Higher Education Promotion Fund" (HEPF).— (i) A fund by the name of "Higher Education Promotion Fund" (HEPF) has been established by the Government through an initial contribution of Rs. 2.5 crores. All loans sanctioned under the scheme shall be paid out of this fund and all recoveries effected from the loanees during the pay back period shall be credited to this fund. The Government will take steps to replenish OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 33 (EXTRAORDINARY No. 2) 21ST NOVEMBER, 2023 the quantum of funds available with HEPF from time to time.
(ii) All loans disbursed under the scheme during current academic year will be deemed to have been, sanctioned under this scheme, out of HEPF. All candidates who availed of this scheme during current academic year must furnish an undertaking to the effect that they shall comply with this scheme before the next quantum of disbursal of loan is made to them.
(iii) For management of HEPF, Government has entrusted the work to Goa Education Development Corporation (GEDC).
(iv) HEPF will be subject to audit by Comptroller and Auditor General of India every year.
12. Framing of guidelines.— For better implementation of this scheme the Government may frame guidelines from time to time.
13. Relaxation.— The Government shall be empowered to relax any or all clause or conditions of the scheme in genuine cases.
14. Interpretation.— If any question arises
regarding interpretation of any clause, word,
expression of the scheme, the decision about
the interpretation shall be with the
Government, which shall be final and binding
on all concerned.
15. Redressal of grievances and disputes.—
Grievances if any, arising out of the
implementation of this scheme, will be heard
and decided by Directorate of Higher
Education and the decision in this regard shall
be final and binding on all concerned.
This issues with the concurrence of the
Finance (Expenditure) Department vide their
U. O. No. 1400092097 dated 03-10-2023.
By order and in the name of the
Governor of Goa.
Avelina D'Sa E Pereira, Under Secretary,
(Higher Education).
Porvorim, 21st November, 2023.
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