2329

SERIES I No. 33

Reg. No. RNP/GOA/32/2021-2023

RNI No. GOAENG/2002/6410

PUBLISHED BY AUTHORITY

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.

Suggestions are welcomed on e-mail: dir–[email protected]

EXTRAORDINARY

No. 2

Panaji, 21st November, 2023 (Kartika 30, 1945)

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.

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(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.

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 qualifying

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 undertaking

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.

the following institutions/authorities:—

(i) University Grants Commission

(UGC).

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(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

www.shanghairanking.com/www.

usnews.com/qsranking for global

universities shall be considered. Only

the top 500 universities of the world or

top 100 universities in a particular

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 otherwise eligible candidates among

reserved 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).

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.

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(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

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.)

Upto 50,000/-

18 months (1.5 yrs.)

2777

50001 to 1 lakh

24 months (2 yrs.)

4166

100001 to 2 lakhs

36 months (3 yrs.)

5555

200001 to 4 lakhs

42 months (3.5 yrs.)

9523

400001 to 8 lakhs

48 months (4 yrs.)

16666

800001 to 12 lakhs

54 months (4.5 yrs.)

22222

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%

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%

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

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

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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 after

examining on case to case basis; on written

request from the concerned parent after

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

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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

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.

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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.