Interest-free loan for foreign studies

| 16 July 2002 22:24 IST

In an attempt to encourage underprivileged students to seek higher education in India or abroad, the Goa government has announced interest-free loan facility.

"The basic aim is to ensure that lack of finance does not become a bottleneck for any student in Goa", states chief minister Manohar Parrikar.

It includes engineering (including diploma), dentistry, medicine, pharmacy, architecture, finance, law, fine arts, home science, management, environment, computer education or any such full-time course recognised by the competent authorities.

In case of foreign universities, obtaining prior approval from the concerned university for the course will be a must and it would be considered on case-to-case basis.

Students obtaining minimum 60 per cent marks would however be considered for the loan, provided the annual course fee is minimum Rs 10,000.

There is also an income slab considered while disbursing the loan. For studies within India, parents' combine income should be less than Rs two lakh while it should be Rs four lakh for the studies abroad.

The state has also considered different slabs for the loan amount, with a maximum ceiling of Rs one lakh, depending on annual fee structures. For studies abroad, it is however 300 per cent of actual fees or Rs four lakh, whichever is lower.

The reservation policy of 27 per cent for the OBC and two per cent for the SC is also made applicable while giving educational loans, while also considering 50 per cent marks in the reserved categories.

Making the policy applicable for this year itself, Parrikar plans to invite applications within a week. From next year, however, he plans to invite applications by 30 May and disburse the loan amount by 15 July.

While making initial provision of only Rs 10 lakh, Parrikar is prepared to put in more money, if required. Seeking a signed bond from the student with counter-sureties, the loan repayment however begins with one-year moratorium.

Announcing Cyberage Student scheme along with this, Parrikar has also made plans to provide personal computers to all the students once they reach standard XI.

Paying a meagre amount of Rs 1000 (and half of it in village areas), each student will actually take a PC home for a song. Beginning with science students this year, it will be extended to all the streams from the next academic year.

"It will help me put Goa in IT orbit within two years without any difficulty", claims Parrikar.

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Previous Comments

Enquiry regarding the education loan for my children .

- Lourenco Crasto, Goa Verna | 02 nd April 2016 13:25

With maximum Rupees Four Lakh Loan which Goan student can get admission for any educational Course in any Foreign University abroad ? Can Mr. Manohar Parrikar answer this question raised by me ? Is he trying to fool on a whole-sale basis the Goan Students and their Parents?

- Desmond Gomes, Al Khobar, Saudi Arabia | 15 th August 2010 14:36