Goa Interest Free Education Loan (IFEL) Scheme

Students can avail the following maximum amount of loan in an academic year:

Study in India:
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)

Study Abroad:

• 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.

Note: 

• No extension will be granted for either the moratorium period or the repayment period.
• No loan amount or penal interest will be waived.
• 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

Note: 

Formats for the above-mentioned documents can be downloaded from the official website.

• The application must be filled out 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.

Eligible candidates can apply for the scheme by following the below-mentioned steps:

Step 1: Click on the ‘Apply Now’ button.
Step 2: Log in to Buddy4Study with your registered ID and land on the ‘Application Form Page’.
If not registered - Register at Buddy4Study with a valid Email/Mobile number/Gmail account.
Step 3: Navigate to ‘Fresh Form’ and download the application form.
Step 4: Fill in the application form, attach the self-attested copy of the required documents and submit it to the following address:
Goa Education Development Corporation (GEDC)
Ground Floor SCERT Building
Alto Porvorim, Penha de França,
Goa - 403521
Email ID - office-gedc.goa@nic.in | Phone Number - (0832)-2411194