Interest Subsidy Scheme on Education Loan Sahay Yojana Gujarat

By | 16/05/2018

Interest Subsidy Scheme on Education Loan Sahay Yojana Gujarat

Interest Subsidy Scheme on Education Loan

Application Form for Interest Subsidy Scheme on Education Loan

Scholarship Information

Have you availed any Scholarship Scheme from Central Government/ Gujarat Government / Government Department?

http://www.kcg.gujarat.gov.in

Interest Subsidy Scheme on Education Loan Sahay Yojana Gujarat

Interest Subsidy Scheme on Education Loan Sahay Yojana Gujarat

1. Preamble Interest Subsidy Scheme on Education Loan Sahay Yojana Gujarat

Countless words are written daily about the importance of education. Education is the only valuable asset humans can achieve. It is a gift that none can take away. Education is a very vital tool that is used in the contemporary world to succeed. Education is important because it is used to mitigate most of the challenges faced in life. The knowledge that is attained through education helps to open doors for a lot of opportunities and better prospects in career growth. One who receives good education gets a secure future; with education one can find most competitive jobs.

In the last decade and a half, Gujarat has achieved a lot in industrial Sector. Many new industries are being set up in the state. In pursuance of this, in the last 15 years, demand for professional courses has been increased in the state. It is also necessary that more students can give their contribution in the development of the state after the completion of higher education. In these peripherals, the parents have limited income and due to such limited income, the parents are confused about sending their bright children to higher education, especially in professional courses. There are lot of expenses like tuition fees, books/reading materials and expense of lodging while traveling abroad for higher education. Thus, in such cases it is very difficult to pay high fees with limited income of their guardians and to pursue higher education without any financial assistance, so the students have to take education loan.

The State Government received various proposals to provide financial support and to develop the career of the bright and needy students in the higher education of the state. In view of the proposals received from the State Government, it was under the consideration of the government to provide equitable opportunities for the bright and needy students who attaining higher education.

People with a lack of academic degrees are limited to basic jobs in the services, manufacturing and construction industries. While people with high school education can get jobs with good benefit. Many jobs require at least diplomas, but most of the good careers require some kind of higher education, in which some specific knowledge and experience in a certain field is necessary. Some professional education courses are very expensive after standard 12th, so a financially weak person cannot study further.

So as like above written the advantages and disadvantages of higher education, students who are not interested in having further studies after 12th due to weak financial background and though are studying by taking loans from banks, to encourage those bright and needy students government has introduced Interest Subsidy Scheme on Education Loan Sahay Yojana Gujarat. Government of Gujarat has announced

scheme to give 100% interest subsidy on education loan till moratorium period (one year of course and one year more) for supporting financially weak students.

“Mukyamantri Yuva Swavalamban Yojana” has already been implemented from the academic year 2015-16 to provide financial support and equitable opportunities to the bright and needy students for attaining higher education and development of their career. In addition to “Mukyamantri Yuva Swavalamban Yojana” Government of Gujarat has launched “ Interest Subsidy Scheme on Education Loan Sahay Yojana Gujarat” for students who are not benefited from “Mukyamantri Yuva Swavalamban Yojana” and taken loan to study in the country or abroad. Government of Gujarat will provide benefit of 100% interest subsidy on education loans for Moratorium Period (for the period of the course and one more year) on loan of maximum up to Rs10.00 lakh.

Those students who got 60 percentile or more in standard 12 and whose parents income is less than or equal to 6.00 lakh, to help those students in interest subsidy till moratorium period, government has approved the expense of Rs.500.00 (Rupees Five hundred and fifty thousand) lakh in budget 2017-18 under administrative approval.

2. Details about the Scheme Interest Subsidy Scheme on Education Loan Sahay Yojana Gujarat

Gujarat government Scheme to provide interest subsidy on education loan for the period of moratorium will be available to those students who are bright and needy but economically weak. All Yojana List

According to the Government Resolution,

1) The student who have passed standard 12 after year 2012 with 60 or more percentile

2) Student who have passed 12th standard examination from GHSEB before year 2011, where no percentile shown in the mark sheet, they can apply on percentage bases.

3) Student who has enrolled in diploma course after 10th standard and then taken admission in graduation or post-graduation who don’t have 12th standard mark sheet, they can apply on bases of CPI/CGPA/Percentage (60 or more) mentioned in their mark sheet.

4) Whose family income is not more than 6.00 lakh

5) Who had taken loan from scheduled banks to pursue higher Education studies in India or abroad are only eligible for this scheme.

2.1 Objective of the Scheme

– Due to less income of the family, student hesitates to get admission into his/her favorite course and because of this they are not able to give proper direction to their career and for this purpose students require financial support.

– To help the bright and needy students, various types of scholarships/schemes have been implemented by the state government for those students who deprived from the higher study due to weak financial condition. “Mukyamantri Yuva Swavalamban Yojana” is One of the schemes which is currently going on, and in addition to this, the state government has announced an education loan scheme in current year, Government of Gujarat has announced scheme to give

100% interest subsidy on education loan till moratorium period (one year of course and one year more) for supporting financially weak students.

2.2 Applicable Academic Year

The Scheme will be applicable from the academic year 2017-18 But Education Loan must be sanctioned after Government resolution Date:-04/07/2017 from schedule bank. But if any student

has sanctioned the loan before date: 04/07/2017 but have withdrawal of loan amount is after 04/07/2017 then he also can apply for this scheme.

2.3 Eligibility for Interest Subsidy

– In standard 12th the applicant must have received 60 or more percentiles OR 60 or more percentage in some case.

– The annual income of the applicant’s family must be less than or equal to ₹6.00 lakhs.
– Students who have taken Education Loan after Government resolution Date:-04/07/2017 from

schedule bank. But if any student has sanctioned the loan before date: 04/07/2017 but have withdrawal of loan amount is after 04/07/2017 then he also can apply for this scheme.

– The applicant should have passed the Higher Secondary Examination Board of Gujarat or the

Central Board, passing the standard 12 examination of the Central Government and enrolled in a recognized University abroad.

– This scheme is available for graduate / post graduate / diploma/ professional courses.

Interest Subsidy Scheme on Education Loan Sahay Yojana Gujarat

– The interest subsidy under this scheme will not be available to the students who have left study in the middle of the curriculum or have been expelled from the institutions because of any problem / discipline.

2.4 Eligible Courses

– All the courses of higher education in graduate / postgraduate / diploma / professional etc.

2.5 Moratorium Period

– Under this scheme of Government of Gujarat, the interest subsidy on education loan will be payable on the education loan only till the moratorium period (the duration of the course and one year more). After the completion of the moratorium period, the interest payments for the remaining loan amount will not be considered under this scheme.

2.6 Income Limit

– The benefit of this scheme will be applicable to economically weaker students, whose annual family income (from all sources) is 6.00 lakh or less. In this regard, it is mandatory to give copy of income tax return or a self-declaration form and the Income certificate from Mamlatdar / TDO.

Interest Subsidy Scheme on Education Loan Sahay Yojana Gujarat

2.7 Bank

– Under this Scheme the loan must be taken from only scheduled bank.

2.8 Disbursement of Interest

– The disbursement of Interest will be done on yearly basis in the loan account, on the basis of details given by the student in registration form.

3. Who can be the Beneficiary?

– In standard 12th the applicant must have received 60 or more percentiles OR 60 or more percentage in some case.
– Family income must be less than or equal to ₹6.00 lakh.

– Applicants must have taken admission in valid universities of India/foreign after passing 12th standard exam from Gujarat state or Central higher secondary education board.

– After taking admission for particular course, applicants must have taken education loan from scheduled bank.

Interest Subsidy Scheme on Education Loan Sahay Yojana Gujarat

4. Instructions to students who are going abroad for study

– In standard 12th the applicant must have received 60 or more percentiles OR 60 or more percentage in some case.

– Family income of the student must be less than or equal to ₹6.00 Lakh. In this regard, it is mandatory to give copy of income tax return or a self-declaration form and the Income certificate from Mamlatdar / TDO is also mandatory.

– Students who have taken Education Loan after Government resolution Date:-04/07/2017 from

schedule bank. But if any student has sanctioned the loan before date: 04/07/2017 but have withdrawal of loan amount is after 04/07/2017 then he also can apply for this scheme.

– Applicants must have taken admission to foreign valid universities after passing 12th standard exam from Gujarat state or central higher secondary education board and they must possess legal visa for foreign study.

5. Website

– The applicants can fill the online application form on KCG website http://www.kcg.gujarat.gov.in/

Interest Subsidy Scheme on Education Loan Sahay Yojana Gujarat

6. Details about the application

6.1 Rules for Application

Rules and Regulation for Interest Subsidy on Education Loan

– Passed 12th standard with 60% or more Percentiles.

– An annual gross income of parental/family upper limit must be Rs.6.00 lakhs per year (from all sources) and not more than that.

– Student must be passed 12th standard exam from recognized board or recognized central board and got admission in recognized universities of India or abroad.

– Education Loan must be sanctioned after Government resolution Date:-04/07/2017 from schedule

bank. But if any student has sanctioned the loan before date: 04/07/2017 but have withdrawal of loan amount is after 04/07/2017 then he also can apply for this scheme.

– Student who have passed 12th standard examination from GHSEB before year 2011, where no percentile shown in the mark sheet, they can apply on percentage bases.

– Student who has enrolled in diploma course after 10th standard and then taken admission in graduation or post-graduation who don’t have 12th standard mark sheet, they can apply on bases of CPI/CGPA/Percentage (60 or more) mentioned in their mark sheet.

– Student who have passed 12th standard in science stream with 60 or more percentile in any one of the respective criteria called theory, practical and overall result, they can apply for this scheme.

– No percentile mentioned in CBSE board result, so those students who have passed out 12th from CBSE can apply on basis of Percentile of PCM/PCB marks.

– Subsidy is available on education Loan Amount up to Rs.10 lakhs only. If applicant has taken loan more than Rs.10 lakhs then interest will be given on only up to Loan Amount of Rs.10 lakhs and rest of amount will be paid by applicant.

– Under this scheme amount of total interest on education loan up to Rs.10.00 lakh loan amounts deposited on applicant’ bank loan account. Bank interest rate as per RBI guidelines. No any other charges will pay to bank.
– This is not scheme for providing education loan. Please don’t demand for education loan.

– The applicant will have to fill the application form on the KCG website and submit the Acknowledgement receipt and necessary documents to the scheduled bank. Thereafter, the Scheduled Bank will have to send the necessary endorsement, bank loan and interest details by sending the application to the KCG office. Offline application will not be accepted.

– The applicant must be present whenever called in personal for verification of documents.

– If a student is studying abroad, the student will be considered a power of attorney for the person who has been authorized to sign the various documents on behalf of the applicant while applying in the bank and only the father or mother of the student can sign it or introduce it. If anyone else has given an authority, it will not be considered valid.

– Copy of Income Certificate from competent authority (Mamlatdar / TDO certificate) and Income Tax Return or Self Declaration Certificate (If not eligible to pay income tax).

– The subsidy on Education Loan is only for Moratorium Period (i.e. Course Period plus one year) after the period of moratorium is over; the interest on the outstanding loan amount shall be paid by the student.

– Interest subsidy will be closed if the student decides to leave and / or leave the study, or if the loan itself is canceled by the bank.

– Automatic interest subsidy will be closed even if the loan is repaid in any case.

– Those who have taken the benefit of Central Government/State Government education loan subsidy scheme or any other scholarship scheme are not eligible for this scheme (duplication of benefit not going to happen).

Gujarat All Govt Yojana List

6.2 How to apply

The application will be approved only when the entire process is completed.

Step 1: – The applicant must apply online on website at http://www.kcg.gujarat.gov or http://www.kcg.gujarat.gov.in/Education_loan/

Online Registration : Click Here

Gujarati Information Details : Click Here

Book Download

Booklate Download

Step 2: – Fill all full details of the application form and attach required documents along with the Acknowledgement Receipt

Documents required with the Acknowledgement Receipt

1. Copy of Aadhar Card

2. Recent passport size photograph

3. Copy of Identity Proof and Residential Proof
4. Copy of Mark sheets of 12th standard

5. Copy of All Graduation/Post-Graduation Mark sheets and Degree Certificates if any

6. Copy of Receipt of Tuition fees paid

7. Copy of Admission Letter form University

8. Copy of duly filled and signed loan application form of Bank

9. Disbursement letter from bank

10. Loan Agreement letter

11. Copy of the documents submitted to the Concerned Bank for loan

12. Copy of Loan Sanctioned Letter

13. Copy of First page of Bank Passbook

14. Cancelled cheque of the same bank account as passbook

15. Copy of Visa and Passport (for students who are going abroad for study )

16. Copy of Income Tax Return

17. Self-Declaration Certificate (if Income Tax Return is not filed)

18. Income Certificate from competent authority(Mamlatdar / TDO certificate)

19. Self-Declaration of no other scheme benefits are availed

Step-3: – Applicant must submit the Acknowledgement receipt generated after submitting the Application form to the bank with required documents, Self-Declaration Certificate (if Income Tax Return is not filed)and Self-Declaration of no other scheme benefits are availed from scholarship, Interest subsidy or any other scheme from Gujarat government or any other government institutions.

Step-4: – Bank will fill Endorsement form with loan and interest details and then send the Application to the KCG Office.

If the candidate faces any problem to fill the application form or any other confusion, he/she can contact the helpline number 079-26302077 and Email ID: -isel.kcg@gmail.com from 10:30 am to 6:30 pm.

Source and Credit

INTEREST SUBSIDY SCHEME ON EDUCATION LOAN

KNOWLEDGE CONSORTIUM OF GUJARAT

DEPARTMENT OF EDUCATION, GUJARAT STATE

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