PANAJI
The Goa Education Development Corporation (GEDC) has extended its ambitious interest-free educational loan scheme for the current academic year 2024-25. The scheme, launched in 2005, offers interest-free loans to students pursuing higher studies in India as well as abroad.
Addressing a press conference, GEDC chairman Govind Parvatkar said that for the current academic year, the scheme will be thrown open from October 30, with the last date for applying being February 28, 2025.
He said that the scheme was revised last year, increasing the income ceiling from Rs seven lakhs to Rs 12 lakhs for students preferring to study in India and from Rs 12 lakhs to Rs 20 lakhs for those opting for educational institutions in foreign countries.
Under the scheme, Rs two lakh per annum for a maximum period of five years is given as a loan for higher studies in Indian institutes, while to study aboard a total of Rs 16 lakhs, eight lakhs each per annum for two years is provided.
Parvatkar said that the repayment of the loan starts one year after the completion of the course and if there is a default, then 10 per cent penal interest is imposed on the defaulted amount. Parvatkar said that since 2005 till date, a total of Rs 250 crore has been disbursed to around 10,000 students.
