Interest-Free Education Loan Scheme (IFEL) – Goa State Government and Goa Education Development Corporation has launched a new Interest-Free Education Loan Scheme (IFEL) for the students of the state. Under this scheme, the state government provides an interest-free loan for approved degree and diploma courses at the undergraduate and postgraduate levels in India or abroad and the students just have to pay back the principal amount and the Government will bear the interest on it.
The Interest-Free Education Loan has been implemented by the Goa Education Development Corporation. State provides a maximum loan of Rs.10 lakh for the courses conducted in India for over 5 years and a maximum loan of Rs. 16 lakh for courses in abroad for over 2 years.
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Benefits of Interest-Free Education Loan Scheme
- Benefits of interest-free loans for higher education in India or abroad.
- Student just has to pay back principal amount.
- Loan for higher education in India or abroad.
- Applicant should be a resident of Goa.
- The applicant should be less than 30 years old.
- Applicant Should have cleared Class X and XII exams for admission to courses at diploma or degree level in any recognized institution in Goa.
- Applicant Should have received a graduation certificate from any recognized institution.
- Applicant should have a minimum aggregate of 60% in Std. X and/or XII in the case of general category and percentage of up to 50% in case of SC/ST/OBC.
- Annual family income of student should not be more than Rs.200000/-.
- Identity proof such as Aadhaar card
- Residence Certificate
- Birth Certificate
- Family income certificate
- 10th or 12th mark sheets
- Diploma passing certificate in case of diploma
- Passport size photos
- True copy of Proof of admission
- Power of Attorney in the name of a working parent (in case of studies outside Goa)
- Bank account details
- Caste certificate if required
- Applicant may apply for Interest-Free Education loan online
- Just visit Interest-Free Education Loan Scheme official site http://ifel.in/
- If you are new applicant then click on register and fill essential details
- Once after creating a profile, applicant will get USERNAME and PASSWORD
- Now, click on login portal and put USERNAME and PASSWORD
- Once login, fill up essential details such as personal details, educational details, course for which loan is applied, background details and list of documents required to upload with fresh form only
- Fill the form and submit it
- On the submission of the form, a registration number will be generated
- The applicant should download and print this for references
- Applicant also renew their form online by just login to the portal
Official Website of Interest-Free Education Loan Scheme (IFEL) || Official Website of Goa Education Development Corporation