Deadline : 30-06-2023
Gujarat Government Education Loan Scheme:-
The Government of Gujarat has taken a remarkable initiative to introduce education loans for students to study abroad. This education loan scheme aims to provide financial assistance to students from the banking system who wish to pursue master’s, MPhil, and Ph.D. courses in foreign countries. The scheme offers 100% subsidy to economically backward students in Gujarat, enabling them to fulfil their aspirations of studying abroad. These loans cover various expenses such as tuition fees, accommodation, travel, and other related costs.
State:- Gujarat
Launched By:- Government of Gujarat
Loan Provider:- Participating/Member Banks and Financial Institutions*
Maximum Loan Amount Guaranteed :-Up to INR 10,00,000
Registration link:- https://kcg.gujarat.gov.in/education_loan/student_login/sign_up.php
Application Timeline Always Open
Gujarat Government’s Study Abroad Loan Program: Objectives
The Gujarat State Education Loan Scheme aims to facilitate higher education opportunities, promote skill development, and empower students, ultimately contributing to the socio-economic growth of the state. The main objectives of the Gujarat government education loan scheme are:
- Financial Support: The primary objective of the Gujarat State Education Loan Scheme is to provide financial assistance to students who wish to pursue higher education in recognized institutions within India or abroad. The scheme aims to bridge the gap between the cost of education and the financial resources available to students, enabling them to pursue the courses of their choice without any financial constraints.
- Access to Education: The scheme aims to promote equal access to education by providing loans to students from economically weaker sections of society. It helps students who may not have sufficient funds to pursue higher education by offering them affordable loans with favourable terms and conditions.
- Skill Development: The scheme focuses on promoting skill development among students by supporting their pursuit of professional and technical courses. It encourages students to acquire the necessary skills and knowledge required for employment in various sectors, thereby enhancing their employability and contributing to the overall development of the state.
- Encouraging Meritorious Students: The Gujarat State Education Loan Scheme aims to recognize and support meritorious students who have excelled academically. It provides education loans at such as lower interest rates for students who have secured admissions to reputed institutions or have achieved exceptional academic performance.
Gujarat Government’s Study Abroad Loan Program: Key Benefits
The following are the key benefits of foreign education loans by the Government of India:
- Flexible Repayment Options: The loan repayment process is designed to be flexible, taking into account the financial circumstances of the borrowers. Students have a grace period after completing their education before they begin repaying the loan, allowing them to secure employment and settle into their careers.
- Competitive Interest Rates: The education loan scheme offers loans at highly competitive interest rates, making it affordable for students and their families to finance their international education.
- Moratorium Period: The Gujarat Government’s education loan scheme provides a moratorium period (i.e. course eriod plus one year). After the period of moratorium is over, the interest on the outstanding loan amount shall be paid by the students.
Gujarat Government’s Study Abroad Loan Program: Eligibility Criteria
To avail of the education loan scheme to pursue a master’s, Ph.D. and M.Phil degree for studying abroad, students must meet certain eligibility criteria. These may include:
1. Domicile Requirements:
The applicants must be permanent residents of Gujarat and hold valid proof of residence.
2. Educational Criteria:
The applicants must have passed Class 12 with aggregate marks of 60% from a Higher Secondary Examination Board of Gujarat or the Central Board.
3. Income Limit:
The annual family income should be less than INR 6,00,000.
4. Admission Status Criteria:
The candidates must have taken admission to a university/college abroad (Acceptance letter from a college/ university abroad).
5. Background/Category of Applicant
Meritorious students of all social and economic backgrounds are eligible to apply.
6. Collateral Required
No collateral, guarantee or margin money is required to be paid by the students under this scheme
