Interest Free Education Loan Scheme for Higher Education is a Government of Goa initiative implemented by the Goa Education Development Corporation (GEDC) that provides completely interest-free loans of up to Rs. 10 lakh for studies in India and up to Rs. 16 lakh for studies abroad to eligible Goa students for approved UG and PG courses. The loan remains interest-free as long as the borrower follows the repayment schedule. Fresh applications are submitted online through the Chief Minister Scholarship Portal.
Goa Interest Free Education Loan Scheme for Higher Education Highlights | |
|---|---|
| Scheme Name | Interest Free Education Loan Scheme for Higher Education |
| Short Name | IFEL Scheme |
| Approved By | Government of Goa in 2003 |
| Running Since | 2005 |
| Last Amended | Official Gazette dated 21 November 2023 |
| Implementing Agency | Goa Education Development Corporation (GEDC) |
| Fund | Higher Education Promotion Fund (HEPF) |
| Main Objective | Provide interest-free loans so that financial difficulties do not prevent Goa students from pursuing higher education |
| Maximum Loan for India | Rs. 2 lakh per year, total Rs. 10 lakh over 5 years |
| Maximum Loan for Abroad | Rs. 8 lakh per year, total Rs. 16 lakh over 2 years |
| Fees Covered | Tuition, laboratory, development, hostel, and other course-related fees |
| Age Limit | Below 30 years |
| Residency Requirement | Minimum 15 years in Goa |
| Minimum Marks for India | 55% (SC/ST/OBC 45%) |
| Minimum Marks for Abroad | 60% (SC/ST/OBC 50%) |
| Income Limit for India | Rs. 12 lakh per year (Rs. 13 lakh if sibling is also studying) |
| Income Limit for Abroad | Rs. 20 lakh per year (Rs. 23 lakh if sibling is also studying) |
| Interest Condition | Zero interest if EMI is paid on the last day of every month |
| Penal Interest | 10% if the repayment schedule is not followed |
| Repayment Starts | One year after the minimum course duration ends |
| Maximum Repayment Period | 60 months for loans up to Rs. 16 lakh |
| Reservation | SC 2%, ST 12%, OBC 19.5%, Women 30% in each category |
| Fresh Application Portal | cmscholarship.goa.gov.in |
| GEDC Official Portal | gedc.goa.gov.in |
| Phone | 0832-2411194 / 0832-2411187 |
| office-gedc.goa@nic.in | |
Introduction of Goa Interest Free Education Loan Scheme for Higher Education: A Brief Insight
Many students from Goa secure admission to good colleges and universities in India and abroad, but cannot proceed because arranging funds for tuition, hostel, and course fees becomes impossible for middle-income families. Regular bank education loans charge interest that keeps accumulating during the study period, making repayment a heavy burden after graduation. Interest-Free Education Loan Scheme for Higher Education removes this burden entirely by providing a loan that stays completely interest-free as long as the borrower follows the repayment schedule.
The Government of Goa approved this scheme in 2003 and handed implementation to the Goa Education Development Corporation (GEDC) under the Goa Education Development Corporation Act 2003. The scheme has run since 2005 and was last amended through an Official Gazette notification dated 21 November 2023. The scheme operates through the Higher Education Promotion Fund (HEPF) established by the Government with an initial corpus of Rs. 2.5 crore, audited every year by the Comptroller and Auditor General of India.
Students below 30 years of age with a minimum of 15 years of Goa residency can apply. Minimum qualifying marks are 55% for India studies and 60% for abroad studies, with 10% relaxation for SC/ST/OBC. Family income must not exceed Rs. 12 lakh per year for Indian studies and Rs. 20 lakh per year for abroad studies. These limits rise if a sibling is also pursuing higher education. The loan covers actual entitled fees, including tuition, laboratory, development, and hostel fees up to Rs. 2 lakh per year for India studies (total Rs. 10 lakh over 5 years) and up to Rs. 8 lakh per year for abroad studies (total Rs. 16 lakh over 2 years). 20% of annual funds are reserved for overseas studies.
The scheme covers courses in Engineering, Medicine, Dentistry, Pharmacy, Architecture, Law, Management, Finance, Computer Science, Fine Arts, Home Science, and Environment at UG and PG levels. For institutions abroad, only the top 500 global universities or top 100 universities in a continent as per shangharanking.com, usnews.com, or QS ranking, are eligible. The loan is completely interest-free as long as the borrower pays the EMI by the last day of every month after repayment starts. Missing even one EMI makes the borrower liable to pay 10% interest. Repayment starts one year after the minimum course duration ends, with repayment periods ranging from 18 months for small loans to 60 months for the maximum Rs. 16 lakh loan.
Students who want additional scholarship support alongside this loan can explore the Manohar Parrikar Goa Scholars Scheme, which awards financial assistance to selected meritorious Goa students pursuing higher studies in India and abroad at PG and doctoral levels.
Students who wish to explore additional education financing options may also check the PM Vidyalaxmi Scheme, which helps eligible students obtain education loans through participating banks for higher studies in recognised institutions across India.
For Central Government scholarship support, students can explore the National Scholarship Portal, where multiple merit-cum-means scholarships are available for eligible students from economically weaker sections across India.
Students, parents, and educational institutions in Goa looking for more scholarship schemes, financial assistance programmes, education loan options, and welfare initiatives can also explore other available programmes under our Goa Government Welfare Schemes List section.
Benefits Provided to Eligible Students
Interest Free Education Loan Scheme for Higher Education provides interest-free loans to eligible Goa students for approved UG and PG courses in India and abroad.
Loan Amount for Studies in India
- Maximum Rs. 2 lakh per year based on actual entitled fees
- Maximum total loan: Rs. 10 lakh over 5 years
- Entitled fees include tuition fees, laboratory fees, development fees, hostel fees, and other course-related fees
Loan Amount for Studies Abroad
- Maximum Rs. 8 lakh per year based on actual entitled fees
- Maximum total loan: Rs. 16 lakh over 2 years
- 20% of annual funds are reserved for loans for studies abroad
Key Benefits
- Zero interest on the loan as long as the repayment schedule is followed strictly
- Loan covers approved courses in Engineering, Medicine, Dentistry, Pharmacy, Architecture, Law, Management, Finance, Computer Science, Fine Arts, Home Science, and Environment
- Students can choose to avail less than the maximum entitlement for easier repayment
- Any scholarship or benefit from another scheme gets deducted from the maximum loan permissible
- Reservation: SC 2%, ST 12%, OBC 19.5%, Women 30% in each category
Repayment Schedule Under IFEL Scheme
Repayment starts one year after the minimum course duration ends. The scheme provides 7 repayment slabs based on total loan amount disbursed.
| Loan Amount Disbursed | Repayment Period | Maximum EMI |
|---|---|---|
| Up to Rs. 50,000 | 18 months (1.5 years) | Rs. 2,777 |
| Rs. 50,001 to Rs. 1 lakh | 24 months (2 years) | Rs. 4,166 |
| Rs. 1,00,001 to Rs. 2 lakh | 36 months (3 years) | Rs. 5,555 |
| Rs. 2,00,001 to Rs. 4 lakh | 42 months (3.5 years) | Rs. 9,523 |
| Rs. 4,00,001 to Rs. 8 lakh | 48 months (4 years) | Rs. 16,666 |
| Rs. 8,00,001 to Rs. 12 lakh | 54 months (4.5 years) | Rs. 22,222 |
| Rs. 12,00,001 to Rs. 16 lakh | 60 months (5 years) | Rs. 26,666 |
Important: Students can choose to avail less than the maximum loan entitlement to qualify for a lower slab and easier repayment terms.
When Does Interest Become Payable Under the IFEL Scheme
The loan stays completely interest-free only when the borrower pays every EMI by the last day of each month during the repayment period. Missing even one EMI triggers interest liability.
- If a borrower misses the EMI deadline, GEDC charges interest at 10% on the balance EMI amount for that month
- If the borrower fails to repay the entire loan by the end of the payback period, GEDC charges 10% interest on the total outstanding principal plus accumulated interest until full settlement
- Any outstanding loan amount is recoverable from the borrower or the surety as arrears of land revenue
- If the borrower furnished false or incorrect information, the entire loan becomes immediately payable, along with interest at the prescribed rate
Important: Students must set up an eNach mandate for automatic EMI deduction to avoid missing payments. GEDC provides eNach registration at gedc-goa.org/emandate for uninterrupted interest-free repayment.
Eligibility Conditions Required to be Fulfilled
The following eligibility conditions apply to students seeking an interest-free education loan under the Goa Government’s Interest Free Education Loan Scheme for Higher Education
Basic Eligibility
- Applicant must be below 30 years of age
- Applicant must be a Goa resident for a minimum of 15 years
Qualifying Examination
- SSC or HSSC from recognised institutions in Goa for diploma or degree courses
- Graduation from recognised institutions in Goa for PG courses
- Graduation from institutions outside Goa is only possible if both parents are Goa residents for 15 years
- Post-Graduation for PhD courses
Minimum Marks
- Studies in India: minimum 55% in the qualifying examination
- SC/ST/OBC for India: minimum 45% (10% relaxation)
- Studies abroad: minimum 60% in the qualifying examination
- SC/ST/OBC for abroad: minimum 50% (10% relaxation)
Family Income Limit
- Studies in India: family income must not exceed Rs. 12 lakh per annum
- If the sibling is also pursuing higher education in India, the income limit is raised to Rs. 13 lakh per annum
- Studies abroad: family income must not exceed Rs. 20 lakh per annum
- If the sibling is also pursuing higher education abroad or in India, the income limit is raised to Rs. 23 lakh per annum
Course Conditions
- The course must require full-time attendance
- Entitled fees must be more than Rs. 10,000 per annum
- Course must be recognised by UGC, AICTE, MCI, DCI, ACI, Board of Technical Education, Goa, or any authority approved by the Government of India or the Government of Goa
- For institutions abroad: only the top 500 universities of the world or the top 100 universities in a continent, as per shangharanking.com, usnews.com, or QS ranking
Documents Required to be Attached
Students applying under the Interest Free Education Loan Scheme for Higher Education of the Goa Government must keep the following documents ready before submitting their application to GEDC.
- Valid 15-year Goa Residence Certificate issued by the competent authority
- Birth Certificate
- SSC (Standard X) marksheet
- HSSC (Standard XII) marksheet
- Graduation marksheet (all semesters) for PG applicants
- Post-Graduation marksheet for PhD applicants
- Current year fee receipt or fee structure from the institution
- A bona fide certificate from the institution mentioning the course name and duration
- Income Certificate of both parents for the current financial year
- Aadhaar Card of the applicant
- Bank account details of the applicant
- Passport-sized photograph
- Caste Certificate for SC/ST/OBC applicants
- Bond document in favour of the Government of Goa, to be executed before the first disbursal
- For loans above Rs. 5 lakh: additional surety bond by a Government servant or property owner in Goa
- For students studying abroad: Power of Attorney in favour of the parent for form submission
How Students Can Apply to Avail the Benefit of this Scheme
Interest-Free Education Loan Scheme for Higher Education accepts fresh applications online and renewal applications offline through the GEDC office.
Fresh Application (Online)
Step 1: Visit the Chief Minister Scholarship Portal at cmscholarship.goa.gov.in and register using required credentials.
Step 2: Select the Interest Free Education Loan Scheme for Higher Education and fill in all required details, including personal information, academic details, course information, institution details, and family income details.
Step 3: Upload all required documents in the prescribed formats.
Step 4: Submit the application online before the last date announced by GEDC.
Step 5: GEDC generates a unique registration number after successful submission. Quote this number in all future correspondence.
Renewal Application (Offline)
Step 1: Download the Renewal form from the official GEDC website at gedc.goa.gov.in.
Step 2: Fill in all required details and attach all requisite documents. All documents must be self-attested.
Step 3: Submit the completed form at the GEDC office between 10:00 AM to 12:00 PM and 3:00 PM to 5:00 PM on working days.
For Students Studying Abroad
The Power of Attorney holder, who is the parent, may fill and submit the application form as per the prescribed norms within the stipulated deadline.
After Application Submission
Step 1: The Sanctioning Committee scrutinises all complete applications within two months of receipt.
Step 2: GEDC may call applicants for a personal interview or ask for additional documents before final sanction.
Step 3: On approval, the applicant executes a bond in favour of the Government of Goa before the first disbursal of the loan amount.
Step 4: GEDC disburses the loan amount from the Higher Education Promotion Fund (HEPF) directly to the student.
Important: If an applicant does not complete documentation within 2 weeks of receiving intimation from GEDC, the application will be rejected. Cases once rejected by the Sanctioning Committee do not get reconsidered in subsequent years. Students must arrange their own funds for any fee payment deadlines that fall before loan disbursal.
Important Links Available
- Interest Free Education Loan Scheme Official Page, Goa Education Development Corporation.
- Chief Minister Scholarship Portal, Fresh Application for IFEL Scheme.
- Goa Education Development Corporation Official Portal.
- One Time Settlement Scheme for IFEL Loan Defaulters, GEDC.
- Online Loan Repayment Portal, Goa Online.
- Goa Interest Free Education Loan Scheme Guidelines.
Contact Details in Case of Help Needed
Students facing issues related to the IFEL scheme application, eligibility, loan repayment, or scheme-related queries can contact the following official channels.
- Phone: 0832-2411194 / 0832-2411187
- Email: office-gedc.goa@nic.in
- Goa Education Development Corporation
Ground Floor, SCERT Building,
Alto Porvorim, Penha de França,
Goa 403521 - Office Hours for Renewal Submission: 10:00 AM to 12:00 PM and 3:00 PM to 5:00 PM on working days
Frequently Asked Questions (FAQs)
Q. Who implements the IFEL Scheme?
Ans. Goa Education Development Corporation (GEDC) implements the scheme under the Department of Education, Art and Culture, Government of Goa.
Q. What is the maximum loan available for studies in India?
Ans. Maximum Rs. 2 lakh per year with a total cap of Rs. 10 lakh over 5 years based on actual entitled fees.
Q. What is the maximum loan available for studies abroad?
Ans. Maximum Rs. 8 lakh per year with a total cap of Rs. 16 lakh over 2 years based on actual entitled fees.
Q. What fees does the loan cover?
Ans. The loan covers tuition fees, laboratory fees, development fees, hostel fees, and other course-related fees charged by the institution.
Q. What is the family income limit for studies in India?
Ans. Family income must not exceed Rs. 12 lakh per annum. If a sibling is also pursuing higher education, the limit rises to Rs. 13 lakh per annum.
Q. What is the family income limit for studies abroad?
Ans. Family income must not exceed Rs. 20 lakh per annum. If a sibling is also pursuing higher education, the limit rises to Rs. 23 lakh per annum.
Q. When does repayment start?
Ans. Repayment starts one year after the minimum course duration ends.
Q. When does interest become payable?
Ans. Interest at 10% becomes payable if the borrower misses the EMI payment by the last day of any month during the repayment period.
Q. What is the repayment period for a loan of Rs. 10 lakh?
Ans. Loans between Rs. 8 lakh and Rs. 12 lakh carry a repayment period of 54 months with a maximum EMI of Rs. 22,222.
Q. What surety is required for loans above Rs. 5 lakh?
Ans. The applicant needs a bond from one parent plus an additional surety who is either a Government servant or a person who owns a plot, flat, or house in Goa.
Q. Can a rejected application be reconsidered?
Ans. No. Cases once rejected by the Sanctioning Committee are not reconsidered in subsequent years.
Q. Which foreign universities qualify under this scheme?
Ans. Only the top 500 universities of the world or the top 100 universities in a particular continent, as per shangharanking.com, usnews.com, or QS ranking, qualify. The Sanctioning Committee may consider additional universities for exceptional or specialised courses.
Q. What happens if the borrower passes away before repaying the loan?
Ans. The outstanding loan may be written off on a case-by-case basis on written request from the parent, along with the death certificate.
Q. What happens if the borrower suffers a terminal illness?
Ans. The outstanding loan may be written off on a case-by-case basis on written request from the parent, along with a medical report from GMC or IPHB.
Q. Where do fresh applicants submit their application for 2025-26?
Ans. Fresh applicants submit online through the Chief Minister Scholarship Portal at cmscholarship.goa.gov.in.
Q. How do renewal applicants submit their forms?
Ans. Renewal applicants download the form from the GEDC website, fill it with all requisite documents, and submit it at the GEDC office between 10:00 AM to 12:00 PM and 3:00 PM to 5:00 PM on working days.
Tabassum is a government schemes researcher and writer with 5 years of experience tracking Central and State welfare programmes across India. She has covered 500+ schemes spanning agriculture, women welfare, education, and housing, helping lakhs of beneficiaries understand their entitlements in simple language.