The Goa government has announced a One-Time Scheme (OTS) to waive penal interest for beneficiaries of the Interest-Free Education Loan Scheme, providing major relief to loan defaulters across the state.
The scheme will be effective from February 1 to July 31, 2026, and is expected to benefit around 1,402 defaulters with outstanding dues amounting to over ₹21.30 crore. Under the OTS, beneficiaries will be required to clear the principal amount and applicable interest, while the penal interest will be fully waived.
If you enjoyed reading this article, you can help support our journalism by adding OHeraldo as a preferred source.
Officials stated that the move aims to reduce the financial burden on borrowers and improve loan recovery while offering students and families a chance to regularize their accounts. Eligible beneficiaries have been advised to take advantage of the scheme within the stipulated period.
