Team Herald
PANJIM: The Goa Education Development Corporation (GEDC) on Monday announced interest-free education loan scheme for students pursuing higher education in India and abroad for the academic year 2024-2025.
GEDC Chairman Govind Parvatkar addressing the media said from 2005 till date, approximately Rs 250 crore has been disbursed, benefiting around 10,000 students. He said the initiative aims to ease financial burden and support Goan students in achieving their academic goals.
"Those students who had availed the loan are now working in different fields in India and abroad," Parvatkar said adding that there are just two to four percent non payers of this amount.
"The GEDC would work relentlessly to fully recover the dues as only when the students pay the loans, we will be able to extend the benefits of this facility to others," Parvatkar said.
Parvatkar said the scheme has been reviewed and the income ceiling has been raised from 7 lakhs to 12 lakhs for studies in India and from Rs 12 lakhs to Rs 20 lakhs for studies abroad considering the inflation index.
"The GEDC extends upto Rs 10 lakhs towards loans to students for higher education in India, while Rs 16 lakhs is given to students seeking higher education outside the country for a minimum period of five and two years respectively.
The repayment of the loan starts one year after completion of the course," he said.