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Education Loan Subsidy For Student In gujarat

Education Loan Subsidy For Student In gujarat

Countless words are written daily about the importance of education. Education is the only valuable
asset humans can achieve. It is a gift that none can take away. Education is a very vital tool that is
used in the contemporary world to succeed. Education is important because it is used to mitigate
most of the challenges faced in life. The knowledge that is attained through education helps to open
doors for a lot of opportunities and better prospects in career growth. One who receives good
education gets a secure future; with education one can find most competitive jobs.

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In the last decade and a half, Gujarat has achieved a lot in industrial Sector. Many new industries are
being set up in the state. In pursuance of this, in the last 15 years, demand for professional courses
has been increased in the state. It is also necessary that more students can give their contribution in
the development of the state after the completion of higher education. In these peripherals, the
parents have limited income and due to such limited income, the parents are confused about sending
their bright children to higher education, especially in professional courses. There are lot of expenses
like tuition fees, books/reading materials and expense of lodging while traveling abroad for higher
education. Thus, in such cases it is very difficult to pay high fees with limited income of their
guardians and to pursue higher education without any financial assistance, so the students have to
take education loan.

Rules and Regulation for Interest Subsidy on Education Loan

The State Government received various proposals to provide financial support and to develop the
career of the bright and needy students in the higher education of the state. In view of the proposals
received from the State Government, it was under the consideration of the government to provide
equitable opportunities for the bright and needy students who attaining higher education.

People with a lack of academic degrees are limited to basic jobs in the services, manufacturing and
construction industries. While people with high school education can get jobs with good benefit.
Many jobs require at least diplomas, but most of the good careers require some kind of higher
education, in which some specific knowledge and experience in a certain field is necessary. Some
professional education courses are very expensive after standard 12th , so a financially weak person cannot study further.

Rules For Education Loan  In Gujarat::::::

Passed class 12 with 60% or more Percentiles.
An annual gross income of parental/family upper limit must be Rs.6.00 lakhs per year (from
all sources) and not more than that.
Student must be passed standard 12 from recognized board or recognized central board and
got admission in Recognized Universities of India and abroad.
Loan must be taken after Government resolution Date:-04/07/2017 from schedule bank.
Subsidy is available up to 10 lakhs only. If applicant has taken loan more than 10 lakhs then
interest should be given on only 10 lakhs and rest of amount should be paid by applicant.
Under this scheme amount of total interest on education loan up to Rs. 10.00 lakh loan
amounts deposited on applicant’ bank loan account. Bank interest rate as per RBI guidelines.
No any other charges will pay to bank.
This is not scheme for providing education loan. Please don’t demand for education loan.
The applicant will have to fill the application form on the KCG website and submit the
Acknowledgement receipt and necessary documents to the scheduled bank. Thereafter, the
Scheduled Bank will have to send the necessary endorsement, bank loan and interest details
by sending the application to the KCG office. Offline application will not be accepted.


The applicant must be present whenever called in personal for verification of documents.
If a student is studying abroad, the student will be considered a power of attorney for the
person who has been authorized to sign the various documents on behalf of the applicant
while applying in the bank and only the father or mother of the student can sign it or
introduce it. If anyone else has given an authority, it will not be considered valid.
Copy of Income Certificate from competent authority (Mamlatdar / TDO certificate) and
Income Tax Return or Self Declaration Certificate (If not eligible to pay income tax).
The subsidy on Education Loan is only for Moratorium Period (i.e. Course Period plus one
year) after the period of moratorium is over; the interest on the outstanding loan amount shall
be paid by the student.
Interest subsidy will be closed if the student decides to leave and / or leave the study, or if the
loan itself is canceled by the bank.
Automatic interest subsidy will be closed even if the loan is repaid in any case.


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