Interest-free loan for foreign
studies
Sandesh Prabhudesai
16 July 2002
In an attempt to encourage underprivileged
students to seek higher education in India or abroad,
the Goa government has announced interest-free loan
facility.
"The basic aim is to ensure that lack
of finance does not become a bottleneck for any student
in Goa", states chief minister Manohar Parrikar.
It includes engineering (including
diploma), dentistry, medicine, pharmacy, architecture,
finance, law, fine arts, home science, management, environment,
computer education or any such full-time course recognised
by the competent authorities.
In case of foreign universities, obtaining
prior approval from the concerned university for the
course will be a must and it would be considered on
case-to-case basis.
Students obtaining minimum 60 per cent
marks would however be considered for the loan, provided
the annual course fee is minimum Rs 10,000.
There is also an income slab considered
while disbursing the loan. For studies within India,
parents' combine income should be less than Rs two lakh
while it should be Rs four lakh for the studies abroad.
The state has also considered different
slabs for the loan amount, with a maximum ceiling of
Rs one lakh, depending on annual fee structures. For
studies abroad, it is however 300 per cent of actual
fees or Rs four lakh, whichever is lower.
The reservation policy of 27 per cent
for the OBC and two per cent for the SC is also made
applicable while giving educational loans, while also
considering 50 per cent marks in the reserved categories.
Making the policy applicable for this
year itself, Parrikar plans to invite applications within
a week. From next year, however, he plans to invite
applications by 30 May and disburse the loan amount
by 15 July.
While making initial provision of only
Rs 10 lakh, Parrikar is prepared to put in more money,
if required. Seeking a signed bond from the student
with counter-sureties, the loan repayment however begins
with one-year moratorium.
Announcing Cyberage Student scheme
along with this, Parrikar has also made plans to provide
personal computers to all the students once they reach
standard XI.
Paying a meagre amount of Rs 1000 (and
half of it in village areas), each student will actually
take a PC home for a song. Beginning with science students
this year, it will be extended to all the streams from
the next academic year.
"It will help me put Goa in IT orbit
within two years without any difficulty", claims Parrikar.
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