Gujarat Government’s Study Abroad Loan Scheme
Scholarship Amount
About This Scholarship
This scheme, offered by the Gujarat Government, provides significant financial assistance to eligible students pursuing higher education abroad. It aims to support students from the Economically Weaker Sections (EWS) by offering an interest subsidy on education loans. The scheme covers a substantial portion of the education loan, ensuring that financial constraints do not hinder aspiring students from achieving their academic goals in international institutions.
Under this initiative, the total interest on education loans up to ₹10,00,000 will be deposited directly into the applicant's bank loan account. The interest rate aligns with RBI guidelines, with no additional charges being paid to the bank. The subsidy is specifically available during the moratorium period, which includes the duration of the course plus one additional year. After this period, interest payments on the remaining loan amount will no longer be covered by the scheme. The application deadline is N/A, indicating an ongoing scheme.
Eligibility Criteria
To be eligible for the Gujarat Government’s Study Abroad Loan Scheme, applicants must meet the following criteria:
• Applicants must have achieved 60% or more marks in their Class 12 examinations.
• Students must belong to the Economically Weaker Section (EWS) category, with an annual family income of ₹6,00,000 or less from all sources.
• Eligible students include those who have taken an education loan from a scheduled bank on or after 04th July 2017, for studies in India or abroad.
• Applicants must have passed the Higher Secondary Examination conducted by the Board of Secondary Education, Gujarat, or the Central Board of Secondary Education, and be enrolled in a recognised university abroad.
Important Notes:
• The scheme covers all courses of higher education, including graduate, postgraduate, diploma, and professional programs.
• Applicants who have already availed the benefits of a Central Government or State Government education loan subsidy scheme, or any other scholarship scheme, are ineligible for this particular scheme to prevent duplication of benefits.
• If a student is studying abroad, a Power of Attorney may be granted to an authorised person to sign required documents at the bank on behalf of the applicant. Only the student's father or mother can be designated as the Power of Attorney; authorisation granted to any other person will not be accepted.
• Interest subsidy under this scheme will not be available to students who have left their studies midway or been expelled from the institution due to any disciplinary issue.
• A list of scheduled banks is available on the official website.
Required Documents
Applicants must submit the following documents to support their application:
• Application form for the loan.
• Birth certificate.
• Passport-sized photograph.
• Copy of the loan application form.
• Copy of the loan agreement.
• Copy of Aadhaar card.
• Copy of visa or visa approval letter.
• Proof of residence, such as a Passport, Driving license, Aadhaar card, Ration card, PAN card, Electricity bill, or Voter ID card.
• Family income proof, such as Income tax returns or property proof.
• Sanctioned letter authorised by the bank (in KCG format).
• Copy of certified financial statements, duly certified by a Magistrate or Tehsildar.
• Copy of the first page of the bank passbook (from which the loan was taken).
• Copies of Class 10 and 12 marksheets and certificates.
• Copies of college/university documents.
• Copies of fee receipts from the institute/university.
• Acceptance letter from a university abroad.
• Self-declaration certificate stating no other scheme benefits have been taken by the candidate (in KCG format).
• Interest calculation sheet.
Specific formats for required documents are available on the KCG website, including:
• Self Declaration for Non-IT returns.
• Self Declaration of No Other Scheme Benefit Avail.
• Interest Calculation Sheet.
• Interest Calculation Sheet Filling Example.
• Sanction Letter Format.
• Disbursement Letter Format.
Note: All documents must be submitted in the prescribed format. A comprehensive document checklist is also available on the official website.
How to Apply
Eligible applicants must follow an online application process. Offline applications will not be accepted.
The application process involves the following steps:
1. Applicants must first complete the application form available on the Knowledge Consortium of Gujarat (KCG) website.
2. After completing the online application, applicants need to submit the acknowledgement receipt along with all the required documents directly to their scheduled bank.
3. The scheduled bank is then responsible for sending the necessary endorsement, bank loan details, and interest information to the KCG office for further processing.
For a detailed online application:
• Step 1: Access the application portal, typically found on the KCG website.
• Step 2: Navigate to the registration section on the dashboard to create a new account by filling in the required details. If already registered, simply log in using your registered email ID.
• Step 3: Proceed to fill in all the necessary application details as prompted and submit the form online.