Kalinga Sikhya Sathi Yojana
Scholarship Amount
About This Scholarship
The Kalinga Sikhya Sathi Yojana (KSSY) is a comprehensive scheme designed to provide financial assistance to students pursuing higher education. It applies to students who are availing education loans up to ₹10,00,000 from scheduled banks. This initiative covers all courses offered in institutions eligible for the Government of India Interest Subvention under the CSIS scheme.
For loans up to ₹10,00,000, the repayment period, including the moratorium, is capped at 15 years. The core benefit of the KSSY scheme is the provision of financial assistance through interest subvention, which reduces the net interest payable by the student to a mere 1% per annum after the moratorium period. The selection of beneficiaries and the terms of loan documentation, including security requirements, will adhere to the respective bank's policies.
While the typical moratorium period for education loans is the course duration plus one year, varying by bank, the KSSY scheme uniquely provides interest subvention throughout the entire repayment period, including the moratorium period after course completion.
Key points regarding interest subsidies:
• Interest subsidies are contingent upon regular loan repayments.
• A temporary default in loan repayment for up to 90 days is permissible without forfeiting eligibility for the interest subsidy. However, the government will not cover any penal interest levied by the bank during this default period.
• The overall repayment period, as initially outlined, will not be extended under any circumstances.
• Should a loan default exceeding 90 days be rectified by clearing the overdue interest and principal, thereby restoring the account to standard status, the interest subsidy will resume from the date of reinstatement. As previously stated, the government will not cover penal interest charged by the bank, and the overall repayment period will not be extended.
• Interest subsidy is applicable to fresh education loans sanctioned on or after April 1st, 2016. The subsidy amount will be disbursed directly to the lending bank.
• Importantly, interest subsidy during the moratorium period will also be provided by the Government of Odisha to students whose annual parental income falls between ₹4,50,000 and ₹6,00,000, and who do not qualify for the Government of India scheme.
Eligibility Criteria
To be eligible for the Kalinga Sikhya Sathi Yojana, applicants must meet the following criteria:
• The applicant must be a resident or domicile of the state of Odisha.
• The family's annual income should not exceed ₹6,00,000.
• The student must not be receiving similar benefits from any other government scheme or institution.
• The course of study must be in Management, Integrated Law, Engineering, or Medicine.
• The educational institution offering the course must be established by an Act of Parliament, State Legislature, or recognized by relevant statutory bodies.
Note: The KSSY scheme is applicable to all courses offered at educational institutions that are eligible for the Government of India's interest subvention under the CSIS scheme.
Required Documents
Applicants for the Kalinga Sikhya Sathi Yojana must prepare and submit the following documents:
For the Applicant(s):
• Two recent passport-sized photographs.
• Proof of Identity/Age: Any two of the following documents, with one from options 1-5 being mandatory:
1. Ration card
2. Voter's identity card
3. PAN card
4. Passport
5. Driving license
6. Office identity card
7. Birth certificate
8. School leaving certificate
For Co-applicant & Guarantor:
• Bank passbook/statement of accounts for the last six months. Submission of this document is COMPULSORY.
• Proof of Identity/Age: (Same as for student – refer to the list above).
• Proof of Employment/Income:
• Employment Verification Certificate (format enclosed).
• Salary Slip for the last three months.
• Form 16 issued by the office.
• Income Tax Return/Assessment Order.
• Statement of means (Compulsory for Co-applicant & Guarantor).
For the Student (Academic & Course-related):
• Marksheet/degree certificate of the last qualifying examination.
• Letter of Selection/Letter confirming secured admission from the educational institution.
• Proof of admission, scholarship, and studentship/Identity card from the educational institution.
• Schedule of expenses for the specified course, issued by the educational institution.
• Information Brochure of the Institution, detailing course duration, fees (tuition, other fees/charges), hostel charges, boarding costs, costs for books/journals/equipment/instruments, stationery, exams, other fees, study tours, project work, thesis, airfreight, etc.
Other Documents:
• Proof of domicile for co-applicant/parent.
• Letter from the Institution regarding non-availability of hostel facility (if applicable).
How to Apply
Eligible applicants can follow these steps to apply for the Kalinga Sikhya Sathi Yojana:
1. Access the application portal: Navigate to the official online application module for scholarships and loans on the Directorate of Higher Education, Odisha's website.
2. Register or Log In: On the application dashboard, click on the 'Register' button to create a new account if you are a first-time user. If you are already registered, log in using your registered email ID.
3. Locate the scheme: Navigate to the 'Moratorium period of the periods' section within the portal and click on 'Click here to apply' specifically for the Kalinga Sikhya Sathi Yojana.
4. Initiate application: Proceed by clicking on the 'Apply Now' button, typically located on the right-hand side of the dashboard.
5. Fill preliminary details: Provide all the required information as prompted and tick the necessary checkbox to finalize account creation or confirm your details.
6. Complete and submit: After successfully setting up or confirming your account, meticulously fill in all necessary application details, upload the specified documents, and submit your application.