Education loans in Goa

Goa is known for being a hub for higher education in India. It has a number of prestigious universities and colleges that offer a wide range of undergraduate and postgraduate programs in various fields such as engineering, medicine, law, and management. The state government of Goa has also been supportive of the education sector, providing various government education loans in Goa, scholarships, and interest subsidy schemes for students.

The interest rate for education loans in Goa starts from 8.30% and the maximum amount of up to Rs 1.5 Cr can be offered if a student fulfills the eligibility criteria.

For studies in India:

For Foreign studies:

WeMakeScholars is a government-funded organization and India's largest education loan partner, working with over 14 public and private banks, including NBFCs. We have a track record of successfully helping many students to finance their higher education. If you are in need of a reliable and efficient education loan partner, WeMakeScholars is a great option.

As a government-funded organization, WeMakeScholars provides students with an interest rate concession when processing their education loans. The table below shows the education loan interest rates offered by banks and NBFCs in Goa, as well as the interest rate concessions available through WeMakeScholars.

For studies in India:

For Foreign studies:

Covered Expenses

Education loans provided by lenders in Goa typically cover various expenses related to a student's education, such as tuition fees, the cost of books and stationeries, the cost of purchasing a laptop, accommodation and food charges, charges for thesis and project work, and the cost of air-tickets for students studying abroad. 

Banks will typically fund these expenses if they are deemed necessary and justified based on their policies.

Moratorium Period

The moratorium period is a period of time, which begins when the loan is disbursed and lasts for the duration of the course, plus an additional 6 months or 1 year following course completion, depending on the bank's policy.

Loan Margin

The loan margin is the percentage of the loan that the applicant must arrange on their own, which is determined by factors such as the student's repayment capability and their level of commitment to the loan. Generally, the loan margin for studies abroad is 15% and for studies in India is 5%.

Collateral Margin

Finally, there is a collateral margin, which is the percentage of the loan that is determined by the type of collateral provided by the applicant. Different banks have different percentages established for various types of collateral, and the actual loan amount that can be offered will depend on the type of collateral provided. It's advisable to check with your financial officer at WeMakeScholars for more details.

To apply for an education loan in Goa, lenders typically require a specific set of documents which include:

• A completed application form and passport-sized photographs of the student
• Identification and residence proof of the applicant, co-applicant, or guarantor, such as a PAN card, passport, Aadhaar card, and utility bills
• Financial documents of the co-applicant, such as bank statements of the last 6 months if the co-applicant is salaried, business transactions of the last 1 year if the co-applicant is self-employed, and income tax returns
• Academic documents of the student, including mark sheets, entrance exam scores, and proof of admission
• Proof of income for the financial co-applicant, such as Form 16, salary slips, and profit and loss statements
• Other documents such as a declaration of expenses, an affidavit, and receipts for payments made to the university
• Additional documents, if applicable, such as pending loan statements and a certificate explaining a gap in studies.
• NA Certificate for non-agricultural land is required
• Completion Certificate for residential or commercial properties is mandatory

It is important to note that the documents required may vary depending on the lender, so it's a good idea to check with the financial officer at WeMakeScholars to confirm the specific documents needed to apply for an education loan in Goa. Also, you can check for other education loan facilities provided in Goa

Acceptable collaterals in Goa for education loans

The types of collaterals that are acceptable for education loans in Goa may vary depending on the lender. Some common types of collaterals that are accepted by banks for education loans include:

• Property: Banks may accept a mortgage of a residential or commercial property as collateral for an education loan, except for pradhikaran properties.
• Plot and lands: Banks also accept land as collaterals if the documents are complete
• Fixed Deposits: Banks may accept fixed deposits as collateral for an education loan.
• Life Insurance Policy: Banks may accept a life insurance policy as collateral for an education loan.
• Government Securities: Banks may accept government securities such as bonds and debentures as collateral for an education loan.
• Any other liquid assets

It is important to note that the collateral requirements may vary depending on the bank and loan amount. Some banks may require collateral for loans above a certain amount, and others like private banks and NBFCs may not require collateral at all. It's advisable to check with financial officers at WeMakeScholars to know possible education loan lender options and their specific collateral requirements before applying for a higher education loan in Goa.

There are several common reasons why an education loan application may be rejected in Goa, some of them include:

Insufficient income: If the applicant or co-applicant does not have a stable income or does not meet the minimum income requirements set by the lender, the loan application may be rejected.

Poor credit history: Banks generally check the credit score of the applicant and co-applicant before approving a loan. If the credit score is low, the loan application may be rejected.

Lack of collateral: Some banks may require collateral for an education loan. If the applicant does not have acceptable collateral, the loan application may be rejected.

Incomplete or incorrect documentation: If the applicant does not submit all the required documents or if the documents submitted are incorrect or incomplete, the loan application may be rejected.

Unforeseen changes in personal circumstances: If the applicant or co-applicant experiences unforeseen changes in personal circumstances, such as loss of job, and they are unable to repay the loan, the loan application may be rejected.

Unanticipated academic circumstances: If the applicant or co-applicant experiences unforeseen changes in academic circumstances, such as not getting admitted to the college, the loan application may be rejected.

It's important to keep in mind that loan approval and rejection decisions are made on a case-by-case basis and will depend on the specific circumstances of each applicant. However, to minimize the chances of your loan rejection, start your loan process with WeMakeScholars, which is India’s largest education loan partner. 

WeMakeScholars is a government-funded organization that helps students in arranging funds for their higher education in India or abroad. Students in need of education loans in Goa can find all their answers at WeMakeScholars, which is a one-stop solution for all education loan-related problems. The benefits that WeMakeScholars provide to students applying for education loans in Goa include:

Cost-free services: WeMakeScholars provides all services free of cost to students as they function under the Digital India Campaign.

Lower interest rates: As WeMakeScholars is a partner of 14+ public and private banks in India, students will receive an interest rate discount of 0.5-2% when processing their education loans with WeMakeScholars.

Expert guidance: A financial officer will connect students to the best lender based on their eligibility and guide them throughout the loan sanctioning process.

Shorter processing time: WeMakeScholars can get the loan sanctioned within 15-20 days from public banks and within 5-7 days from private banks or NBFCs, which is faster than the typical 1-2 months processing time of banks.

Digital loan application: Students can conveniently apply for a student loan online at any time and from any location, making the process more convenient.

End-to-end assistance: A financial officer will be available to assist with any post-sanction issues and ensure a smooth loan disbursement process.

Cashback offer: Students may receive up to Rs 3000 cashback on the disbursement of their education loan.

Tax benefits: WeMakeScholars inform students about the income-tax department's tax-saving initiatives such as Section 80E, 80C, and others, as well as the tax collected at source (TCS), which can help them save money.

It's important to note that the above benefits may vary depending on the specific loan and lender, so it's a good idea to check with WeMakeScholars for more information.

If a student plans to take out an education loan of Rs 75 lacs for their higher studies in Canada from a public bank at an interest rate of 10.5%, with a repayment duration of 12 years after the moratorium period, the loan repayment schedule and EMI would be as per the table provided below.

The information provided in the above table is based on the latest calculation method used by banks to determine the EMI amount. Students can use WeMakeScholars' Education Loan EMI Calculator to calculate their own loan repayment schedule. For additional information or clarification on loan repayment, students can contact their financial officer at WeMakeScholars.

Dr. Ambedkar Central Sector Scheme of Interest Subsidy 

Dr. Ambedkar Central Sector Scheme of Interest Subsidy is a government program that offers students who qualify for an interest subsidy on education loans up to 7.5 lacs. To be eligible for this program, students must provide a caste certificate and have a family income of less than Rs 8 lacs per annum. They must also have taken admission in a Masters, MPhil, or Ph.D. program abroad.

Padho Pardesh Scheme

Padho Pardesh Scheme is another government program that offers qualifying students from designated minority communities who are members of the EWS an education loan interest subsidy of up to 7.5 lacs for their international studies. However, the loan amount may be higher than that. Eligibility criteria for this program include being a student from India, pursuing an international study program, and having a family's combined total income that does not exceed Rs 6 LPA.

It's important to note that the interest subsidy benefits under this scheme will continue to be available to students who applied before April 1, 2022, as the government decided to end these programs on March 31, 2022.

Central Government Interest Subsidy Scheme (CSIS)

Central Government Interest Subsidy Scheme (CSIS) is a program introduced and governed by the federal government of India that offers qualifying students an interest discount on education loans up to 7.5 lacs for Indian study abroad programs. The overall loan amount, however, can exceed 7.5 lacs. To be eligible for this program, students must come from a socioeconomically disadvantaged group with a family income of under 4.5 lacs.

Cities in Goa like Panaji, Ponda, Vasco da Gama, Mapusa, and Mormugao have always been known for their beaches and tourism, but, in recent years, Goa has also emerged as one of the most popular destinations in India.  because of the following prestigious colleges and universities in Goa:

Goa University: Established in 1985, Goa University is the premier higher education institute in the state, offering undergraduate and postgraduate programs in various disciplines including engineering, medicine, law, and management.

National Institute of Technology (NIT) Goa: NIT Goa is a technical institute that offers undergraduate, postgraduate, and doctoral programs in engineering and technology.

Birla Institute of Technology and Science (BITS) Pilani: BITS Pilani is a private institute offering undergraduate, postgraduate and doctoral programs in engineering, technology, sciences, and management.

Goa Medical College: Goa Medical College is the state's premier medical institute, offering undergraduate and postgraduate programs in medicine, dentistry, and nursing.

Goa College of Engineering: Goa College of Engineering is a government-aided engineering college that offers undergraduate and postgraduate programs in engineering and technology.

Goa Institute of Management: Goa Institute of Management is a business school that offers postgraduate programs in management and other business-related disciplines.

Goa Institute of Hotel Management: Goa Institute of Hotel Management is a premier institute that offers undergraduate and postgraduate programs in hotel management and tourism.

Goa Institute of Law: Goa Institute of Law is a private law school that offers undergraduate and postgraduate programs in law.

Goa Institute of Rural Development: Goa Institute of Rural Development is a government-funded institute that offers undergraduate and postgraduate programs in rural development and other related disciplines.

Goa Institute of Architecture: Goa Institute of Architecture is a government-funded institute that offers undergraduate