Eligibility Criteria:

1. Academic Performance: Applicants must have received 60% or more marks in their Class 12 examination.
2. Economic Criteria:
   • Students must belong to the Economically Weaker Section (EWS) category.
   • The annual family income should be ?6,00,000 or less from all sources.
3. Loan Requirements:
   • Students must have taken an education loan from a scheduled bank on or after 4th July 2017.
   • The loan can be for studies in India or abroad.
4. Educational Requirements:
   • Applicants must have passed the Higher Secondary Examination conducted by the Board of Secondary Education, Gujarat, or the Central Board of Secondary Education.
   • Applicants must be enrolled in a recognized university abroad.
5. Course Eligibility:
   • The scheme is applicable to all higher education courses, including graduate, postgraduate, diploma, and professional programs.

Ineligibility:

• Applicants who have availed of any Central or State Government education loan subsidy scheme or any other scholarship scheme.
• Students who left their studies midway or were expelled due to disciplinary issues.

Benefits:

• Subsidy Amount: The interest subsidy is available for loans up to ?10,00,000. If the loan exceeds ?10,00,000, the subsidy will only apply to the first ?10,00,000.
• Interest Coverage: The total interest on the education loan up to ?10,00,000 will be deposited into the applicant's bank loan account. The interest rate will follow RBI guidelines.
• No Additional Charges: Other charges like processing fees, late payment charges, etc., will not be covered.
• Moratorium Period:
  • The interest subsidy is applicable only during the moratorium period (the duration of the course plus 1 year).
  • After the moratorium ends, interest on the remaining loan amount will not be covered.

Key Notes:

• Scheduled Banks: The loan must be taken from a scheduled bank as per the RBI guidelines. [Scheduled Bank List, CLICK HERE.]
• Interest Disbursement: The interest will be disbursed annually to the loan account based on the information provided in the registration form.
• Subsidy Termination:
  • If the student discontinues their studies or if the loan is canceled by the bank, the interest subsidy will be terminated.
  • The subsidy will also end if the loan is repaid in full.
  • No other education loan subsidy or scholarship can be availed of alongside this scheme.

Required Documents:

• Application form for the loan.
• Birth certificate.
• Passport-sized photograph.
• Copy of the loan application form and agreement.
• Aadhaar card.
• Visa/Visa approval letter.
• Proof of residence (e.g., Passport, Driving license, Aadhaar card, Ration card, PAN card, Electricity bill, Voter ID card).
• Family income proof (e.g., Income tax returns, property proof).
• Sanction letter authorized by the bank (in KCG format)*.
• Certified financial statements certified by a Magistrate or Tehsildar.
• First page of the bank passbook (from which the loan was taken).
• Copies of Class 10 and 12 marksheets and certificates.
• College/university documents.
• Fee receipts from the institute/university.
• Acceptance letter from a university abroad.
• Self-declaration certificate stating no other scheme benefits have been availed (in KCG format)*.
• Interest calculation sheet. *Knowledge Consortium of Gujarat (KCG)

Application Process:

1. Step 1: Click on the ‘Apply Now’ button on the official KCG website.
2. Step 2: Register by filling in the required details. If already registered, log in using your registered email ID.
3. Step 3: Fill in the required details and submit the application.
4. Step 4: Submit the acknowledgment receipt along with the required documents to the scheduled bank.
5. Step 5: The scheduled bank will send the necessary endorsement, bank loan, and interest details to the KCG office for further processing.
   
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