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Eligibility Criteria:

Academic Performance: Applicants must have received 60% or more marks in their Class 12 examination.

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.

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.

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.

Course Eligibility:

The scheme is applicable to all higher education courses, including graduate, postgraduate, diploma, and professional programs.

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:

Step 1: Click on the ‘Apply Now’ button on the official KCG website.

Step 2: Register by filling in the required details. If already registered, log in using your registered email ID.

Step 3: Fill in the required details and submit the application.

Step 4: Submit the acknowledgment receipt along with the required documents to the scheduled bank.

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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