Organisation : Higher Education Department
Scheme Name : Kaling Sikhya Sathi Yojana
Applicable For : Odisha
Website : https://dhe.odisha.gov.in/
Terms & Conditions : www.statusin.in/uploads/24472-KSS.pdf
KSS :
Objective :
Government, therefore, after careful consideration, have been pleased to further reduce the financial stress of the parents facing hardship in paying high rate of interest by providing
Related : DHE Register Grievance Odisha : www.statusin.in/24467.html
financial assistance in form of interest subvention against education loan availed by students from scheduled banks under a new scheme “Kaling Sikhya Sathi Yojana” to attain their educational goals, meet their professional objectives and succeed to their fullest ability.
Period of Implementation :
This Resolution shall come into effect from the financial year 2015-16. That means students, who have availed fresh bank loan on or after 01.04.2015 under Government of India scheme are only eligible for such benefit. Loans paid by banks prior to 2015-16 shall not be covered under the scheme.
Scope :
The scheme is applicable to the students availing education loan from scheduled banks up to R 10.00 lakh.
The course of study should be in Management or Integrated Law or Course of Engineering or Medicine in any educational institution in India established by Acts of Parliament or by any State Legislature or other institutions recognized by the concerned Statutory Bodies.
The repayment period shall not be more than ten years including the moratorium period if the loan amount is up to R 7.50 lakh. Similarly, the repayment period shall not exceed fifteen years including the moratorium period for loans up to R 10.00 lakh.
The Selection of beneficiaries and the documentation including security against the loan will be as per the terms of the respective bank.
Eligibility Criteria :
In order to avail the benefit, the applicant student :
(i) Must be a resident of Odisha;
(ii) The annual income ceiling of parents must be below * 6.00 lakh from all sources. The annual income includes income of father/mother and spouse (in the case of married student) from all sources for the purpose of availing this benefit
(iii) Should not have availed similar benefit from any other Government/Institution for the same purpose.
Note 1 : The residential certificate shall be issued by the Revenue Officer not below the rank of Additional Tahasildar for the above purpose.
Note 2 : The income certificate can either be self-certified based on the copy of the validly submitted Income Tax return/ or it can be a certificate issued by Revenue Officer not below the rank of Additional Tahasildar.
Interest Subsidy :
Under the revised scheme, financial assistance shall be provided in form of interest subvention at such a rate that the net interest payable by the student after the moratorium period becomes 1% per annum with a stipulation that the interest subsidy will be provided only if the loan repayment is 100% regular.
That means in case of any default or irregular repayment, the benefit of subsidy shall not be extended further. The interest subsidy shall be paid to bank directly from which the student has availed the loan