Kalinga Sikhya Sathi Yojana (KSSY) || Educational Loan
The Odisha Government has come up with a new scheme named as Kalinga Sikhya Sathi Yojana (KSSY) for the aspiring students at only 1% interest. It has been launched by Hon’ble CM of Odisha, Shri Naveen Patnaik on 27th June 2016. This scheme has been launched to bring down the financial burden on the parents of the students who want to move forward with higher education.
Details about the scheme Kalinga Sikhya Sathi Yojana
A student can avail loan under the scheme “Kalinga Sikya Sathi Yojana” from scheduled banks for pursuing higher studies. The scheme will give them up to 10 lakh rupees to proceed for the higher courses.
- Maximum Loan: According to the rules of the scheme, a student can get maximum of 10 lakh rupees as an educational loan under this scheme.
- Minimum Loan: There is no minimum loan amount mentioned in the scheme. One can get any amount of loan up to Rs. 10 lakh.
- Period of Loan: The period of repayment will be up to 10 years and 15 years in respect of loan sanctioned up to 7.5 lakhs and 10.00 lakhs respectively.
- Rate of Interest: The applicants will have to pay only 1% interest on the loan amount. The balance amount of the interest will be borne by Government of Odisha, Higher Education Department.
- The student must be a resident of Odisha.
- As per the eligibility criteria, the annual income of the family of the applicant up to 6 lakhs per annum. The terms are conditions of loan will be as per norms of individual schedule banks. The loan applications will be processed by the rules of the banks. The poor students who are willing to continue higher studies can apply for the loan under this scheme
Moratorium period of the loans
Generally, the moratorium period of education loans is course period plus one year depending on the banks. But under KSSY, the financial assistance in the form of interest subvention shall be provided for the period of repayments including moratorium period after the completion of course. This will prove to be very beneficial to students.
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