Education loans in Goa

✓ Collateralized and Non-collateralized Education Loans

✓ Featuring an interest rate as low as 8.30%

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Table of content

  1. Best Bank for Education Loan in Goa
  2. Education loan interest rate in Goa
  3. Other Education Loan features offered by Banks or NBFCs in Goa
  4. Documents required for availing an Education Loan in Goa
  5. Common reasons for Education loan rejection in Goa
  6. Why choose WeMakeScholars for an education loan in Goa?
  7. Repayment plan for Education Loan in Goa
  8. Education loan Subsidy schemes applicable to students from Goa
  9. Higher Education Institutes in Goa
  10. FAQ's
  11. Need Help? Ask Here!

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.

 

Banks

Best Bank for Education Loan in Goa

For studies in India:

    Bank Name

Scheme Name

Loan amount- Collateral Required

Processing fee

State Bank of India

SBI Global Ed-Vantage Scheme for India

Upto 1.5 Cr

A higher amount can be applied

Rs 10,000 + GST 

Bank of Baroda

Baroda Scholars for India

Upto 1.5 Cr

A greater loan amount is also possible

Rs 10,000 + GST 

Karur Vysya Bank

KVB education loan for India

Upto 1.5 Cr

Students can try to get a higher loan amount 

1-2% of the loan amount

Union Bank of India

Special education loan scheme for India

Upto 2 Cr

Students can apply to get an even higher amount

1-2% of the loan amount

ICICI Bank

ICICI Bank education loan for India

No upper limit for secured

Upto 50 lacs unsecured

2% of the loan amount

Axis Bank

Axis bank education loan for India

No upper limit for secured

Upto 40 lacs unsecured

1-2% of the loan amount

IDFC First Bank

IDFC First Bank education loan for India

Need-based with collateral

Upto 50 lacs unsecured

1-2% of the loan amount

Incred

Incred Education Loan for India

Upto Rs 60 lacs unsecured

1-2% of the loan amount

Auxilo

Auxilo Education Loan for India

Upto Rs 60 lacs unsecured

1-2% of the loan amount

Avanse

Avanse Education Loan for India

Upto Rs 60 lacs unsecured

1-2% of the loan amount

 

For Foreign studies:

Bank Name

Scheme Name

Loan amount- Collateral Required

Processing fee

State Bank of India

SBI Global Ed-Vantage Scheme for abroad

Upto 1.5 Cr

A higher amount can be applied

Rs 10,000 + GST 

Bank of Baroda

Baroda Scholars for abroad

Upto 1.5 Cr

Greater loan amount is also possible

Rs 10,000 + GST 

Karur Vysya Bank

KVB education loan for abroad

Upto 1.5 Cr

Students can try to get a higher loan amount

1-2% of loan amount

Union Bank of India

Special education loan scheme for abroad

Upto 2 Cr

Students can apply to get an even higher amount

1-2% of loan amount

ICICI Bank

ICICI Bank education loan for abroad

No upper limit for secured

Upto 50 lacs unsecured

2% of the loan amount

Axis Bank

Axis bank education loan for abroad

No upper limit for secured

Upto 40 lacs unsecured

1-2% of the loan amount

IDFC First Bank

IDFC First Bank education loan for abroad

Need-based with collateral

Upto 50 lacs unsecured

1-2% of the loan amount

Incred

Incred Education Loan for abroad

Upto Rs 60 lacs unsecured

1-2% of the loan amount

Auxilo

Auxilo Education Loan for abroad

Upto Rs 60 lacs unsecured

1-2% of the loan amount

Avanse

Avanse Education Loan

Upto Rs 60 lacs unsecured

1-2% of the loan amount

 

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.

Funding your education abroad can be tough. We'll make it easy for you with our education loan service.
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Education loan interest rate in Goa

It would help if the students intending to finance their higher studies through education loans comprehend the existing education loan market, especially in Goa where some of the banks/ NBFCs are offering relatively lower interest rates. In this section, we will give you an insight into the current interest rates for the financial products and the special privileges offered to the students when applying for the government-sponsored program. It is from the above-discussed options that students can make better choices depending on their financial capabilities and academic needs.

For studies in India:

Bank Name

Interest rate

Interest rate concession

State Bank of India

Starts from 8.30%

0.60% Business strategy discount 0.50% - for female students 

0.50% - Rinn Raksha 

Bank of Baroda

Starts from 8.85%

0.5% 

Karur Vysya Bank

Starts from 10% 

0.5%-2%

Union Bank of India

Starts from 11.15%

0.5% for female students

1% if the SI is paid in full 

ICICI Bank

Starts from 10.5% to 11%

0.5%-2%

Axis Bank

Starts from 11.5%

0.5%-2%

IDFC First Bank

Starts from 8.5% to 10%

0.5%-2%

Incred

Starts from 11 to 13.5%

0.5%-2%

Auxilo

Starts from 11% to 13.5% 

0.5%-2%

Avanse

Starts from 11% to 13.5%

0.5%-2%

 

For Foreign studies:

Bank Name

Interest rate

Interest rate concession

State Bank of India

Starts from 10.90%

0.60% Business strategy discount 0.50% - for female students 

0.50% - Rinn Raksha 

Bank of Baroda

Starts from 10.60%

0.5% 

Karur Vysya Bank

Starts from 10%

0.5%-2%

Union Bank of India

Starts from 11.15%

0.5% for female students

1% if the SI is paid in full 

ICICI Bank

Starts from 10.5%

0.5%-2%

Axis Bank

Starts from 11.5%

0.5%-2%

IDFC First Bank

Starts from 8.5% 

0.5%-2%

Incred

Starts from 11%

0.5%-2%

Auxilo

Starts from 11%

0.5%-2%

Avanse

Starts from 11%

0.5%-2%

 

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Worried about high-interest rates on education loans? Let us help you get the best rates with our service.
Document

Other Education Loan features offered by Banks or NBFCs in Goa

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.

Document

Documents required for availing an Education Loan in Goa

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.

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Loan/Money

Common reasons for Education loan rejection 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. 

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Why choose WeMakeScholars for an education loan in Goa?

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.

With our education loan service, you can be sure that you're getting the best funding for your studies.
Repayment

Repayment plan for Education Loan in Goa

Before deciding on taking an education loan, it is very important to pay attention to the aspects of repaying the borrowed amount. For instance, if a student in Goa gets a loan of Rs 75 lakhs for higher studies in Canada on an interest rate of 10.5% from a public bank, with the repayment to start after the moratorium period of 12 years, the repayment plan would be on a structured equal monthly installment basis. The following sections give a schedule of EMI, interest portion, principal repayment, and the remaining loan amount that will be useful for the students to plan their future expenses.

Repayment Cycle

EMI

Interest portion

Principal portion

Loan Outstanding

Start of loan EMI

69240

49492

19748

5636502

End of year 1

69240

47506

21734

5407527

End of Year 2

69240

45111

24130

5131394

End of Year 3

69240

42452

26789

4824829

End of Year 4

69240

39499

29741

4484481

End of Year 5

69240

36222

33019

4106625

End of Year 6

69240

32583

36657

3687128

End of Year 7

69240

28543

40697

3221400

End of Year 8

69240

24058

45182

2704348

End of Year 9

69240

19079

50161

2130315

End of Year 10

69240

13551

55689

1493022

End of Year 11

69240

7414

61826

785497

End of Year 12

69240

601

68640

0

 

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.

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Scholarship

Education loan Subsidy schemes applicable to students from Goa

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.

Banks

Higher Education Institutes in Goa

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

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FAQs:

  • Who can apply for an education loan in Goa?


  • What are the documents required for an education loan in Goa?


  • What is the interest rate for an education loan in Goa?


  • How much loan can I get for my education in Goa?


  • How long does it take to get an education loan in Goa?


  • What is the repayment period for an education loan in Goa?


  • Are there any tax benefits for an education loan in Goa?


  • Are there any interest subsidy schemes for education loans in Goa?


Our Education Loan team will help you with any questions

Naresh Kumar
WeMakeScholars- supported by IT Ministry, Govt. of India.
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