Kalinga Sikshya Sathi Yojana | Educational Loan Scheme Portal Odisha
Kalinga Sikshya Sathi Yojana is a very innovative scheme for the ambitious students of Odisha. It is often seen that the ambitious students can’t continue their studies due to their financial problems. This scheme will help the ambitious students by providing them a loan facility with very low interest rate. The Chief Minister of the state launched this scheme on 27th June with a view to releasing the burden from the shoulders of the parents of the ambitious students. The interest rate for this scheme is 1% which is very low considering the other schemes.
Kalinga Sikshya Sathi Yojana Key Features
- Kalinga Sikshya Sathi Yojana is an innovative scheme of providing loan facilities to the ambitious students with financial problems who are unable to complete their higher education.
- The loan facilities will be given to the students on the base of their merit and the total income of their family.
- The interest rate for this scheme is only 1%.
- The main motive of this scheme is to release the financial burden from the shoulders of the parents of the ambitious students.
- Nearly Rs. 500 Crore is allotted for this scheme and the government is willing to contribute more if it is needed.
- An applicant must deposit a collateral with the bank for availing the loan facilities.
Educational Loan Details under Kalinga Sikshya Sathi Yojana
Kalinga Sikshya Sathi Yojana is an innovative scheme for the ambitious students with financial problems. The government has decided that they would provide as much as Rs. 10 lakh for the students with financial problems so that they can continue their further studies.
- Minimum Loan: There is no such thing mentioned as minimum loan in the scheme. A student can get a loan of Rs. 10 lakh for his further studies from the scheme.
- Maximum Loan: A student can get a maximum loan of Rs. 10 lakh for his further studies.
- Loan Period: The students will have to repay the loan in 4-5 years. The whole loan period will be counted from the day the loan is sanctioned.
- Interest Rate: This scheme is to help the students and thus the interest rate is only 1%. The students will have to pay 1% interest along with the amount of loan.
Eligibility Criteria and Beneficiaries under Kalinga Sikshya Sathi Yojana
- The family income of a student applicant must be maximum 4.5 lakhs annually. A student will only be eligible to avail this scheme if his/her family income is less than 4.5 lakhs annually.
- A student applicant will only be eligible for this scheme if he deposits a collateral to the bank according to the rules of the bank.
- A student will only be eligible if he provides proper information about his/her family income to the banks.
- The beneficiaries from this scheme will be the students who can’t afford their further studies. Especially the students of Medical, law and Engineering will be benefitted as these courses are very costly.
How to Enroll for Kalinga Sikshya Sathi Yojana
The loan facilities under this scheme is being provided by all of the PSU banks and the major Private Banks. An applicant will have to fill up an application form with basic details. An applicant will have to provide correct information about his name, contact number, name of course, board marks, amount of loan and security details while filling up the form.
Required documents for Enrolling under Kalinga Sikshya Sathi Yojana
- Age Proof of the student
- Id Proof of the student
- Copy of Mark Sheet of the student
- Pay Slip of the earning members of the family of the student
- Security Documents
- Bank Account Statements for Business Holders
List of Courses under Kalinga Sikshya Sathi Yojana
- Medical (MBBS/MD)
- Law (LLB/LLM)
- Management (BBA/MBA/MBM)
- Engineering (Mechanical/Civil/Electrical/Computer)
These courses are mainly more costly than the other ones and thus financial assistance will be provided to the students so that they can complete their higher education.
Benefits of Kalinga Sikshya Sathi Yojana
Below is a table about the benefits of this scheme and detailed information about them.
|This scheme will provide financial assistance for the students by giving them loan facility.
|Any student with a financial problem can avail this scheme. No exam or certification is needed for this scheme and thus this scheme is available throughout the state.
|Low Interest Rate
|One of the major benefits of this scheme is low interest rate. The interest rate is only 1%.
|Handsome Amount of Loan
|A student can get a loan up to Rs. 10 lakh which is a very handsome loan amount.
|Time to repay Loan
|A student will have to repay the loans to the banks in 4-5 years and the time given to repay the loan is quite well.
Kalinga Sikshya Sathi Yojana is mainly a scheme for providing loan facilities to the meritorious and ambitious students who want to continue their higher education. This scheme is being provided to the students so that the parents of the students can be released from the burden of providing financial assistance for their children.
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