Odisha Govt announces Loan for Higher Education at one percent

Chief Minister of Odisha, Naveen Patnaik has announced education loan at 1% for higher education under a new scheme, ‘Kalinga Siksha Sathi Yojana’(KSSY).

“In the tune of the promise of providing education loan at less interest rate, the state government has decided to provide education loan at 1 percent per annum. This will be a major help for students undergoing higher education including Management, Law, Engineering, Medicine, etc,” said the Chief Minister.

He said the historic and pioneering step of the government would reduce the loan burden of lakhs and lakhs of parents.

The scheme will also financially empower poor students to pursue their aspiration in higher education. The state government will meet the fund requirement of about Rs 500 crores from its resources, he said.

“I dedicate the scheme to the foresight of Bijubabu on his birth centenary who had instituted ‘Kalinga UNESCO’ award for the popularisation of science when he was only 35 years old,” said the Chief Minister.

Criteria For Availing Loan

1. Family income must be below 4.5 lakh per annum
2. Security deposit as per bank rules
3. Students will have to repay the loan amount after 4-5 years moratorium period
4. Maximum 10 lakh loan can be availed
5. Bankers to decide to whom loan would be provided

Source: Update Odisha