Odisha Government Education Loans to Study Abroad: The Government of Odisha has taken necessary steps to ensure that students do not face financial difficulties while pursuing higher education abroad. Schemes like Kalinga Sikhya Sathi Yojana and banks like Odisha Gramya Bank provide aspiring and meritorious students with financial assistance to pursue studies in India and abroad.
The maximum loan offered for study abroad is INR 20 lakhs. Students willing to take up professional or technical courses are eligible for Odisha Government Education Loans. In this blog, we will cover all the necessary information that you need to know about the eligibility criteria and avail education loans in Odisha to study abroad.
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Also Read: Did you know that you can get an income tax rebate on education loans? Check out how to avail, calculate, and claim tax deductions.
Education Loan by Odisha Government
The Odisha Government provides financial assistance by providing education loans to students who wish to pursue higher education. Students must apply to recognized courses and recognised universities in India and abroad through entrance examinations or merit. Both secured and unsecured educational loans are provided based on the terms and conditions. Let’s have a look at basic information on Odisha Government Education Loans-
| Quantum of Finance | For studies in India- Up to INR 10 lakhs For abroad studies- Up to INR 20 lakhs |
| Eligibility Criteria | Must be a resident of Odisha above 18 years of age |
| Repayment Period | 5-15 years (depending on the lender and scheme availed) |
| Eligible Courses | Professional and Technical Courses |
Kalinga Sikhya Sathi Yojana
Kalinga Sikhya Sathi Yojana was introduced by the Odisha Government as an initiative to provide interest subsidy on education loans. Initially, the government provided education loans at 1% interest rates to meritorious students under this scheme. The balance of the interest would be paid by the government. However, it was later revised to provide 100% interest subvention to students pursuing higher education in India or abroad.
Benefits of Kalinga Sikhya Sathi Yojana
The scheme offers various benefits to the students. They can get up to INR 10 lakhs in education loans from the Odisha government for studies in India and up to INR 20 lakhs for studies abroad. The total repayment period of the education loan is 15 years. 100% interest subsidy is provided for education loan amounts up to INR 15 lakhs.
Who is Eligible for the Kalinga Sikhya Sathi Yojana?
The scheme applies to the beneficiaries of the Educational Loan Scheme of the IBA Model. Besides, other eligibility to be fulfilled by the students are-
- The student must be a resident of Odisha.
- The family income of the parents should be less than INR 8 lakhs p.a.
- Must have secured admission to a recognised university in India or abroad.
- Eligible courses include undergraduate/ postgraduate degree courses (professional and technical) and integrated courses (UG+PG).
Note: Education loans availed after 01.04.2023 are applicable for these benefits. Loans before this date shall be guided under the previous criteria of the scheme.
Here is the list of banks under the IBA Model providing education loans to study abroad in Odisha-
| Allahabad Bank | Punjab and Sind Bank | City Union Bank |
| Andhra Bank | Punjab National Bank | DCB |
| Bank of Baroda | State Bank of Bikaner and Jaipur | Federal Bank |
| Bank of India | State Bank of Hyderabad | HDFC Bank |
| Bank of Maharashtra | State Bank of India | ICICI Bank |
| Bharatiya mahila Bank | State Bank of Mysore | IndusInd Bank |
| Canara Bank | State Bank of Travancore | Karnataka Bank |
| Central Bank | Syndicate Bank | Karur Vyasa Bank |
| Central Bank of India | UCO Bank | Kotak Mahindra Bank |
| Dena Bank | Union Bank of India | Lakshmi Vilas Bank |
| IDBI Bank | United Bank of India | Standard Chartered Bank |
| India bank | Vijaya Bank | The South India Bank Limited |
| Indian Overseas Bank | Axis Bank Limited | Yes Bank |
| Oriental Bank of Commerce | Bandhan Bank | Odisha State Cooperative Bank |
Also Read: Check out our blog on one of the most flexible alternatives to finance your study abroad dreams- gold loan for education: benefits, criteria, documents & process.
Odisha Gramya Bank Education Loan
Odisha Gramya Bank aims to provide education loans in Odisha to students who need the required resources to fund their higher education in India or abroad. The students must secure admission to recognised universities to be eligible for Odisha government education loans. A maximum of INR 10 lakhs and 20 lakhs are provided to pursue higher education in India and abroad respectively. Some important things on education loans from Odisha Gramya Bank are-
- The loan is repayable in 5-7 years in monthly instalments after the moratorium period.
- The moratorium/ holiday period of one year is provided after the course completion or 6 months after getting the job (whichever is earlier).
- Education loans of up to INR 4 lakhs require no collateral.
- For education loans above Rs. 4 lacs to Rs. 7.50 lacs, collateral security in the form of a suitable third-party guarantee is needed.
FAQs on Education Loans by the Odisha Government
The maximum education loan offered by the Odisha government for studies in India is INR 10 lakhs and for studies abroad is INR 20 lakh.
Eligible courses include undergraduate/ postgraduate degree courses (professional and technical) and integrated courses (UG+PG) to avail of education loans.
The loan is repayable in 5-7 years in monthly instalments after the moratorium period.
The student must be a resident of Odisha, and the family income of the parents should be less than INR 8 lakhs p.a. Students must have also secured admission to a recognised university in India or abroad.
A 100% interest subsidy is provided for education loans to study abroad in amounts up to INR 15 lakhs.
This was all about the Education Loan to study abroad by the Odisha Government. To know about education loans, the loan application process, the best bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
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