Education Loan in Odisha

Pursuing higher education has become an expensive affair with rising tuition fees and inflation. Many students in Odisha face challenges in chasing their academic aspirations due to the rising costs of education. To address this, a government scheme for education loans has been introduced by the Odisha Government in collaboration with nationalized banks.

The Govt loan scheme, Kalinga Sikhya Sathi Yojana is a flagship education loan scheme introduced by the Government of Odisha to help students from economically weaker backgrounds pursue higher education. By offering loans that cover tuition fees, accommodation, and other educational expenses, the scheme ensures that students with low family incomes do not face the issue of finances. 

Top Lenders Providing Education Loans in Odisha For Studies in India

If you are looking for an education loan in Odisha, there are various lenders offering education loans to make higher education accessible. Explore the top lenders and their education loan offerings for studying in India. 

Top Lenders Providing Education Loans in Odisha For Abroad Studies 

Study loan in Odisha have become a popular source of financing higher education due to several advantages like a moratorium period, competitive interest rates, and tax benefits. We have listed some of the top lenders offering education loans abroad. 

Eligibility Criteria for Education Loan in Odisha

Students should meet the following mentioned criteria to become eligible for a student loan in Odisha. Eligibility criteria may vary depending on lender to lender, but the general requirements for education loan in Odisha are as follows.

• 
  The applicant must be an Indian citizen.

• 
  The student must have secured admission to a recognized university for the chosen course. 
• 
  The age of the student should be between 18 and 35 years. 
• 
  The course must be a full-time degree, diploma, or certificate program.
• 
  Lenders require the student to have a minimum academic record, which help them ensure that the student will complete the course successfully. 
• 
  A co-applicant with a stable source of income and a good credit score is required for student loan in Odisha.

Documents Required for an Education Loan in Odisha

To apply for govt loan scheme or other student loan in Odisha, students and co-applicants are required to submit a set of documents to complete the loan application process. Below are the documents required for education loans in Odisha.

Documents Required to be Submitted by the Student:

• 
  Signed education loan application form.
• 
  Proof of Identity - aadhar card/ passport/ voter ID/ or any government-issued identity proof.
• 
  Proof of Address - electricity bill/ utility bill/ bank statement/ ration card/ domicile certificate. 
• 
  Passport-sized photographs.

• 
  A copy of the admission letter from the recognized institution or university.
• 
  Academic records up to the last qualifying examination.
• 
  Recent bank statement (last 3 to 6 months) of the student's account.
• 
  A letter showing course details including fees, duration, etc.
• 
  Visa for studies abroad.
• 
  Passport copy.
• 
  Standardized test scores (GRE, GMAT).
• 
  English language proficiency test scores (TOEFL, IELTS).

Documents Required to be Submitted by the Co-Applicant:

• 
  Passport-sized photographs 
• 
  A copy of PAN card.
• 
  Proof of identity of the co-applicant - aadhar card/ passport/ voter ID.

• 
  Proof of address of the co-applicant - electricity bill/ utility bill/ bank statement/ ration card/ domicile certificate. 
• 
  Form 16/ITR/ income certificate.
• 
  Loan statements for any existing liabilities from the previous year.
• 
  Salary slip for salaried co-applicant for the last 3 to 6 months.
• 
  Recent bank statements of the co-applicant account (last 6 months).
• 
  Profit and Loss statements, and balance sheets if the co-applicant is a business owner. 

Collateral Documents Required for Education Loan in Odisha:

• 
  Title deed, ownership proof, and registration documents.
• 
  Proof of ownership of the property (land/building).
• 
  Valuation report prepared by a bank-approved property evaluator.
• 
  Legal documents regarding the property's legal status.

Odisha Govt Loan Scheme: Kalinga Sikhya Sathi Yojana

Kalinga Sikhya Sathi Yojana (KSSY) is one of the top government schemes for students in Odisha. The scheme is launched by the Department of Higher Education, Government of Odisha. The govt loan scheme is designed to provide financial support for students who wish to pursue professional and technical courses in recognized institutions. Under this scheme, a student can secure a loan amount of INR 10 lakhs at an interest rate of just 1%. The Government of Odisha will bear the balance amount of the interest. The govt loan scheme helps students who come from economically weaker backgrounds to secure admission to any professional or technical course.

Eligibility Criteria for Kalinga Sikhya Sathi Yojana:

• 
  The student must be a resident of Odisha.
• 
  The annual income of the family should not exceed INR 8,00,000.
• 
  The student should not be receiving similar benefits from any other government scheme or institution for the same purpose.
• 
  The student must be enrolled in a higher education course in a recognized institution in India or abroad. 
• 
  The course should be in one of the following fields:

• 
  Management
• 
  Integrated Law
• 
  Engineering
• 
  Medicine

• 
  The institution must be established by an Act of Parliament, a State Legislature, or be recognized by the relevant statutory bodies.

Document Required to Apply for Kalinga Sikhya Sathi Yojana:

Prepare the following documents to take advantage of an education loan from the government.

• 
  Domicile of Odisha
• 
  Aadhar Card of Student
• 
  PAN Card
• 
  Any Other Student Identity Card
• 
  Bank Account Details
• 
  Marksheet of Last Exam
• 
  Income Certificate
• 
  Proof of Selection in Higher Education.

Application Process for Kalinga Sikhya Sathi Yojana:

You can apply for education loans online to take advantage of government schemes for students. Follow the steps mentioned below to apply for the scheme.

• 
  Students who are eligible can apply for the loan through the PM-Vidya Lakshmi Portal.
• 
  Start the process by registering yourself on the portal.
• 
  After successful registration, the login ID and password will be sent to your registered mobile number and email address.
• 
  Log in to the portal using the login ID and password. 
• 
  Fill in the application form with all the required details and upload the necessary documents.
• 
  Click on “Submit” once the form is completed. An application reference ID will generate, ensure that you save it for future use.
• 
  The application form and uploaded documents will then be sent to the nodal bank for review.
• 
  Once verification is completed, the loan amount will be disbursed directly to the student’s bank account. 

Odisha Gramya Bank Education Loan Scheme

Odisha Gramya Bank is a public sector bank that offers education loans to students to pursue professional and technical education in India and abroad. The primary objective of this scheme is to ensure that no student is denied the opportunity to continue higher studies due to financial constraints.

Features of Odisha Gramya Bank Education Loan:

There are numerous government schemes for students that are designed with the motive of making higher education accessible for students who face financial constraints. Odisha Gramya Bank Education Loan Scheme helps students focus on their academic aspirations without stress of arrangement of funds. Explore the topc feature of this govt loan scheme. 

Eligibility Criteria for Odisha Gramya Bank Education Loan:

• 
  The student should be an Indian national.
• 
  The student should have secured admission to a professional or technical course through an entrance test or merit-based selection.

Quick Tips to Get Approval on Your Education Loan 

Whether you are applying for education loan for girls, education loan by government, or from any other lender, these tips will help you strengthen your loan application. The chances of rejection reduces with a strong student loan application.

• 
  Maintain a good academic record.
• 
  Choose a recognized and reputed institution to secure better deals. 
• 
  Ensure your co-applicant has a stable income and a good credit score. 
• 
  Provide accurate documents and information to avoid any delays in processing. 

Education loans are a great support for students in Odisha who wish to pursue higher education but face financial challenges. With options like the Kalinga Sikhya Sathi Yojana and loans from banks like Odisha Gramya Bank, students can fund their education easily and focus on their studies without worrying about finance. 

However, if you are feeling confused about which loan to choose or how to apply, then get in touch with GyanDhan. We make your education loan process easy and hassle-free. From negotiating the best deals to helping you with documentation and application, we guide you at every step. Check your eligibility criteria today and fund your higher education dream.

Frequently Asked Questions