Organization : Higher Education Department, Govertment of Odisha.
Scheme Name : Kalinga Sikshya Sathi Yojana

Home Page : http://dheodisha.gov.in/Higher-Education/index.aspx
Details Here : http://dheodisha.gov.in/KSSY/KSSY.aspx

KSSY - Educational Loan :
The Odisha Government has come up with a new scheme named as Kalinga Sikshya Sathi Yojana (KSSY) for the aspiring students at only 1% interest. It has been launched by Hon’ble CM of Odisha, Shri Naveen Patnaik on 27th June 2016. This scheme has been launched to bring down the financial burden on the parents of the students who want to move forward with higher education.

Details about the scheme :
A student can avail loan under the scheme “Kalinga Sikhya Sathi Yojana” from scheduled banks for pursuing higher studies. The scheme will give them up to 10 lakh rupees to proceed for the higher courses.

Maximum Loan : According to the rules of the scheme, a student can get maximum of 10 lakh rupees as an educational loan under this scheme.
Minimum Loan : There is no minimum loan amount mentioned in the scheme. One can get any amount of loan up to Rs. 10 lakh.

Period of Loan : The period of repayment will be up to 10 years and 15 years in respect of loan sanctioned up to 7.5 lakhs and 10.00 lakhs respectively.
Rate of Interest : The applicants will have to pay only 1% interest on the loan amount. The balance amount of the interest will be borne by Government of Odisha, Higher Education Department.

Eligibility Criteria :
** The student must be a resident of Odisha.
** As per the eligibility criteria, the annual income of the family of the applicant must be between 4.5 lakhs to 6 lakhs per annum. The terms are conditions of loan will be as per norms of individual schedule banks.

The loan applications will be processed by the rules of the banks. The poor students who are willing to continue higher studies can apply for the loan under this scheme

Moratorium period of the loans :
Generally, the moratorium period of education loans is course period plus one year depending on the banks. But under KSSY, the financial assistance in the form of interest subvention shall be provided for the period of repayments including moratorium period after the completion of course. This will prove to be very beneficial to students.

Frequently Asked Questions for “Kalinga Sikshya Sathi Yojana” :
1. What is “Kalinga Sikshya Sathi Yojana (KSSY)”?
Answer: - Kalinga Sikshya Sathi Yojana is an educational loan scheme for the students who want to pursue their higher studies. The loan will be provided to any poor student, who secures admission in any professional or technical course in any University or IIM or any educational institution set up by an Act of Parliament or by State Legislature.

2. What are the eligibility criteria to get the benefit of “Kalinga Sikshya Sathi Yojana (KSSY)”?
Answer: -
** The student must be a resident of Odisha.
** The annual family income of the applicant must be less that 6 lakhs.
** The student shouldn’t availed similar benefit from any other Government/ Institution from the same purpose.
** The course of study be in Management or Integrated Law or Course of Engineering or Medicine in any Educational Institution in India established by Acts of Parliament or by Any State Legislature or other institutions recognized by the concerned Statutory Bodies.

3. What are the necessary documents required to apply for education loan under KSSY ?
Answer: -
** All Educational Certificates, including the document indicating admission into a technical / professional course
** Residential Certificate issued not only the below rank of Tahasildar and Additional Tahasildar.
** Income Certificate issued not only the below rank of Tahasildar and Additional Tahasildar or Self certified copy of IT return.

4. How will the eligible student apply for the “Kalinga Sikshya Sathi Yojana (KSSY)”?
Answer:- It is permissible for the student to submit through Vidyalakshmi portal or offline to the concerned Bank by approaching the concerned Branch Manager directly.

5. From which year, the KSSY scheme came into effect?
Answer: - This came into effect from the financial year 2016-17. In other words, the students who availed the fresh bank loan for education purposes on or after 01.04.2016 under Central Scheme to provide Interest Subsidy (CSIS) on Education Loan are eligible for such benefit. Loans paid by banks prior to this 1.4.2016 shall not be covered under this scheme.

6. What will be the maximum and minimum loan amount under “KSSY” Scheme?
Answer: -According to the rules of the scheme, there is no minimum loan amount mentioned in the scheme. A student can get maximum of 10 lakh rupees as an educational loan under this scheme.

7. What is the moratorium period?
Answer: - The moratorium period is governed by the Central Scheme to provide Interest Subsidy (CSIS) on Education Loan. The course period plus one year, or, six months after getting the job, whichever is earlier, is the moratorium period.

8. What will be the actual rate of interest deposited by the loanee?
Answer: - During the moratorium period, there is no requirement to repay any interest. The students will have to pay only 1% interest per annum on the loan amount after the moratorium period. The balance amount of the interest will be borne by Government of Odisha, Higher Education Department.

9. When will the student need to start to repay the loan?
Answer:- The loan repayment will commence as soon as the moratorium period ends.

10. Which banks are availing this KSSY scheme? Provide the list.
Answer:- The list of participating Banks is seen at (BANK LIST)