One Time Settlement Scheme for Interest Free Education Loan Defaulters.

Government of Goa is pleased to notify the One Time Scheme for providing relief to the Interest Free
Education Loan Beneficiaries from payment of Penal Interest. The scheme shall be effective from the 1st day of the subsequent month from the date of publication of this notification in the Official Gazette. One Time Scheme for providing relief to the Interest Free Education Loan Beneficiaries from payment of Penal Interest.

1. Introduction.— The Goa Education Development Corporation (GEDC) has been implementing the Interest Free Education Loan (IFEL) Scheme for Higher Education, since the year 2005. The Scheme, has generally been successful in meeting its objective to promote pursuit of higher education and technical education by younger population of Goa. Overall, the large number of beneficiaries financed under the Scheme have repaid or are in the process of repaying their loan regularly. However, there are several others

who have not repaid their loan and therefore have been charged penal interest as per the norms of the IFEL scheme.

Government of Goa has decided to provide relief to such beneficiaries by introducing the “One Time Scheme for providing relief to the Interest Free Education Loan beneficiaries from payment of PenalInterest.”