The CGFSEL Education Loan
The CGFSEL Education Loan
The CGFSEL (Credit Guarantee Fund Scheme for Education Loans) facilitated by the National Credit Guarantee Trustee Company Ltd. (NCGTC) aims to make higher education more accessible. Under the Department of Financial Services, Ministry of Finance, Government of India, this initiative provides educational loans to students aspiring to pursue their studies either in India or abroad. Notably, the scheme stands out for its commitment to inclusivity, allowing students to secure loans without the need for collateral or third-party guarantees. Furthermore, the interest rate is capped at a maximum of 2% over the base rate, ensuring that students can pursue their educational goals without being burdened by exorbitant interest charges.
Documents Required
  • Proof of identity and address (as per KYC norms)
  • Proof of academic records (certificates, mark sheets, etc.)
  • Admission offer letter or admission letter from the institution
  • Statement of cost of study/schedule of expenses
  • Passport-size photographs
  • Suitable documentary evidence related to previous/existing loans, if any
  • Passport (mandatory for studies abroad)
  • Aadhaar
  • Permanent Account Number (PAN)
  • Any other document as specified by the banks from time to time.
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    Eligibility Criteria
  • Applicants must be Indian nationals.
  • They should have completed Higher Secondary Education (HSC), i.e., Class 12 or an equivalent class.
  • Candidates should have secured admission to a higher education course in recognized institutions in India or abroad.
  • Admission should be based on an entrance test or a merit-based selection process after completing Class 12.
  • For postgraduate courses or research programs, admission may not be solely based on marks obtained in the qualifying examination. Other factors such as entrance tests or selection processes may be considered for determining eligibility and admission.
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    Engineering
    Medical
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    Bachelors
    Masters
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    All
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    Education Loan

    31 December

    All
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    Goa Education Development Corporation (GEDC)

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    28 February

    All
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    ₹ 10,00,000

    31 December

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    List of Benefits
  • Maximum loan amount of up to INR 7,50,000 without any collateral security and third-party guarantee.
  • The charged interest rate is a maximum of 2% per year over and above the Repo Linked Lending Rate (RLLR) or any other external benchmark interest conforming to RBI guidelines.
    • Other Requirements
    Loan Margin for education loans is structured as follows:
  • For education loans up to INR 4 lakh: Nil margin is required.
  • For education loans above INR 4 lakh:
  • Study in India: A margin of 5% is applicable.
  • Study Abroad: A higher margin of 15% is applicable.
    • How To Apply
    Follow the below steps to apply for the program:
    1. Visit Our Official Website.
    2. Read carefully all the information about the program details.
    3. Click on the "Register" to complete the registration with required details.
    4. After successful registration, Use the received credentials to log into your account.
    5. Once logged in, Click on the "Apply" button.
    6. You will be directed to the application form. Fill in all the required details accurately.
    7. Prepare the necessary documents as specified in the application requirements.
    8. Upload these documents in the designated sections of the application form.
    9. Before submitting, review all the information you have provided.
    10. After that, Click on the "Submit” button to submit your application.
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    ₹ 7,50,000

    The CGFSEL Education Loan
    SCHOLARSHIP PROVIDER
    National Credit Guarantee Trustee Company Ltd
    APPLICATION DEADLINE
    31 December
    EDUCATION LEVEL
    All
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    The CGFSEL (Credit Guarantee Fund Scheme for Education Loans) facilitated by the National Credit Guarantee Trustee Company Ltd. (NCGTC) aims to make higher education more accessible. Under the Department of Financial Services, Ministry of Finance, Government of India, this initiative provides educational loans to students aspiring to pursue their studies either in India or abroad. Notably, the scheme stands out for its commitment to inclusivity, allowing students to secure loans without the need for collateral or third-party guarantees. Furthermore, the interest rate is capped at a maximum of 2% over the base rate, ensuring that students can pursue their educational goals without being burdened by exorbitant interest charges.
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