Scheme For Soft Loan To The Grant-in-aid/ Non-grant In Aid Institutions For Maintenance And Upgradation Of Infrastructure Facilities

Scheme for Soft Loan to Grant-in-Aid/Non-Grant in Aid Institutions for Infrastructure Maintenance and Upgradation

The Government of Goa has introduced a dedicated initiative aimed at enhancing the infrastructural facilities of non-government aided and non-grant-in-aid institutions. This scheme seeks to provide financial support for the upkeep and development of educational environments, thereby fostering improved learning conditions for students.

Overview of the Scheme

The “Scheme for Soft Loan to the Grant-in-Aid/Non-Grant in Aid Institutions for Maintenance and Upgradation of Infrastructure Facilities” is managed by the Directorate of Higher Education, Government of Goa. Its fundamental aim is to assist educational institutions in upgrading and maintaining their infrastructure, ensuring a conducive learning atmosphere.

Benefits of the Scheme

The Goa Education Development Corporation, functioning as a Grant in Aid Corporation, facilitates the disbursement of soft loans to eligible institutions. The loan structure is designed as follows:

• 50% of the Loan Amount: This portion is released immediately upon the issuance of a sanction order by the Directorate of Higher Education.
• 40% of the Loan Amount: Disbursed upon submission of a certificate from a Government Registered Engineer, which must be endorsed by a Chartered Accountant and the Principal or Head of the Institution, confirming that the initial 50% has been fully utilized for the intended purpose.
• 10% of the Loan Amount: This final installment is contingent on the fulfillment of three conditions:
  • A certificate from a Government Registered Engineer, signed by a Chartered Accountant and the College Principal/Head of Institution, confirming that the 40% has been utilized as intended.
  • Completion of the project, verified by a completion certificate issued by the Management.
  • An occupancy certificate from a recognized authority, satisfying the Directorate of Higher Education.

Eligibility Criteria

To be eligible for the loan, institutions must meet the following criteria:

• The institution must be located in Goa.
• The governing society of the institution should be registered under the Societies Registration Act.
• The institution must have been operational for at least 10 years prior to the loan application date.
• A minimum of 300 students must be enrolled on campus.
• The average passing rate should not be less than 60% over the last three years out of the preceding five years before applying for the loan.
• The institution must satisfy at least one of the following requirements:
  • Affiliation with Goa University.
  • Recognition by AICTE, MCI, ACI, DCI, or any other statutory body under the Government of India or Government of Goa.

Priority Considerations

Institutions located in less developed Talukas such as Canacona, Pernem, Sattari, Sanquelim, Quepem, Bicholim, and Sanguem will receive special consideration. Additionally, older institutions will be prioritized over newer ones due to limited financial resources available under the scheme.

Application Procedure

The application process for this scheme is conducted offline. Follow these steps to apply:

• Step 1: Complete the application form in the prescribed format, ensuring all mandatory fields are filled and necessary documents are attached.
• Step 2: Obtain the application signed by the Chairman of the Society.
• Step 3: Submit the filled and signed application to:
  
  The Directorate of Higher Education, SCERT Building, Porvorim, Penha de França, Goa – 403 521
• Step 4: Collect the receipt or acknowledgment confirming successful submission of your application from the Directorate.

Find More Information

For additional details regarding the scheme, visit the official source at myScheme.gov.in.