Frequently Asked Questions

The following documents are to be uploaded at the time of filling up of online form-

1.Coloured Photograph of the applicant (should be in .jpeg/.jpg between 50KB and 20 KB)

2.Coloured Photograph of the co-applicant / co- borrower (shouldbein.jpeg/.jpg format, between 50 KB and 20 KB)

3.Signature of the student (should be in .jpeg/.jpg format, between 50KB and 10 KB)

4.Co-borrower/Guardian’s signature (should be in .jpeg/.jpg, format, between 50KB and 10 KB)

5.Student’s AADHAR Card (should be in. Pdf format, between 400 KB and 50 KB)

6.Class 10TH Certificate of the Applicant (should be in .pdf format between 400 KB and 50 KB)

7.Class 12TH Certificate of the Applicant (should be in .pdf format between 400 KB and 50 KB)

8.Address Proof of Co-applicant/Co-borrower (should be in .pdf format between 400 KB and 50 KB)

9.Admission Receipt (should be in .pdf between 400 KB and 50 KB)

10.Student’s PAN Card, if applicable (should be in .pdf format between 400 KB and 50 KB)

11.Prospectus/Certificate (from the competent authority of the institution) wherein charges like Admission Fee, Examination Fee, Hostel Charges etc. are mentioned (should be in .pdf format between 400KB and 50 KB)

No. There is no need to furnish the copy of domicile certificate and Caste certificate.

No. However, you can preserve a hard copy for your future reference.

Maximum amount of loan eligible under the scheme is Rs. 15 (Fifteen) lakhs.

The sanctioned loan amount may be utilised under the following categories: -

(i)The student may utilise the entire sanctioned loan amount for Institutional expenses during the period of study, which includes: -

(a) Fees payable for pursuing education in the institutions within and outside of the state (within India) which have ranked up to 200 in the overall list or have ranked up to 100 in their respective individual category of NIRF Rankings or have been accredited grade either “A" or above by NAAC as course/tuition fees.

(b) Fees payable for accommodation in the institution hostel, if included in the fee structure.

(c) Fees payable for mess/food provided in the institution hostel, if included in the fee structure.

(d) Fees payable for caution deposit/ building fund / refundable deposit/ examination/ library/ laboratory, if included in the fee structure.

(e) Fees payable for study material such as books/computer/laptop/tablet etc. provided by the institute, if included in the fee structure.

(ii) The student may utilise maximum up to 30% of the total sanctioned loan amount for Non-Institutional expenses during the whole period of study which includes: -

(a) Expenses incurred as rent/ license fees for living outside the hostel or living as a Paying Guest.

(b) Expense incurred by the student for availing mess/food services from any sources other than School/ College/ University/ Institution.

(c) Expense incurred in travel for participation in study tours/conferences/seminars/competitions approved by appropriate authority.

(d) Expenses incurred in travel from the institution to the place of residence.

(e) Expenses incurred for purchasing medical aids by specially-abled students.

(f) Expenses incurred for hiring Day Care/ Child Care Services by Women with child/children between ages 0 to 5 years.

(g) Advance available as Non-Institutional Advance to be claimed as the first disbursement of Non-Institutional Expense.

(h) Non-Institutional Advance shall be a one-time advance available to the student up to the Non-Institutional expense limit available per semester.

(i) If unutilised, the Non-Institutional Advance shall be carried over to the next semester.

(a)Up to 30% of the total loan sanctioned can be used as non-institutional expenses for the entire duration of the course. and

(b)70% to 100% of the total loan sanctioned can be used as institutional expenses for the entire duration of the course.

Amount of loan to meet the expenses for course fee including tuition fee and any other amount payable to the Institution will be remitted directly to the bank account of the concerned institution.

Amount of loan to meet the expenses for meeting the non- institutional expenses including living cost will be remitted to the registered bank account of the student.

No, there is no need for obtaining any NOC from the institution.

(i)The student should be an Indian national and must have completed, from a recognized school in Jharkhand, Class 10th to pursue diploma and Class 10th and 12th to pursue undergraduate or higher courses.

(ii)The student should have secured admission in institutions like IITs, IIMs, IIESTs, ISIs, NLUs, AIIMSs, NITs, XLRI, IISCs, BITS, SPA, NID, IIFTs, ICFAI Business School etc within and outside of the state (within India) which are ranked up to 200 in the overall list or ranked up to 100 in their respective individual category of NIRF Rankings or have been accredited grade either “A" or above by NAAC.

(iii)The student should not be aged more than 40 (forty) years at the time of application for loan.

(iv)The student should not be a prior beneficiary of the Scheme.

(v)The student should not have availed education loan from any State Co-operative Banks or Central Co-operative Banks or District Central Co-operative Banks or any Public or Private sector Banks for the course in which he/she is applying for loan under the Scheme.

The eligibility of the student for every subsequent semester shall be determined by the member lending institution as per its applicable norms.

Yes, the student must upload the marksheet of every subsequent semester to receive the loan disbursement for the next semester. The final decision shall be taken by the member lending institution as per their applicable norms.

Yes, a student can apply for loan under GSCC scheme any time during the course subject to the condition that no previous education loan has been availed by the student for the same course.

The student must fulfill the eligibility criteria as mentioned in the Sl. No 15

The student should have secured admission in institutions like IITs, IIMs, IIESTs, ISIs, NLUs, AIIMSs, NITs, XLRI, IISCs, BITS, SPA, NID, IIFTs, ICFAI Business School etc within and outside of the state (within India) which are ranked up to 200 in the overall list or ranked up to 100 in their respective individual category of NIRF Rankings or have been accredited grade either “A" or above by NAAC.

No, there are no marks percentage criteria for applying in the scheme.

No, the Credit Card is not transferable.

In the GSCC scheme, a digital registration card will be issued to all applicants. The applicant may take a print out of it.

You will receive SMS on your registered mobile number and an email in your registered email id.

No. There is no income ceiling for candidates to apply in the GSCC scheme.

Yes, the applying student should not be aged more than 40 (forty) years at the time of applying for loan.

Yes, the applying student should not be aged more than 40 (forty) years at the time of applying for loan.

Yes, students enrolled in integrated UG/PG courses are eligible to apply under GSCC scheme.

Yes, research scholars or research associates or a student pursuing post-doctoral research studies are eligible to apply for GSCC scheme.

Yes, students can apply any time during the tenure of the course.

Yes, they can apply. However, the amount of scholarship received shall be adjusted against the 5% applicable Margin Money if the amount of loan sanctioned under GSCC scheme is above 4 (four) lakhs.

Only colour photograph is required to be uploaded.

Sizes of the photograph sand the documents to be uploaded have been mentioned at the appropriate place of the application form as well as in the user manual.

The list of empaneled banks as Member Lending Institutions (MLI’s) is available on the web-portal under “List of Banks” tab.

You must choose from the dropdown menu of the Portal the bank branch of your choice within the district of your permanent residence.

Under GSCC scheme, loan is sanctioned as a term loan.

Up to Rs. 4.00 Lakhs of loan sanctioned, there shall be no margin money. If the amount of loan is above Rs.

4.00 Lakhs, there shall be 5% margin money. Scholarship/Assistance ship will be included in the Margin.

There will be no collateral security for loan upto the

Ceiling of 15 (Fifteen) lakh sanctioned under GSCC scheme.

Yes, a joint loan agreement between bank and the student and co-borrower is to be executed before availing the loan.

The interest rate for male students shall be EBLR + 1.5 % and female students shall beEBLR + 1.0 %. The interest rate shall be floating for the entire duration of the loan. There shall be 4% simple rate of interest per annum. There shall be an interest concession 1% to the borrower if the interest is fully serviced during the study period.

There shall be a moratorium or repayment holiday of 1 (one) year after completion of the course or getting employment, whichever is earlier.

Yes, interest will be charged at 4% simple rate during the moratorium period.

Repayment period shall be 15 (fifteen) years for any loan availed under this GSCC Scheme including the Moratorium/Repayment Holiday from the date of disbursement of first installment of loan.

There shall be an interest concession 1% of the interest paid during the moratorium period, to the borrower if the interest is fully serviced during the moratorium period.

No, there will be no processing charges/penalty for pre- payment.

No

There will be a life cover in the name of the student up to the loan amount sanctioned. The insurance premium is to be borne by the student which shall be debited from his loan account.

Yes, it is mandatory to apply jointly for the loan under GSCC scheme.

Member Lending Institutions (MLI’s) or loan disbursing bank will verify the documents.

Yes, edit option is available in the portal as long as students do not finally submit the form. But once it is submitted, no option for editing will be available.

There is provision to recover the user ID/login password in the portal.