The Kalinga Sikhya Sathi Yojana (KSSY), introduced by the Department of Higher Education, Government of Odisha, is a groundbreaking initiative aimed at easing the financial burden on students pursuing higher education. This scheme provides affordable educational loans with minimal interest rates, enabling students from economically weaker backgrounds to access quality education without worrying about finances. Under this program, eligible students can avail loans of up to ₹10 lakhs, with the government subsidizing 99% of the interest.
Key Highlights of the Scheme
- Loan Amount:
- Maximum Loan: ₹10,00,000
- Minimum Loan: No minimum limit specified
- Interest Rate:
- Students pay only 1% interest on the loan amount.
- The remaining interest is subsidized by the Government of Odisha, Higher Education Department.
- Repayment Period:
- Up to 10 years for loans up to ₹7,50,000.
- Up to 15 years for loans exceeding ₹7,50,000.
- Moratorium Period:
- Course duration + 1 year (or as per bank norms).
- Interest subsidy is provided during the moratorium period after course completion.
- Courses Covered:
Professional and technical courses such as medicine, engineering, law, management , and other recognized programs in India or abroad.
Who Can Apply?
To be eligible for the Kalinga Sikhya Sathi Yojana, applicants must meet the following criteria;
- Residency: Must be a resident/domicile of Odisha.
- Income Limit: Annual family income should not exceed ₹8,00,000 per annum.
- Course Eligibility: Must have secured admission to a recognized institution offering professional or technical courses.
- No Duplicate Benefits: Should not be availing similar benefits from any other government or private institution for the same purpose.
- Citizenship: Must retain Indian citizenship throughout the loan tenure.
How to Apply?
The application process for the Kalinga Sikhya Sathi Yojana can be completed either online via the Vidya Lakshmi Portal or offline through designated banks.
Option 1: Online Application via Vidya Lakshmi Portal
Step-by-Step Process
- Registration:
- Visit the official Vidya Lakshmi Portal @vidyalakshmi.co.in,
- Click “Register” in the top right corner.
- Fill in mandatory details such as name, mobile number, email ID, password, and captcha code. Submit the form.
- You will receive login credentials on your registered mobile number and email ID.
- Application Submission:
- Log in using your credentials.
- Click “Apply for Scholarship.”
- Fill out the online application form, upload the required documents, and submit.
- Save the Application Reference ID for future reference and tracking.
Option 2: Offline Application via Banks
- Visit the nearest scheduled bank branch offering educational loans under the KSSY scheme.
- Collect the offline application form and fill it out carefully.
- Attach all required documents and submit the completed application to the bank.
- Obtain an acknowledgment receipt from the bank for future reference.
List of Required Documents
- Passport-Sized Photographs: Two recent photographs of the applicant.
- Proof of Identity: Aadhaar card, PAN card, voter ID, ration card, or passport.
- Proof of Residence: Residential certificate, domicile certificate, or utility bills proving residency in Odisha.
- Income Certificate: Issued by a competent authority, indicating the annual family income.
- Educational Documents: Marksheets of previous qualifying examinations.
- Admission Letter: Proof of enrollment/admission to a recognized institution.
- Fee Structure: A Document detailing tuition fees, hostel charges, and other academic-related expenses.
- Bank Account Details: Bank account number, IFSC code, and other relevant details for loan disbursement.
Benefits of the Scheme
- Financial Relief: Provides loans of up to ₹10 lakhs at just 1% interest, significantly reducing the financial burden on students and their families.
- Wide Coverage: Supports a variety of professional and technical courses, including medicine, engineering, law, and management.
- Extended Repayment: Flexible repayment period of up to 15 years ensures manageable EMIs.
- Subsidy During Moratorium: Interest subsidy is provided during the moratorium period, making repayment easier after course completion.
- Inclusive Access: Ensures that students from economically weaker backgrounds can pursue higher education without financial constraints.
Frequently Asked Questions (FAQs)
Q1. What is the “Kalinga Sikhya Sathi Yojana (KSSY)”?
It is an educational loan scheme by the Government of Odisha to support students pursuing higher education by providing affordable loans with minimal interest rates.
Q2. Which department manages the KSSY scheme?
The scheme is managed by the Department of Higher Education, Government of Odisha.
Q3. Who launched the KSSY scheme?
The scheme was launched by the Government of Odisha.
Q4. When was the KSSY scheme launched?
The scheme was launched in 2021.
Q5. What are the objectives of the scheme?
The primary objective is to reduce the financial burden on students and their families by providing affordable loans for higher education.
Q6. What is the maximum loan amount available under this scheme?
The maximum loan amount is ₹10,00,000.
Q7. How much interest do students need to pay?
Students need to pay only 1% interest on the loan amount. The remaining interest is subsidized by the government.
Q8. What types of courses are covered under this scheme?
Professional and technical courses such as medicine, engineering, law, management , and others offered by recognized institutions in India or abroad are covered.
Q9. Is there a minimum loan amount?
No, there is no minimum loan amount specified in the scheme.
Q10. What is the moratorium period?
The moratorium period is the course duration plus 1 year (or as per bank norms).
Q11. Where can I find the link to the scheme guidelines?
You can find the guidelines on the official website of the Department of Higher Education, Government of Odisha.
Q12. Can students from Karnataka apply to this scheme?
No, only students who are residents/domiciles of Odisha are eligible.
Conclusion
The Kalinga Sikhya Sathi Yojana (KSSY) is a game-changer for students in Odisha, providing them with the financial support they need to pursue higher education without worrying about affordability. By offering loans at just 1% interest and covering a wide range of professional courses, the scheme ensures that every deserving student has access to quality education.
Sources and References
- Guidelines issued by the Department of Higher Education, Government of Odisha.
- Official Vidya Lakshmi Portal
For further assistance, contact your nearest bank branch or the Department of Higher Education, Government of Odisha.
