An initiative has come, sponsored by the Heritage Charity Directorate of Education under the Goa Government. This idea is about the provision of loans for upgrading or maintenance of infrastructure at nongovernment institutions including nongovernment aided institutions in Goa.
Details of the Scheme
- Objective: This project is aimed at assisting higher education institutions in maintaining and upgrading their infrastructure to ensure a conducive learning atmosphere.
- Department: Directorate of Higher Education, Government of Goa.
Benefits
Under the scheme, the Goa Education Development Corporation facilitates soft loans through the Economic Development Corporation, disbursed as follows:
- 50% of the Loan Amount:
Released immediately after the sanction order is issued by the Directorate of Higher Education. - 40% of the Loan Amount:
Released upon submission of:- A certificate from a Government Registered Engineer,
- Signed by a Chartered Accountant and the Principal/Head of the Institution,
confirming that the first 50% installment has been fully utilized.
- 10% of the Loan Amount:
Released after meeting the following conditions:
a) Certificate confirming 40% utilization from a Government Registered Engineer, Chartered Accountant, and Principal/Head of the Institution.
b) Completion certificate for the project issued by the Management.
c) Occupancy certificate issued by a competent authority and verified by the Directorate of Higher Education.
Eligibility Criteria
- The institution must be situated in Goa.
- The managing society must be registered under the Societies Registration Act.
- The institution must have been operational for at least 10 years before applying for the loan.
- The institution should have a minimum student strength of 300.
- The institution’s average passing percentage in the last three years (out of five preceding years) should not be below 60%.
- The institution must fulfill one of the following:
a) Affiliated with Goa University, OR
b) Recognized by AICTE/MCI/ACI/DCI or any other statutory body of the Government of India/Goa.
Preferences and Priorities
- Special preference is given to institutions in less developed Talukas, including:
- Canacona
- Pernem
- Sattari
- Sanquelim
- Quepem
- Bicholim
- Sanguem
- Older institutions are prioritized over newer ones due to limited financial facilities under the scheme.
Application Process
Offline Application Steps:
- Fill out the prescribed application form with all required details.
- Attach copies of all mandatory documents.
- Get the application duly signed by the Chairman of the managing society.
- Submit the completed application to:
The Directorate of Higher Education, SCERT Building, Porvorim, Penha de França, Goa – 403521. - Collect a receipt/acknowledgment for the successful submission.
Documents Required
- Approved construction plan.
- Cost estimate of the project certified by a Registered Engineer and Chartered Accountant.
- Latest audited financial statements of the institution.
- Documents proving ownership or long lease of the land (e.g., sale deed/lease deed).
Frequently Asked Questions (FAQs)
- Are non-profit organizations other than societies eligible?
No, only societies registered under the Societies Registration Act are eligible. - Can institutions outside Goa apply?
No, the scheme is exclusively for institutions located in Goa. - Can newly established institutions apply?
No, institutions must have been operational for at least 10 years. - Are there penalties for late repayment of the loan?
Yes, penalties may apply for delayed repayment as per the loan terms. - Is there any interest charged on the loan?
The scheme offers a soft loan, which means lower interest rates compared to commercial loans. - Can the loan be used for purposes other than infrastructure maintenance and upgradation?
No, the loan is strictly for infrastructural purposes. - What is the maximum loan amount that can be applied for?
The maximum amount varies depending on the project requirements and approval by the Directorate of Higher Education. - Are institutions offering non-professional courses eligible?
Yes, as long as they meet the eligibility criteria. - Where should eligible institutions apply?
Applications must be submitted to the Directorate of Higher Education, Goa. - How are preferences given to institutions?
Special preference is given to institutions from less developed Talukas and those with a longer history of operation.
Sources and References
- Guidelines: Provided by the Directorate of Higher Education, Goa.
- Contact: For further queries, visit the Directorate of Higher Education, SCERT Building, Porvorim, Goa.