Kalinga Sikhya Sathi Yojana (KSSY) is a student loan scheme launched by the Department of Higher Education, Government of Odisha to help students studying higher studies. The scheme seeks to alleviate the economic burden on parents by offering educational loans of up to ₹10 lakhs at a subsidized rate of interest of mere 1%. The balance interest is sponsored by the Government of Odisha, Higher Education Department. It offers a range of professional and technical courses, such as medicine, engineering, law, and management, to economically weaker section students.
Benefits
- Maximum Loan Amount: ₹10,00,000
- Minimum Loan Amount: No minimum limit specified
- Loan Repayment Period:
- Up to ₹7,50,000 – Repayment within 10 years
- Up to ₹10,00,000 – Repayment within 15 years
- Interest Rate: 1% only, with the remaining interest subsidized by the Government of Odisha
- Moratorium Period: Course duration + 1 year
- Interest Subvention: The Government provides financial assistance in the form of interest subvention for the entire repayment period, including the moratorium period.
- Loan Processing: The terms and conditions will be as per individual bank norms.
Eligibility Criteria
- The student must be a resident/domicile of Odisha.
- The annual family income should be ≤ ₹8,00,000 per annum.
- The student should not be availing benefits from any other government or institutional financial aid for the same purpose.
- Admission should be in a recognized higher education institution in India or abroad.
- The course must be in Management, Integrated Law, Engineering, or Medicine at an institution recognized by:
- Acts of Parliament or State Legislature
- Statutory bodies like AICTE, UGC, MCI, BCI, etc.
Exclusions
- Students who discontinue their course midstream or are expelled due to disciplinary or academic reasons.
- Students who renounce Indian citizenship during the loan tenure.
- Students who already receive financial assistance from another government scheme for the same purpose.
Application Process
Online Application /Registration Process:
- Visit the Official Website of Vidya Lakshmi Portal: https://www.vidyalakshmi.co.in/
- Click on “Register” (top-right of the webpage).
- Read and Accept the Terms by selecting the checkbox and clicking “I Agree”.
- Fill in Personal Details, including:
- First Name, Middle Name, Last Name
- Mobile Number, Email ID
- Password and Captcha Code
- Submit the Registration Form.
- Login Credentials will be displayed on the confirmation page and sent to your registered mobile/email.
Loan Application Process:
- Visit the Vidya Lakshmi Portal: https://www.vidyalakshmi.co.in/
- Click on “Student Login” and enter your registered details.
- Click “Apply for Loan” to fill out the online application form.
- Upload the Required Documents in the specified format.
- Submit the Application and Save the Application Reference ID for tracking.
Offline Application
- Visit the nearest scheduled bank participating in the scheme.
- Request the KSSY Loan Application Form.
- Fill out the form and attach necessary documents.
- Submit the application to the bank for processing.
Documents Required
- 2 Passport-size Photographs
- Proof of Identity: Aadhaar card, PAN card, Voter ID, Ration card, or Passport
- Proof of Residence: Domicile certificate, utility bills, or residence certificate from the competent authority
- Income Certificate: Issued by a competent authority
- Educational Documents: Marksheets of previous qualifying exams
- Admission Letter: Proof of admission or enrollment from the educational institution
- Fee Structure: Tuition fees, hostel charges, and other academic expenses
- Bank Account Details: Account number and IFSC code for loan disbursement
Frequently Asked Questions (FAQs)
- How much will the student repay as interest?
The student pays only 1% interest, and the Odisha Government pays the remaining amount. - What types of courses are covered?
The scheme covers Engineering, Medicine, Law, and Management courses from approved colleges. - Is there any minimum loan amount specified?
No, there is no minimum loan amount in this scheme. - What is the moratorium period?
The moratorium period is the study period + 1 year. - Can Karnataka students avail of this scheme?
No, only students residing in Odisha are eligible. - Can I apply if my family income is ₹9,00,000 per year?
No, only students with family income below ₹8,00,000 are eligible. - Can I apply if I am already availing another government loan/scholarship?
No, students are not eligible to apply if they are receiving benefits under another government scheme. - Can I apply offline?
Yes, students can apply offline from scheduled banks by submitting an offline application. - Who provides the income certificate?
The income certificate is provided by a authorized officer in Odisha.