Digital Goa, Jan 16 – Goa Govt has notified a One Time Scheme to provide relief to beneficiaries of the Interest Free Education Loan (IFEL) Scheme from payment of penal interest. Implemented by the Goa Education Development Corporation (GEDC), the IFEL scheme has seen some beneficiaries default on repayments and incur penal interest. The new scheme covers such beneficiaries who are either within or beyond the payback period. For beneficiaries beyond the payback period, repayment within two, four or six months will require payment of the outstanding principal with 5%, 10% or 15% interest respectively. Beneficiaries still in the payback period must clear all unpaid EMIs within three months, with the entire penal interest waived, provided future EMIs are paid on time.
