Foreign Study Loan Scheme (GUEEDC)
Education loan of up to ₹15 lakh at 4% simple interest per annum for unreserved category students from Gujarat pursuing MBBS, post-graduation, or PG diploma courses abroad.
About this scheme
The Foreign Study Loan Scheme is implemented by the Gujarat Unreserved Educational and Economical Development Corporation (GUEEDC) under the Social Justice and Empowerment Department, Government of Gujarat. The scheme provides subsidised education loans to students from unreserved (general) category who have secured admission to MBBS, post-graduation, post-graduation diploma, or equivalent courses at foreign universities. The loan covers tuition fees, accommodation, books, and living expenses up to ₹15 lakh at a highly affordable simple interest rate of 4% per annum. A 1-year moratorium period is provided after course completion before repayment begins. The scheme aims to support meritorious students from economically weaker unreserved families in Gujarat who aspire to pursue higher education abroad but face financial constraints.
Eligibility
- Residence: Must be a permanent resident of Gujarat
- Category: Must belong to the unreserved (general) category — SC/ST/OBC students have separate schemes
- Class 12 marks: Minimum 60% marks in Class 12 from Gujarat board or CBSE
- Annual family income: Family annual income ≤ ₹6,00,000
- Admission: Must have secured admission to MBBS, post-graduation, PG diploma, or equivalent course at a recognised foreign university or college
Benefits
- Education loan of up to ₹15,00,000 for overseas higher studies
- Highly subsidised interest rate of only 4% simple interest per annum
- 1-year moratorium (grace period) after completing studies before repayment begins
- Loans up to ₹5 lakh: repayment over 5 years in equal monthly installments
- Loans above ₹5 lakh: repayment over 6 years in equal monthly installments
- Option to prepay the full loan amount before the stipulated deadline without penalty
- Loan covers tuition fees, accommodation, books, and living expenses
Required documents
- Class 12 marksheetMust show 60% or more marks
- Family income certificateIssued by competent authority showing annual income ≤ ₹6,00,000
- Gujarat domicile / residence proof
- Admission letter from foreign university
- Valid passport
- Identity proof (Aadhaar card)
- Property documentsLoans up to ₹7.5 lakh: property worth 1.5× the loan amount. Loans above ₹7.5 lakh: immovable property for mortgage in favour of GUEEDC
- Five post-dated chequesSigned in favour of Gujarat Unreserved Educational and Economical Development Corporation (GUEEDC)
- Bank passbook
- Passport-size photograph
Frequently asked
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