Foreign Study Loan Scheme (GUEEDC)
The Foreign Study Loan Scheme by GUEEDC offers Gujarat residents from the unreserved (general) category low-interest loans to pursue MBBS, PG, or equivalent medical/professional courses abroad. Loans of up to ₹15 lakh are available at just 4% simple interest per year, with flexible repayment terms and no prepayment penalty. Apply through the Gujarat Unreserved Educational and Economic Development Corporation (GUEEDC) under the Social Justice and Empowerment Department.
About This Scheme
The Foreign Study Loan Scheme by GUEEDC offers Gujarat residents from the unreserved (general) category low-interest loans to pursue MBBS, PG, or equivalent medical/professional courses abroad. Loans of up to ₹15 lakh are available at just 4% simple interest per year, with flexible repayment terms and no prepayment penalty. Apply through the Gujarat Unreserved Educational and Economic Development Corporation (GUEEDC) under the Social Justice and Empowerment Department.
Full official description
The scheme provides financial loan assistance to students from the unreserved category to pursue higher education abroad. Loans up to ₹15 lakh are granted at simple interest of 4% per annum, with flexible repayment options. Security and repayment conditions depend on the loan amount. This scheme aims to support meritorious, economically weaker students for global education opportunities.
Benefits
- Loan amount of up to ₹15,00,000
- Interest rate of 4% per annum (simple interest)
- Collateral for up to ₹7.5 lakh: property valued at 1.5 times the loan amount
- Collateral above ₹7.5 lakh: property equal to the loan amount
- Repayment for loans up to ₹5 lakh: 5 years after a 1-year moratorium
- Repayment for loans above ₹5 lakh: 6 years after a 1-year moratorium
- Prepayment allowed with no penalty
Who Can Apply (Eligibility)
- Must be a citizen of India and a resident of Gujarat
- Must belong to the Unreserved (general) category
- Must have passed Class 12 with 60% or more marks
- Seeking admission to MBBS, Master's, PG Diploma, or equivalent programmes abroad
- Annual family income must be ₹6,00,000 or less from all sources
How to Apply
- Visit the Official Website: https://gueedc.gujarat.gov.in
- Click on “Register” and fill in your basic details such as name, email, mobile number, and create a password.
- Login to Your Account.
- From the dashboard, select the “Foreign Study Loan” scheme .
- Fill the Online Application Form.
- Upload Required Documents.
- Submit the Application.
- Save or note down your unique application ID for future reference.
- Print the Application Form.
- Submit the signed hard copy and original documents for verification at the GUEEDC office or as directed.
Frequently Asked Questions
Who is eligible for this loan?
Students from unreserved category with 60%+ in Class 12 and annual income ≤ ₹6 lakh.
What courses are covered under this scheme?
MBBS, Master's degrees, PG diplomas, or equivalent programs abroad.
What is the maximum loan amount available?
₹15 lakh.
What is the rate of interest?
Simple interest at 4% per annum.
Is there any collateral required?
Yes. Property must be mortgaged—1.5× value for loans ≤ ₹7.5 lakh, 1× for higher amounts.
When does the repayment start?
One year after course completion.
How long is the repayment period?
5 years for loans ≤ ₹5 lakh, and 6 years for loans > ₹5 lakh.
Can I repay the loan early?
Yes, prepayment is allowed without penalty.
Do I need to submit post-dated cheques?
Yes, five post-dated cheques in favor of the Corporation.
Where do I apply?
Visit the Official Website: https://gueedc.gujarat.gov.in
Ready to apply?
Visit the official government portal to apply for this scheme.
Apply on myScheme.gov.inDocuments Required
- Class 12 Marksheet (60% or above)
- Unreserved category proof
- Income certificate (₹6 lakh or less)
- Admission letter to foreign university
- Collateral documents (immovable property details):
- For up to ₹7.5 lakh: property worth 1.5 times of loan amount
- Above ₹7.5 lakh: property worth 100% of loan amount
- Post-dated cheques (5 nos.) in favor of Corporation
- Identity proof (Aadhaar/Voter ID/Passport)
- Passport copy and visa (once issued)
- Bank passbook or cancelled cheque