Delhi Government Grants Higher Education Loan Scheme

Delhi government has initiated guaranteed loan scheme to help students who can benefit up to Rs.10 Lakhs. Deputy Chief Minister and Education Minister, Manish Sisodia has started the scheme by gifting cheques to initial 25 beneficiaries. Total of 30 students will be benefited from the sanction. On the eve of inaugural function, Rs.75 Lakhs worth cheques were distributed among the eligible candidates.

“The government is with the students whose parents don’t have property as a guarantee to avail loan for their education,” the minister said. “We will take their guarantee and give them a chance to study and not let finance become a hurdle in their education.”

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Mr. Sisodia termed the new education scheme as a ‘big step’ in Indian history. Many skilful students abruptly end their education as they cannot afford enough money to continue their further studies. Minister stated that students who have passed 12th standard are eligible for the government loan scheme which will favour higher studies. Children of parents working for Delhi Government in various sectors are also eligible for the scheme. Students is not a restriction and beneficiaries can directly approach government without the help of any third person. A student who furnished his education under this scheme should serve a one-year moratorium after the completion of his/her education. Candidates who are favoured with scheme should repay the government in the form of EMI with in over 15 years span.

Education Minister, Sisodia stated ┬áthat,”We take the guarantee of those students who fail to get a job despite higher education. But this trust will break if students do not repay even after getting jobs,” he added.

Literacy is considered our Prime priority as per Aam Aadmi Party led Delhi Government as we have granted a mammoth share of – Rs. 9,836 crore- in over all Delhi Rs. 41,129 crore total budget.

Government Loan scheme will be made available to courses offered in private institutions as well which are located with in Delhi. Students under this scheme can benefit technical as we skill development from State of the art Skill centres at respective institutions. Institutions falling under the category will be accredited NAAC/NBA/SFRC grading as well.

Government is going to provide education loan which is going to bear expenses of, tuition fee, library & laboratory fee, book expenses, equipment, instruments, clothing, computer, boarding and lodging charges. Delhi Government is going to charge an interest of 2 percent, Banks have come forward to provide 1 percent concession under some conditions.