Delhi Govt launched Higher education loan scheme for students…up to Rs.10 lakh

Recently Vidyalakshmi portal was launched by the government of india…and Now….Today

Delhi’s AAP government on Wednesday ( September 9th 2015) launched its flagship scheme which allows students to avail education loans of up to Rs.10 lakh.

Education minister Manish Sisodia kick-started the scheme by distributing cheques to the first 25 beneficiaries of the scheme.

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

Students who have passed 10+2 examinations will be eligible for the loan for pursuing higher studies.

The students will get a one-year moratorium after completion of his or her degree or diploma course and can repay the loan through EMIs over 15 years.The maximum interest rate would be lower than the normal education loans as compared to the banks.

LOAN UP TO RS. 10 LAKH TO BE PROVIDED UNDER THE SCHEME WITHOUT ANY COLLATERAL.

Students would be able to pay tuition & other fee, buy books, equipments like laptops, hostel/boarding & lodging fees, Insurance premium etc.

The scheme would cover all government institutions/Universities and constituent colleges of Delhi University, ITIs & polytechnics, private/self Financed Institutions with NAAC/NBA rating of A/B. In the interim, Private/Self Financed Institutions which have rating of A+, A by 3rd State Fee Regulatory Committee (SFRC) will also be covered.

The institutions of skill development such as courses by World class skill centre or any other technical training/skill development institution specified by the government of NCT of Delhi are also covered under the scheme.

Other reputed and recognized Institutions may be considered by banks on the basis of employability.

The scheme covers all recognised degree and diploma, skill development courses of the above said institutions through Entrance Test/ Merit Based Selection.

To keep a check on the scheme the government has decided to have a grievance redressal committee, progress report of students from institutions to be sent to banks, credit score like Credit Information Bureau (I) Ltd. (CIBIL) to be maintained, UIDIA/ PAN number to be captured on Bank’s System, applications will be received either directly at bank branches or through on-line mode.

The loan will be disbursed in stages as per the requirement/ demand directly to the Institutions/ Vendors of equipment / instruments to the extent possible.