AAP Govt. Approves Loan Scheme For Higher Education
AAP Govt. has announced a loan scheme for the students of Delhi to encourage higher education. The government has started the scheme namely, “Higher Education Credit Guarantee Scheme” on 11th June 2015. The students of Delhi will get loan up to 10 lakhs under the scheme to pursue their higher education.
The best part of the scheme is that the students will get the loan without any third party guarantee, collateral or margin money. There will be no processing charge as well.
A senior govt. official has said that the students who wish to earn any degree or diploma degree after completion of class 12 from any school in Delhi are eligible to get the benefits of this scheme. The scheme is applicable for the students if ITI or polytechnic colleges too.
The AAP party has promised during last assembly elections that the students who wish to go for higher studies will be given bank loans and the government will be the guarantor. The AAP govt. has took this step in order to fulfill that promise.
The students will get one year after the completion of their degree for repayment of the loan.
According to the officials, “Repayment of loan will be in Equated Monthly Installments (EMIs) of 15 years. The maximum interest rate would be lower than the normal education loans as compared to the banks.”
Further he concluded, “The scheme would cover all government institutions, universities, constituent colleges of Delhi University, ITIs and 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.
Progress report of students from institutions will be sent to the banks. Besides, UIDIA or PAN number will also be captured in the bank’s system. CIBIL score will be maintained.”
The scheme covers all recognized diploma and degree, skill development courses offered by recognized institutes having admission process based on entrance test & merit based selection.