The much talked about Education Loan Scheme by Delhi Government was finally launched on September 8, 2015 by giving out cheques to first 25 beneficiaries prior to the DUSU Polls to be conducted on September 11, 2015.
Even the Government of India on August 15, 2015 launched a website for students seeking educational loan. SBI, IDBI Bank and Bank of India have joined their individual system with the website.
The scheme was formally launched by Deputy Chief Minister and Education Minister Manish Sisodia at an event in the presence of stakeholders of various educational institutions, students and officials from banks.
The newly launched Higher education and skill development guarantee scheme will offer loan upto Rs. 10 lakh to the students who wish to pursue their higher studies.
The student who so ever will be the beneficiary will get a one-year moratorium on successful completion of their degree or diploma programmes after which they can pay back the loan over 15 years through easy instalments.The rate of interest to be charged is base rate plus 2 percent.
As per the reports given by an official member there is no need of any collateral or third party guarantee or margin money. Out of the sanctioned budget, the state Government of Delhi has kept aside a fund of Rs. 30 crore as guarantee for the scheme.
Eligibility for availing the scholarship grant is that the candidate should have passed his/her Class 12 from the school located within the NCT of Delhi. Punya Srivastava, secretary, Directorate of Education said, “Students going for either government institutions or private institutions whose fee is regularized by the State fee regulatory committee will be eligible.” Further she added the expenses borne under the scheme includes the college fees, accommodation and lodging charges along with the boarding fees, expenses related to books and stationery including computers and all other education related expenses.
While addressing to the gathering present Mr. Sisodia said, “This is a big step in the field of education not only in Delhi but in the country. There are many students who cannot fulfill their dreams because of money.” Earlier at the “DU Rocks Programme” which was organized at Talkatora Stadium ahead of DUSU Elections by AAP’s student wing — Chhatra-Yuva Sangharsh Samiti (CYSS) Manish said, “We will start higher education scheme by giving first cheque on September 8. If you face any problem in education let us know. We will pay your fees.” The chief minister Arvind Kejriwal also promised 1 lakh jobs ahead of DU elections.
Further he said that few banks have rebate for girl students and parents will be joint borrowers with students. As such the banks will not reject any applications received for sanction of loan, but if in case they rejects it they have to provide a valid reason which will be later on taken care of by the Delhi Government. A grievance committee has also been set up.
Provision of bank loans for students was one of the key promises of the Aam Aadmi Party ahead of the last elections. The government said we want that the scheme runs for years and years, but it will run only when students will stay firm to the commitment. “We take the guarantee of those students who fail to get jobs despite higher education, but the trust will break if students do not repay even after getting jobs.”