In an attempt to provide better education to all students, Delhi government launched an online portal for education loan. On Monday, Delhi CM Arvind Kejriwal launched this portal to facilitate financial support to underprivileged students. The vision behind this step of the government is that the students after passing class 12th can continue their higher education without any financial hurdles.
This scheme is unique in its nature. Under this scheme, no banks can deny the loan if a student applies for it. Also, there will be no requirement of collateral by any students in this process. For the guarantee purpose, bank loans will get compensation through Higher Education and Skill Development Credit Guarantee fund created by the Delhi government. The availed loan will cover all the expenses incurred by the students like tuition fees, hostel fees and books and boarding charges as well.
Explaining about this initiative, the Delhi CM said, “The payment terms are very liberal, and I now persuade students to avail this opportunity at the earliest. We want to infuse a feeling among aspiring students that they can educate themselves without the burden of lack of financial resources.” He also promised that in upcoming three years, the parents of Delhi would feel proud to send their wards to government schools.
The repayment process is also simple of this scheme. The student will get a one year moratorium after the completion of degree and can repay the whole amount through EMI in a span of 15 years. The interest rate will be 2 percent higher than the base rate.
Manish Sisodia, Deputy CM, who also hold education portfolios was also present and marked his statement, “With this portal, students can apply online for loans which the participating banks will be obliged to provide. I believe this will transform education, enabling thousands of eligible students to pursue their studies and attain their career goals.”
Delhi government is fulfilling its promise of making education better in Delhi government schools. In Delhi, the condition of government schools seems to get better with improvement in infrastructure, facilities, and training of teachers. Now, students and parents should come forward to fulfill the dream of Delhi government and avail all the facilities efficiently provided by the government.