Go online to get student loans from Delhi govt

Go online to get student loans from Delhi govt

Go online to get student loans from Delhi govt

Now there is an online portal for students who wish to seek loans under the Delhi government’s scheme for higher education.

Under the Higher Education and Skill Development Guarantee Scheme, the Delhi government provides a guarantee on loan upto Rs 10 lakh to students who do not require furnishing any collateral or margin money.

The application on Monday was launched for convenience of students and to ensure transparency in the process, by Chief Minister Arvind Kejriwal and Deputy Chief Minister Manish Sisodia, who also holds the Education portfolio.

“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.

We wish to encourage learning and are confident that such initiatives will break all the barriers and help students overcome higher learning of their choice,” said Sisodia, after launching the portal.

The scheme for class 12 students from Delhi was rolled out last year. The students get a one year moratorium after completion of his or her degree or diploma course and can then repay the loan through EMIs over 15 years. The scheme, which entails loans on interest rates of base rate plus 2 %, will cover books, tuition and other fees, hostel, and boarding charges as well.

Chief Minister Arvind Kejriwal in his address said that the launch of the portal was the fulfillment of a promise made by his government that no student in Delhi should be denied the opportunity for quality education due to lack of resources.

 “With this initiative once a loan has been applied, no bank can deny the loan. The payment terms are very liberal and I now encourage students to avail this opportunity at the earliest.

We want to inculcate a feeling among aspiring students that they can educate themselves without the burden of lack of financial resources,” he said.