Delhi government's higher education loan scheme got a nod of approval

Delhi government's higher education loan scheme got a nod of approval

AAP government's higher education loan scheme finally got a nod of approval from the Delhi Lieutenant Governor Anil Baijal, said Deputy Chief Minister Manish Sisodia.Delhi's L-G approved the higher education and skill development loan guarantee scheme under which banks will provide the loan to the students with government as a guarantor.Mr. Sisodia in tweet said that the scheme has been cleared by the Lt. Governor and it will help thousands of parents and students. Mr. Sisodia apart from being Deputy Chief Minister also holds the education portfolio.Below are the points about the Delhi Government's Higher Education Loan Scheme which you need to know: Under the scheme students will get the education loan up to 10 lakh and government will be the guarantor for the loanThe scheme was started by the government (AAP) to years back to provide loan to the students even if they don’t have land or property as a security. This year, the government extended the scheme to the students of Delhi studying outside Delhi in government recognized institutes.Students, who have passed their class 12 exam are eligible for the loan.Children of Delhi government employees or officials/government servants are also eligible for the loan and there is no age bar regarding the students' age.Collateral third party is not required for the loanCourse fee, library/lab fee, purchase of books, equipment, instruments, uniforms, computer, reasonable boarding and lodging are the expenses covered under the education loan scheme. Delhi government said in a statement in 2015 "Rate of interest to be charged in this scheme is base rate plus 2 per cent"."One per cent interest concession may be provided by the bank, if interest is serviced during the study period and subsequent moratorium period prior to commencement of repayment," a statement said then.Delhi government has been asked by the Lieutenant to incorporate all the safeguards suggested by Mr. SisodiaArvind Kejriwal also reached out to the Lieutenant for the approval of the scheme

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