Delhi Government Launches Education Loan Scheme for Students

By Ians

New Delhi, June 12, 2015: The Aam Aadmi party government on Thursday launched a higher education and skill education guarantee scheme to provide a Rs.10 lakh bank loan to students from Delhi.

"Under the scheme, regardless of the student's financial condition, they would be provided Rs.10 lakh as loan without any collateral or third-party guarantee or margin money.

There would be no processing charges for the loan," said the statement issued by the state government.

Delhi government launches education loan scheme


"Students pursuing any skill development course or diploma or degree course after finishing qualifying examination from any school/educational institution in Delhi are eligible under this scheme.

The scheme will also be applicable for ITIs and polytechnic colleges," the statement added.

The statement further said that the loan repayment schedule would carry a moratorium period covering the years required to finish the course and one year thereafter to find a job.

Repayment of loan will be in Equated Monthly Installments (EMIs) of 15 years.

The maximum interest rate would be lower than the ones offered by banks, it said.

"Students would be able to pay tuition and other fees, buy books, equipment like laptops."

To keep a check on the scheme, the government has also decided to form a grievance redressal committee, progress report of students from institutions to be sent to the banks, the statement said The applications will be received either directly at bank branches or online and the loan will be disbursed directly to the institution concerned.


For Quick Alerts
Subscribe Now  
For Quick Alerts
For Daily Alerts

Select a Field of Study
Select a Course
Select UPSC Exam
Select IBPS Exam
Select Entrance Exam

Thousands of Careerindia readers receive our evening newsletter.
Have you subscribed?

Get Instant News Updates
Notification Settings X
Time Settings
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Careerindia sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Careerindia website. However, you can change your cookie settings at any time. Learn more