Delhi Deputy Chief Minister and Education Minister Manish Sisodia on Wednesday launched its higher education loan scheme by handing cheques to 30 students.
This scheme was launched to help students who wish to go for higher studies. Monetary shortage should never stop any student from pursuing higher education. Under this scheme, students who completed Class XII from Delhi will get education loan up to Rs. 10 lakhs.
This scheme doesn’t cover the students who completed their Class XII outside Delhi.
This scheme also guarantees that students don’t have to give any margin money to banks.
The repayment duration of this loan is one year after completing the course. This can be paid as monthly installments in 15 years.
“Students will be able to fulfill their dreams, carry out research and get good jobs”, said minister.
Banks will charge a simple interest rate of Base rate plus 2% which includes tuition fees and hostel charges.
This scheme is a good move to boost higher education in the state.