Deputy Chief Minister Manish Sisodia launches the Delhi government’s education loan scheme for students. (Express Photo by Prem Nath Pandey)
The Delhi government on Wednesday rolled out its Higher Education Credit Guarantee Scheme by handing over cheques and loan sanction letters to 30 students.
Announced in June, the scheme was launched two days before the Delhi University Students Union elections are scheduled to be held, on September 11.
As per the provisions of the scheme, the government will stand guarantee for education loans up to Rs 10 lakh for students who have completed their Class XII from Delhi. The student will get a one-year moratorium after the 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 per cent — will cover books, tuition and other fees, hostel and boarding charges as well.
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“Many students who want to study have to thwart their dreams because they cannot get education loans or their families don’t have property to mortgage for a loan. But the government is now stepping up to say that those who have no help, have the government to turn to, ” said Deputy Chief Minister Manish Sisodia.
Sisodia, who is in charge of the education ministry, had announced the government’s proposal to introduce the scheme on June 5. Monetary shortcomings should not prevent a student from pursuing higher education, said the minister, adding that with the help of the loan, students will be able to fulfill their dreams, carry out research and get good jobs.
“In the future, the start-up companies they float and innovation centres they set up will bring more students forward who will avail loans and study under the scheme, ” said Sisodia.
The scheme, however, does not cover students who have completed their class XII education outside Delhi. “I am at a disadvantage because I studied in Bangalore and moved to Delhi after Class XII. Students like me who don’t have a domicile certificate will lose out on availing a loan under this scheme, ” said Aditya Rastogi, a student of the Delhi Technological University.
We want to become engineers, HR professionals, retail executives, say those who took loans
Shweta Singh
Course: Third year, BE (Biotechnology), Netaji Subhash Institute of Technology
Residence: Hari Nagar
Loan amount sanctioned: Rs 1.37 lakh
Singh’s father, who works as an electrician, had to struggle to pay the fees for the first two years of engineering. She wants to be an engineer and hopes to get a starting salary of at least Rs 50, 000.
Varun Kumar
Course: Hospitality Management, World Class Skill Centre, Vivek Vihar
Residence: Gokalpuri
Loan amount sanctioned: Rs 21, 000
Kumar could not attend the event as he was suffering from viral fever.
His mother collected the cheque on his behalf.His father, who earlier worked as a plumber, has been ill for years. For the last 10 years, Kumar has been the bread-winner, and has done odd jobs to provide for his family.
He now wants to make a career in the hospitality industry. According to his mother, he can pursue his studies with the help of the scheme, as his younger brother now earns to provide for the family.
