Seventy-eight students have benefited from the Delhi government’s mortgage-free loans under the Higher Education and Skill Development Scheme since its launch last year.
Seventy-eight students have benefited from the Delhi government’s mortgage-free loans under the Higher Education and Skill Development Scheme since its launch last year.
The scheme provides mortgage-free loans of Rs 10 lakh to students. To secure the loan, students do not have to put up any collateral or margin money. Students enrolled in a recognised diploma or degree programme after finishing a qualifying examination from any school or educational institution in Delhi are eligible under this scheme.
According to the government, students have availed the loan for pursuing BTech, MTech, BA LLB, BA, diplomas and courses offered by the World Class Skill Centre, which has been started by the Delhi government in collaboration with the government of Singapore.
Under the scheme, students are charged a maximum of 2 per cent more than the base interest rate and are given a window of 15 years to repay the loan.
The scheme covers all government institutions/universities and constituent colleges of Delhi University, private/self-financed institutions with NAAC/NBA ratings of A/B, ITIs and polytechnics.
The AAP government had announced the education loan scheme in June last year, fulfilling an election promise. In the Delhi Assembly last month, the government in reply to a question said at least 78 students benefited out of the loan scheme as per the Indian Bankers Association. Under the scheme for SC/ST/Other Backward Classes and Minorities, 14 students have been granted loans amounting to '60.91 lakh since the last fiscal year.
