DELHI CM LAUNCHES AN ONLINE PORTAL FOR EDUCATION LOAN

DELHI CM LAUNCHES AN ONLINE PORTAL FOR EDUCATION LOAN

Delhi Government extends one more helping step in the field of education loans for financially weaker students in the state. On 20th June 2016 an online application portal is launched for education loans in Delhi to facilitate students who wish to pursue higher studies in the national capital or abroad after passing their Class XII examination.

This scheme was launched last year; but the government felt that it should be made online for better transparency and convenience of financially weaker students. Concerned Students can now apply for education loans online.

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%, will cover books, tuition and other fees, hostel and boarding charges as well.

“With this initiative, once a loan has been applied, no bank can deny the request. The payment terms are very liberal and encourage students to avail this opportunity at the earliest. We want to inculcate a feeling among aspiring students that they can educate themselves without the burden of lack of financial resources,” said Kejriwal.

“With this portal, students can apply online for loans which the participating banks will be obliged to provide. I believe this will transform education, enabling thousands of eligible students to pursue their studies and attain their career goals. We wish to encourage learning and are confident that such initiatives will break all the barriers and help students overcome higher learning of their choice,” Deputy Chief Minister Manish Sisodia said.