Delhi Govern­ment’s Higher Ed­u­ca­tion Guar­an­tee Scheme

Consumer Voice - - Education Loans -

Un­der the Delhi govern­ment’s re­cent Higher Ed­u­ca­tion & Skill Ed­u­ca­tion Guar­an­tee Scheme, stu­dents, re­gard­less of their fi­nan­cial sta­tus, are pro­vided loans up to Rs 10 lakhs with­out any col­lat­eral or third­party guar­an­tee or mar­gin money. There are no pro­cess­ing charges for the loan. Stu­dents pur­su­ing any skill de­vel­op­ment course or di­ploma or de­gree course af­ter fin­ish­ing qual­i­fy­ing ex­am­i­na­tion from any school/ed­u­ca­tional in­sti­tu­tion in Delhi are el­i­gi­ble for loans un­der this scheme. The scheme is also ap­pli­ca­ble to in­dus­trial train­ing in­sti­tutes (it is) and polytech­nic in­sti­tutes/col­leges. The loan re­pay­ment sched­ule car­ries a mora­to­rium pe­riod cov­er­ing the study pe­riod re­quired to fin­ish the course and one year there­after to find a job. Re­pay­ment is in equated monthly in­stal­ments (EMIs) of 15 years. The max­i­mum in­ter­est rate is lower than that of banks. A fund has been cre­ated for pro­vid­ing guar­an­tee to the banks in case of de­fault. This fund is man­aged by a Higher Ed­u­ca­tion Credit Guar­an­tee Fund Trust.

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