Education Loan without Collateral : Delhi government has launched an online application portal for Higher Education and Skill Development Guarantee scheme which facilitate loans to students who wish to pursue higher studies in Delhi after graduating from Class XII.
Students who are otherwise unable to pursue education due to lack of financial means will serve as an encouragement for them to take up higher studies. Developed by the Directorate of Higher Education, bank loans taken by the students will provide a guarantee through a Higher Education and Skill Development Credit Guarantee Fund created by the government. Most importantly, students will not be required to furnish any collateral’s or margin money and the scheme will be universal in nature regardless of the student’s background.
Deputy chief minister Manish Sisodia said, “Though the scheme was launched last year, we felt that it should be made online for the convenience of students and for better transparency . 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.“
CM Kejriwal said that the launch of the portal was the fulfillment of a promise made by his government that no student in Delhi should be denied the opportunity for quality education due to lack of resources.
He added, “With this initiative once a loan has been applied, no bank can deny the loan. The payment terms are very liberal and I now 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.“