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Delhi Chief Minister Arvind Kejriwal on June 20 inaugurated an online application portal to facilitate loans to students who wish to pursue higher studies in Delhi after graduating from Class 12.
The scheme is conceived and developed by the Delhi Directorate of Higher Education and is a first-of-its-kind initiative in India, claims the government.
It will serve as a huge encouragement to students who are otherwise unable to pursue education due to lack of financial means.
Under this scheme, bank loans taken by the students will provide a guarantee through a Higher Education and Skill Development Credit Guarantee Fund created by the Government. Students will not be required to furnish any collaterals or margin money and the scheme will be universal in nature regardless of the student’s background.
The Deputy Chief Minister and Education 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.”
Chief Minister Arvind Kejriwal said they have fulfil the promise that no student in Delhi should be denied the opportunity for quality education due to lack of resources.
“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.
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