Education Loan

Education Loan by Delhi Government 2023

Education Loan by Delhi Government 2023

Education Loan by Delhi Government 2023 –Hi everyone! Hope you are all doing well. Welcome back to another blog. So, guys are you looking for an opportunity provided for educational expenses by the government? If yes, then you are at the right platform because today I will tell you about an education loan opportunity announced by the Delhi Government for students that are willing to complete their higher education in India. They offered this loan opportunity for students that are willing to complete any skill development education, through any certified institute, recognized by the Indian Government. This opportunity is provided to the students that have completed their 10th, and 12th degrees from any institute in Delhi. So, read the blog carefully to get all the details related to Delhi Government Education Loan Scheme 2023.

Education Loan by Delhi Government 2023
Education Loan by Delhi Government 2023

Details of Delhi Government Education Loan Scheme 2023

Name of Scheme Higher Education and Skill Development Credit Guarantee Scheme
Budget Allocated 30 crores
Maximum Loan Amount INR 10 Lacs
Rate of Interest Base Rate + 2%
Repayment Period 15 years
Margin Nil
Processing Fees Nil
Security Parents
Co-Borrower
No security required

Eligibility Conditions

The students that are willing to apply for the education loan awarded by the Delhi Government must have to fulfill the following eligibility conditions, to get the loan;

  • Applicants must have a 10th and 12th degree from any Delhi institute to apply for a Delhi Government education loan.
  • The students that are willing to complete their higher education from NCT, are eligible to apply for the loan.
  • The students that are willing to study in India outside Delhi are also eligible to apply for the loan.
  • The students whose guardians, are government employed in Delhi are also eligible to apply for the loan.
  • Students who have completed their 10th and 12th degrees from any Delhi institute and are now willing to pursue a documented degree or diploma level courses or skill development courses from Central /State Government Universities /Institutions situated outside Delhi, but inside India are also eligible to apply for the loan.
  • The students that are willing to study in a private institute, the institute must have the NAAC/NBA/ SFRC grading to be eligible for students to apply for loans for a certain period.

Eligible Courses

The students that are willing to continue their higher education in the following courses are eligible to apply for the education loan offered by the Delhi Government;

  • Permitted courses offered by recognized colleges/ universities recognized by UGC/ Government/ AICTE/ AIBMS/ ICMR etc.
  • Courses like ICWA, CA, CFA, etc.
  • Courses Offered by IIT, NIFT, NLU, IIFT, etc.
  • ┬áRegular Degree/Diploma courses like aeronautical, pilot training, shipping, including those run by Polytechnics, etc., degree/diploma in nursing, physiotherapy, or any other discipline, if the course is pursued in Delhi.
  • ┬áSkill Development Courses as specified by Govt. of NCT of Delhi.

Expenses Covered

The following educational expenses of the students will be covered in the Education loan offered by the Delhi Government;

  • Tuition fees
  • Examination Fees
  • Library/Lab Fees
  • Insurance Facility
  • Caution Deposit
  • Refundable Deposit
  • Purchase of Books/
  • Purchase of Equipment
  • Purchase of Uniforms
  • Other expenses necessary to complete the course
  • Computer purchase at reasonable expenses

Loan Amount

The extreme Loan Amount offered is INR 10 Lakhs

  • For loan money more than INR 7.5 lakhs are approved by the Banks under the Government where circumstances, as arranged under the Credit Guarantee Fund Scheme for Education Loans (CGSEL) of the Government of India, are gratified.
  • For loan money more than INR 7.5 lakhs and up to Rs. 10 lakhs and loans in reverence of Private Institutions which currently do not have NAAC authorization as necessary under the Government of India scheme but have SFRC grading of A+ or A and otherwise gratify the necessities under the scheme of Government of NCT of Delhi will be enclosed below this scheme

Loan Repayment

The suspension period for any course is one year. The refunding methods of Delhi Government Education Loans are discussed below;

  • The students due to some conditions are not able to complete their course within the given time, delay of time for completion, of the course, may be acceptable for an extreme duration of 2 years.
  • In case the student ceases the course in the center, a suitable refunding plan will be worked out by the bank in discussion with the student/parent.
  • The accumulated interest rate throughout the refunding holiday period is to be added to the principal and refunded in Equated Monthly Installments (EMI) static.
  • A 1% interest rate discount must be offered by the bank if the interest rate is examined throughout the study duration and the succeeding suspension period before the inauguration of refunding.
  • Refunding of the loan will be in associated monthly installments for 15 years for all types.
  • While EMI-grounded refunding is the commonly used method, in numerous epochs the salary levels at the start of the career may not facilitate comfortable payment of EMI in confident cases (e.g., professionals like doctors). Telescoping of refunding with stepped-up installments with time may be well-thought-out in such situations.

 

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