The Delhi Government on Wednesday launched a scheme that would provide education loans up to Rs. 10 lakh. The first 25 beneficiaries have already availed the loan in the form of cheque. This step was taken by the Education Minister Manish Sisodia in order to give a boost to the newly launched scheme.

Manish Sisodia also said that many people had to stop their education due to the non-availability of finance and also while applying for education loan they face a lot of problems. And until now also there wasn’t any such scheme on providing education loans, so this would be a big step in the field of education.

According to the new scheme, students who have passed class 12 are eligible for the education loan. And there is no third party involvement for availing this loan.

The loan can be repaid after the completion of their degree or diploma. The period of repayment is one year after the completion of their degree or diploma to start repaying the loan. It could be repaid in EMIs as well and also the EMIs payment could be extended till 15 years.

Manish Sisodia also added that the scheme would succeed only when students availing the loan would repay the loan on time as they themselves will be committed. He also said that we take the guarantee of those students who do not get jobs despite higher education. But this trust will break if students do not repay even after getting jobs.