Manish Sisodia to students: Governemt will budget funds to offer loans for higher studies

NEW DELHI: The Delhi government is planning to make special provisions in the budget for the scheme which will offer loans to students from the capital for higher education. Deputy chief minister Manish Sisodia invited feedback on the credit guarantee scheme during an interaction with college students on Thursday.

Principal secretary, education, Punya Salila Srivastava shared the proposed scheme with students and heads of some college and universities. Some students also gave their feedback.

Stating that finding a guarantor is the main problem students face while availing loans, Sisodia said the scheme is going to solve this problem as the government itself will do this for those eligible for higher education in institutions in Delhi.

"The scheme should not be there for the sake of it. Our purpose is to get feedback from students from diverse socioeconomic backgrounds. Think how this scheme can benefit whom and how. Don't just think of yourself, but also your siblings and friends. Don't hesitate and be frank with your views. After this, we will have discussions with parents," Sisodia said.

The committee working on the scheme includes Srivastava, representatives from Indian Bankers Association, principal secretary, finance, and vice-chancellor of Delhi Technological University. She said the loans will be sanctioned within 15 days to one month. There is a mandatory insurance component as well the premium for which during the duration of studies will be paid by the government.

Students suggested that the loan process should be simple with less paperwork and there should be a committee for grievance redress. They also urged the minister to have a transparent monitoring mechanism for the process.