Delhi govt’s educational loans to students will help expand facilities & improve quality of institutions

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Education Loan in India
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Delhi Govts educational loans to students will
help expand facilities improve quality of
institutions
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• The launch of the Education Loan Guarantee Scheme
  by the Delhi government to enable students of all
  universities, colleges, technical institutes,
  skill centre's, polytechnics and ITIs in the
  national capital to get an educational loan is a
  game changer that other states should adopt.
• Students preparing for courses like CA, ICWA or
  CFA and even those doing skill development
  courses specified by the Delhi government can
  also avail of the educational loan.

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• To meet the costs of the scheme the state
  government has set up a Higher Education and
  Skill Development Credit Guarantee Fund (HESDCGF)
  for providing guarantees to the banks against any
  default on these educational loans.

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• In case of default by the students the HESDCGF
  will initially settle 75 of the claims of the
  bank after the initiation of the recovery
  proceedings and the remaining 25 will be settled
  after ascertaining the final loss of the bank at
  the end of the recovery process.
• The threat of defaults are to be minimized by
  making the parents or the legal guardians joint
  borrowers of the educational loan along with the
  student. 
• A default will also negatively impact the credit
  rating of the student and parents.

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• The competition among educational institutions to
  attract more students and the government
  stipulations for securing accreditation by
  educational institutions providing admission to
  students availing educational loans will ensure
  improvements in quality of education.

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• The liberal Educational loan in India of the
  Delhi government, the risks of which are borne by
  the government, is in line with the practices in
  advanced countries like Australia, Canada,
  Denmark, England, France, Germany, Japan, Sweden
  and United States where the funds are provided by
  the government to improve student access to
  higher education.
• Source (http//bit.ly/1m8bu40)

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