The personal loan scheme proposed by Panjab University (PU) for the benefit of its research scholars will be tabled before the syndicate for approval. The syndicate meeting is scheduled to be held on November 22.
The varsity has roped in State Bank of Patiala (SPB). The loan will be granted to the University Grants Commission (UGC) selected research scholars to meet the financial needs during the intervening period between the commencement of research and the release of grant by the commission.
In PU, there are many research scholars enrolled under the fellowship scheme of various funding agencies such as UGC. After the receipt of sanction of fellowship for a particular research scholar from the respective funding agency, the actual release of grant against such sanction gets delayed due to various reasons. As a result of which, it becomes difficult for the researchers to sustain without having monthly payment of the fellowship.
As per the eligibility criteria, only Indian nationals are eligible for the scheme. Student should have secured admission at PU for research and recommended by varsity for grant of loan. Besides, sanction of grant must be provided by the UGC.
Indian nationals who have been recommended by the PU will be eligible for the scheme under which a person can secure a maximum of Rs 1.5 lakh to be disbursed in 12 installments. However, not more than Rs 12,500 will be disbursed in a month. Moreover, the bank has proposed a 13% per annum interest on the loan.
Another issue to be tabled in the meeting pertaining to students includes varsity's decision to introduce grading system for NSS volunteers of PU and affiliated colleges.