Now, research scholars at Panjab University (PU) may be able to secure personal loans from the State Bank of Patiala(SBoP) for their projects. SBoP officials met vice-chancellor AK Grover on Friday to submit a proposal for Personal Loan Scheme for research scholars of PU.
Last year, Grover had mooted the idea of securing funds for PhD students through loans. In its statement, PU has said the research promotion cell would discuss the proposal with research scholar representatives before approving it.
Research scholars can secure the loan to meet their financial needs during the intervening period between commencement of research and release of grant by UGC.
According to the bank's proposal, Indian nationals who have been recommended by PU would be eligible for the scheme, under which a person can secure a maximum of rs1.5 lakh to be disbursed in 12 instalments. However, not more than rs12,500 will be disbursed in a month. Moreover, the bank has proposed a 13% per annum interest on the loan.
PU would facilitate the process of getting the loan sanctioned and must also execute the third party guarantee.