Delhi's AAP government on Wednesday launched its flagship scheme which allows students to avail education loans of up to Rs.10 lakh. Education minster Manish Sisodia kick-started the scheme by distributing cheques to the first 25 beneficiaries of the scheme.
"The government is with the students whose parents don't have property as a guarantee to avail loan for their education," Sisodia said at the launch of the scheme. "We will take their guarantee and give them a chance to study and not let finance become a hurdle in their education," Sisodia added.
Students who have passed 10+2 examinations will be eligible for the loan for pursuing higher studies. The students will get a one-year moratorium after completion of his or her degree or diploma course and can repay the loan through EMIs over 15 years.