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BHU launches interest free loan scheme for its poor students; payback in phases after passing out
Around 1000 students will be provided financial assistance in the first phase; 103 applications approved already, 200 in pipeline
There are many takers for Banaras Hindu University’s (BHU) newly launched financial assistance loan scheme to support its students from economically weaker sections.
So far 103 applications from eligible students have been approved and 200 more applications are in the pipeline, BHU officials said.
Around 1000 students will be provided financial assistance in the first phase.
Vice chancellor prof Sudhir K Jain said the loan scheme was an attempt to help needy students continue their education.
BHU public relation officer Dr Rajesh Singh said that under the scheme, the university will extend financial help of ₹12000 per year to help poor students complete their education in BHU.
Students whose families’ income is below poverty line (below poverty line card holders) or students who have lost parents due to COVID-19 or other reasons cause, shall be covered under the scheme, BHU officials said.
Applications for availing the scheme should be accompanied with recommendation of two faculty members of the university, they added.
Under the scheme, the university will provide interest free loan, which will be repaid by beneficiaries in installments after they complete their studies in BHU and start earning.
Prof KK Singh, dean, (students), said that the university will soon start a fresh round to enable more students send in their applications.
Applications of those students, availing financial assistance from any other agency, may be considered only up to the extent that the total does not exceed ₹12000, the BHU officials said.
The financial assistance will not be linked with the payment of any kind of fee of beneficiary students. The repayment of the loan will start when the students start earning after completion of their study in BHU. Once the students start earning, they shall be asked to repay the loan in installments over a period of two year.
Neither the parents nor the faculty members, who have recommended the students for the said scheme, will be liable for the repayment of loan.
