Madhya Pradesh Higher Education Loan Guarantee Scheme: Students to Avail Loans On the Government's Guarantee

Madhya Pradesh Higher Education Loan Guarantee Scheme: Students have dreams to pursue during their course of study. But at times, they face a lot of hurdles. And the main hurdle is to arrange huge amount of money to pay higher fee.

When it comes to getting loans, banks ask for collateral security at the time when loans tend to exceed the higher limit.

In reality, it’s not feasible for students to provide collateral security of assets like land, building, etc. as majority of them come from a lower financial background.

In order to sort out this problem, the Madhya Pradesh (MP) government has come a long way forward to getting loans to poor meritorious students. The MP Higher Education Loan Guarantee Scheme 2023 was commenced by the Chief Minister of Madhya Pradesh Shivraj Singh Chouhan.

Under this scheme, poor meritorious students are given a great help to help them pursue their higher education on its guarantee. MP Higher Education Loan Guarantee Scheme Guarantee is bound to be given for up to 200 students every year.

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MP Higher Education Loan Guarantee Scheme 2023

The Madhya Pradesh Higher Education Loan Guarantee Scheme 2023 was actually implemented by the Chief Minister of Madhya Pradesh (MP). Under this scheme, loans will be given to all those poor meritorious students who are unable to pay their loans to banks.

MP Higher Education Loan Guarantee Scheme is going to be implemented by various departments like Higher Education Department, AYUSH Department, Technical Education, and Medical Education.

And so, loan guarantee will be given to all such students of the state in the notified courses. The loan guarantee will help as many as 200 students annually. Under this scheme, the dream of such students to pursue higher education will be fulfilled.

Madhya Pradesh Higher Education Loan Guarantee Scheme 2023 Key Highlights

Name of Scheme	MP Higher Education Loan Guarantee Yojana
Initiated	Government of Madhya Pradesh (MP)
Department	Department of AYUSH and Higher Education, Medical Education, Department of Technical Education
Beneficiary	students of lower income group
Objective	Provide loans to students of below poverty line
Guarantee Number	up to 200 students
Application Process	Online
Year	2023
State	Madhya Pradesh

Objective of MP Ucch Shiksha Loan Guarantee Yojana

The core objective of the Higher Education Loan Guarantee Scheme by the Government of Madhya Pradesh is to help poor students by providing guarantee to them for pursuing higher education.

All such students can easily avail benefits under this scheme as they will now be able to fulfill their dream of pursuing higher education from country’s premiere institutions.

Department Guarantee Number

Under the MP Higher Education Loan Guarantee Yojana, the department has come up with a plan to accommodate as many students under this scheme. The number of students availing such privileges won’t exceed 20% of the total number prescribed by the government. Take a look at the number of students who will be guaranteed by the state department in the education:

A total of 100 students will be guaranteed found studying in the education sector
Under the Madhya Pradesh Higher Education Loan Guarantee Scheme, as many as 60 students will be provided loans studying in technical department
The rest 40 students will be given a guarantee to study some higher education sector.

Selection process under MP Higher Education Loan Guarantee Yojana

Under the MP Higher Education Loan Guarantee Scheme, the state government has already constituted a screening committee for selecting eligible students
The above committee will be headed only by the Principal Secretary of the concerned department
The constituted committee members are bound to head the concerned department
The committee will have to undergo a lot of processes under the Under the MP Higher Education Loan Guarantee Scheme like the probability of students returning the loan, economic condition of the student’s family, and much more
The screening committee will have to check it all and has the discretion to select students on its basis
After this is done, students are provided with the loan guarantee

Benefits and features of MP Ucch Shiksha Loan Guarantee Yojana 2023

The state government of Madhya Pradesh (MP) has initiated the Loan Guarantee Scheme for poor students to avail higher education
Loans are made available to weaker section students through this scheme
A maximum of 200 students are considered for the approval of loan guarentee from the state government
The final implementation of this scheme is done by various departments like AYUSH and Higher Education, Medical Education, and the Department of Technical Education
All such students are also provided various other benefits of the scheme who seek loan to pursue higher education
The Madhya Pradesh Higher Education Loan Guarantee Scheme benefit is given to poor meritorious students
The selection of students is made by the concerned department under the MP Ucch Shiksha Loan Guarantee Yojana
The students are able to fulfill their dreams of pursuing higher or technical education by availing the loan provided by the state government of MP
The scheme is quite beneficial for enhancing the overall education sector

Eligibility for Madhya Pradesh Higher Education Loan Guarantee Scheme

In order to avail all the benefits under the MP Higher Education Loan Guarantee scheme, the applicant need to be a permanent resident of Madhya Pradesh
Only those who are permanent resident of MP are eligible to apply
Lower middle class meritorious students who are living below poverty line are eligible to get loans to complete their higher education
In order to be eligible to apply, the annual income of such families should not exceed Rs 5 lakh

Documents required for MP Higher Education Loan Guarantee Yojana

Mobile number
Bank account statement
Passport size photo
Educational qualification certificate
Caste certificate
Address proof
I Certificate
Aadhar card

Process to apply under Madhya Pradesh Higher Education Loan Guarantee Scheme 2023

First, students need to contact the principal of the school or college
He will need to contact to the concerned bank with necessary documents
He will need to grab all the necessary information from the bank so as to apply for the loan under MP Higher Education Loan Guarantee Yojana
The student will then need to apply separately for collateral security
He will have to submit the application form along with all necessary documents
The application of the student will be scrutinized by the committee
On the basis of the exam given by the student, the government will select the candidate and further provide education loan on the guarantee

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Madhya Pradesh Higher Education Loan Guarantee Scheme: Students to Avail Loans On the Government’s Guarantee