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|
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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