Haryana Govt Education Loan Scheme 2022| Check all details here

Haryana Govt Education Loan Scheme 2022

Haryana government has announced to launch a new education loan scheme for the students. In this Haryana government education loan scheme, the state government will provide credit guarantee against education loan for the students. CM Manohar Lal Khattar has announced this while replying to the state budget 2020-21 in the assembly on 4th March 2020.

Earlier, students used to face difficulties in getting loans for higher education due to lack of required collateral guarantee by banks. To implement Haryana Government Education Loan Scheme 2020-21, the government will be providing medical, engineering and other vocational to set up a credit guarantee fund for students under various categories of courses. On completion of the course and earning hand, the students will have to return the loan amount to the banks. A provision has been made for Haryana Education Loan Scheme 2020-21 in the state budget.

Haryana Govt Education Loan Scheme 2022: Eligibility Criteria

• Students, who have passed class 12th, are residents of Haryana State with I-Card/PPP (Family Identity Card) and whose family income does not exceed six lakhs per annum can avail the above benefits by reckoning from all sources. Under the scheme for courses other than MBBS. However, there will be no income criteria for MBBS course. Any person who has qualified NEET exam and secured a seat through open counseling will be eligible for such loan facility under the said scheme.

Haryana Govt Education Loan Scheme 2022: Purpose of Scheme

• The main objective of the scheme is to enable the students belonging to the state of Haryana who want to pass class 12th from the institutions recognized by the Haryana government but are not able to pursue higher education due to lack of collateral security. Such students will be provided an opportunity to study under the umbrella of this scheme.
• Under this scheme, a State Government guarantee will be provided against a Higher Education Credit Guarantee Fund which will be created for loans under various categories for education so that the students of Haryana State do not need to provide for any collateral. The main objective of the scheme is to ensure that students are not denied the opportunity of higher studies in professional and other institutions due to lack of collateral security. Under this scheme, a bank or member lending institution can avail the benefit in case of default/NPA by paying a nominal fee.

Haryana Govt Education Loan Scheme 2022: Main characteristics

• In order to avail the benefit of the funds, the Member Lending Institution (MLIY/Bank shall pay an annual guarantee fee @ 0.3% of the total outstanding loan amount against their respective borrowers. Such fee is to be provided on annual basis and the same shall be non-refundable. -Refundable Annual Guarantee Fee amount will be recoverable from the students.
• The interest charged by member lending institutions for education loans shall not exceed 2% over the repo rate announced by the Reserve Bank of India from time to time. However, it can be modified later by the competent authority keeping in view the circumstances.
• This fund will be utilized in case of default by the beneficiary in repayment of loan up to 100% of the principal amount along with interest to the Government. Medical Colleges of the State of Haryana, irrespective of accreditation status, with interest of 90% of the principal amount for admission to an institution having at least 'A' grading or higher in NAAC ranking and 75% of the principal amount of the loan with interest % 50% of the principal amount of loan along with interest in case of admission in 'B' and 'C' grading institution and for admission in D graded institution. For the balance amount, the bank/member lending institution will recover the same from the borrower.
• Government will provide guarantee to meet the tuition fee, hostel fee, bond amount, examination/library/lab fee and any kind of educational institution deposit expenses for education loans provided by Member Lending Institutions (MLIs) . However, in case of medical institutions, the maximum amount that can be financed by banks/MLIs is Rs. 50.00 lakh (only for Government Medical Colleges of Haryana State) and Rs. 10.00 lakhs up to Rs. The State Government reserves the right to add or remove any item of expenditure keeping in view the requirements of the Inter.
• The interest earned during the moratorium period and course period will be added to the principal and will be repaid in Equated Monthly Installments (EMIs) with a repayment period of at least 15 years after the commencement of the repayment period, with repayment at any time will be an option. Time without prepayment penalty
• The provisions mentioned in the scheme shall compulsorily apply to such member lending institutions. Once the student joins government service after completing the course, the government will pay the subsequent loan towards his bond amount, provided he appears and gets selected through due process.
• The guarantee will be available to students who are residents of Haryana, for loans provided by MLIs for courses other than MBBS in institutions located anywhere within the territorial jurisdiction of the Union of India.

Haryana Govt Education Loan Scheme 2022: How to apply

• Firstly visit the official website https://atmanirbhar.haryana.gov.in/frontend/web/.
• On the homepage, click on the “Appliance for Bank Loan” button:-
• Here applicants can select loan type, bank, district/ UT, branch and click on “Proceed” button to fill Haryana Education Loan Scheme online registration/ application form.

Haryana Govt Education Loan Scheme 2022: Important Links 

Haryana Govt Education Loan Scheme 2022: FAQs

Q1: How to avail interest for three months on education loan by Haryana govt?

Ans. Generally, the Normal interest rate for educational loans is a percentage (usually around 1.5 % to 2.5 %, termed as a spread) that would be added to the existing MCLR (marginal cost of lending rate). Accordingly, the interest rates applicable on education loans can start from a low percentage of 11.25 % of the principal amount.

Q2: I am pensioner from Haryana govt I want to take education loan for higher studies abroad of my girl child will I get subsidy of interest of loan.is it is applicable to particular bank or we can take loan from any nationalized bank

Ans. Yes, its possible and its depend upon bank assets and property valuation