HWDC introduces new educational loan scheme for girls

Chandigarh Aug 28 (UNI) The Haryana Women Development Corporation (HWDC) has introduced a new educational loan scheme with effect from April 1, 2007 to provide loan on easy terms to girls so as to facilitate them in attaining higher education within India or abroad.

While stating this here today, Women and Child Development Minister Kartar Devi said that all girls having domicile of Haryana would be eligible for the loan sceme. The wards of Haryana Government employees would also be included under the scheme.

Ms Kartar Devi said that while at the state level the scheme would be implemented by Managing Director of HWDC, at the district level it would be implemented by the District Manager of HWDC. The District Manager would be the nodal officer for implementation of the scheme at district level.

The Minister said the HWDC would pay interest to the tune of five per cent per annum per beneficiary to the concerned bank on behalf of the student availing the loan.

She said the applicants could apply to any bank offering educational loan to girls for higher education. After appraisal and sanction, the banks would forward a copy of the sanction letter to the local District Manager so that approval be granted by him for granting five per cent interest subsidy.

Mrs Kartar Devi said that the students could exercise the option of repayment from first year or at the end of the course. Repayment in case of students, who opt to repay at the end of the course, would start in the fifth year or after the completion of the course or degree, whichever would be earlier as per the provision of the scheme run by the bank.

Repayment schedule would be worked out in such a way that government contribution would be made matching with the beneficiary's share as per the choice exercised so as to ensure beneficiary's commitment to the scheme.

The Minister said that the decision to introduce this scheme was taken because it was observed that some promising girls remain deprived of higher professional or technical education due to limited resources of the family.

She said that Deputy Commissioner and Additional Deputy Commissioner would monitor the scheme in the periodic meetings held with banks in the districts.

UNI