As we all know that students find it difficult to get loans for pursuing higher education. Because banks ask for collateral security when loans exceed the prescribed limit. It is not possible to provide collateral security due to lack of land, building etc. in the families of low income group students. Such poor meritorious students by the Government of Madhya Pradesh who need loans to get higher education. For them, the MP Higher Education Loan Guarantee Scheme 2023 has been started by the Chief Minister of Madhya Pradesh, Shivraj Singh Chouhan. Through this scheme, the government will provide loan from the bank for higher education to the meritorious students of the lower class of the state on its guarantee. Institutional Finance has been made the nodal department of this scheme. Through the MP Higher Education Loan Guarantee Yojana, a maximum of 200 student cases can be guaranteed every year.
MP Higher Education Loan Guarantee Yojana 2023
The Madhya Pradesh Higher Education Loan Guarantee Scheme 2023 has been implemented by the Chief Minister of Madhya Pradesh, Shivraj Singh Chouhan. Through this scheme, loans will be made available to the meritorious students of the state for higher education. MP Higher Education Loan Guarantee Yojana will be implemented by Technical Education, Medical Education, AYUSH Department and Higher Education Department. Loan guarantee will be given to the students of the respective notified courses by the Department of Technical Education, Medical Education, AYUSH and Higher Education of the Government of Madhya Pradesh for obtaining loans for higher education in various courses. For the cases of maximum 200 students, the guarantee can be given under this scheme in every financial year. Loans for pursuing higher education abroad have also been included under this scheme. The dream of the meritorious students of the lower middle class of the state to get higher education will come true through this scheme.
Madhya Pradesh Higher Education Loan Guarantee Scheme 2023 Key Highlights
| Scheme Name | MP Higher Education Loan Guarantee Yojana |
| Started Date | मध्य प्रदेश सरकार द्वारा |
| Department | Department of Technical Education, Medical Education, Department of AYUSH and Higher Education |
| Objective | Providing loans to students for pursuing higher education |
| Number of Students | Guarantee to 200 students |
| Beneficiary | For poor students from low income group of the state |
MP High Education Guarantee Loan Eligible Students
As we told you, the state government has implemented a scheme to provide loans to students on its guarantee. Under this scheme, the state government will provide education loan to 200 students in one year to get education in different fields on their own guarantee. But the state government has made a rule that students whose annual family income is less than 5 lakhs, only those students will be able to take advantage of this scheme. Because meritorious students have to face a lot of difficulties in getting higher education.
When a student goes to take an education loan from the bank, the bank asks for security from him. That’s why now the state government will provide loans to such meritorious students on its guarantee. Any student who wants education loan under this scheme. Before taking the loan, all their investigation will be done by the concerned department. Students whose annual family income is more than 5 lakh will not be able to take advantage of this scheme.
MP Education Guarantee Loan
Under this scheme run by the state government, the students who will be selected by the department for education loan. Every semester result of the student will be evaluated by the bank and by the department after their admission in the respective field of study. Seeing the result by the bank and by the department, it will be confirmed whether this result of the student is satisfactory or not. If the department is not satisfied with the result of the student and the marks of the student are continuously decreasing, then the education loan of the student will be canceled by the department.
And the student will have to submit the loan interest amount to the state department within 30 days. If once the student’s education loan is canceled by the department, the next moment the bank will start the process of recovery. That’s why the students will be informed first that after taking the loan, after getting admission in the institution, keep your result better.
Education Loan for Student
As you all know, the loan is provided by the bank without security and guarantee up to a certain amount. But there will be many students of the state who want to pursue higher education in medical field or higher education in technical field, and we all know, getting education in both field costs a lot of money. If we talk about the loan given by the bank, then according to the RBI located in India, any bank gives a loan of up to four lakhs without any guarantee and security, but for taking a loan more than that, the bank has to give security or guarantee. In such a situation, the state government will guarantee the students who now want loans from the bank for pursuing higher education.
Documents required for MP Higher Education Loan Guarantee Yojana
- आधार कार्ड
- आय प्रमाण पत्र
- निवास प्रमाण पत्र
- जाति प्रमाण पत्र
- शैक्षणिक योग्यता प्रमाण पत्र
- पासपोर्ट साइज फोटो
- बैंक खाता विवरण
- मोबाइल नंबर
Benefits and features of MP Ucch Shiksha Loan Guarantee Yojana 2023
- Higher Education Loan Guarantee Scheme has been started by the Government of Madhya Pradesh.
- Through this scheme, loans will be made available to economically weak students.
- Under this scheme, for the cases of maximum 200 students of the state, the guarantee will be given by the state government in every financial year.
- The implementation of this scheme will be done by the Department of Technical Education, Medical Education, AYUSH and Higher Education.
- Along with this, such students have also been included to provide benefits of this scheme. Those who want to get loan for pursuing higher education abroad.
- The benefit of Madhya Pradesh Higher Education Loan Guarantee Scheme will be provided to the meritorious students of poor and weak families.
- Students will be selected by the concerned department to provide the benefit of MP Ucch Shiksha Loan Guarantee Yojana.
- By getting the loan, students will be able to fulfill their dream of higher education.
- This scheme will prove effective in increasing the education sector.
- By getting the benefit of this scheme without any financial problem, the students of weaker sections will also be able to get higher education.