Ranchi: The state government has decided to make changes to the Guruji Credit Card scheme after a review revealed delays in loan disbursement to students. The proposed modifications aim to make it easier for students to access education loans and provide for the refund of the first instalment already paid by students from their own resources.
During the review, the state government found that 2,471 applications had been approved under the scheme. Of these, loans were sanctioned for 2,148 applicants, but only 1,466 students actually received the loan amount. As many as 941 applications are still pending, meaning only about 59 percent of approved applicants have so far benefited from the scheme.
The Higher Education Department observed that delays in signing the tripartite agreement between the student, bank and educational institution were a major reason for the slow release of loans. Due to these delays, students were forced to pay the first instalment of their institutional fees from personal sources.
At present, the Guruji Credit Card scheme does not provide for reimbursement of the first instalment paid by students. Following the review, the department has decided to amend the scheme to allow a refund of the first instalment already paid by beneficiaries.
To address delays in executing tripartite agreements, the government also plans to introduce an online tripartite process using e-KYC. The Higher Education Department has completed the necessary departmental formalities for amending the scheme. The proposed changes will be implemented after receiving cabinet approval.
Under the Guruji Credit Card scheme, the state government provides education loans at an interest rate of four percent for higher education. Beneficiaries are also given a repayment period of up to 15 years after completion of their studies.
