Chhattisgarh government reduces rate of interest on higher education loans to 1 per cent

The Chhattisgarh government has reduced the rate of interest on higher education loan given to youth in the state from four per cent to one per cent.

As per the promise made by Chief Minister Raman Singh during assembly polls, the rate of interest on higher education has been reduced to one per cent under the 'Mukhyamantri Uchcha Siksha Rinn Anudan Yojana', Higher Education Minister Prem Prakash Pandey said on Wednesday.

During Rajyotsava 2012, the CM had announced this scheme, under which loan upto Rs 4 lakh was being given to youth at the rate of 4 per cent for pursuing higher studies. Now youth can avail this facility from nationalised and private banks at one per cent, he said. Besides, students of 16 naxal-affected districts of the state will get interest free education loans under the scheme, he said.

In a circular, Directorate of Technical Education has informed the principals and directors of engineering, pharmacy, management, master of computer applications and diploma courses colleges across the state about the amendment in the scheme, he said.

The concerned officials have been directed for proper publicity of the new provision under the scheme at the earliest, he added.