Comprehensive Education Loan scheme footprint increases eightfold in seven years

ANAND OBEROI

GANGTOK, 12 June: From just 46 students in 2007-08 who took out loans under the Comprehensive Education Loan Scheme on its launch year for further studies within and outside the country, the number of students availing this loan to pursue educational prospects elsewhere has grown eight-fold to around 508 students in 2011-12 and 431 in 2012-13.

It might be informed that the Comprehensive Education Loan Scheme under the capacity building programme of the government of Sikkim has been designed to provide educational loans to students desiring to pursue their studies in technical/ professional courses and in post graduation courses in India and abroad. The quantum of finance is subject to repaying capacity of the parents and students stands at Rs. 10 lakh for studies within Sikkim, Rs. 12 lakh for studies within India and Rs. 15 lakh for students who want to study abroad.

The loan is disbursed by Sikkim Industrial Development & Investment Corporation [SIDICO] Limited, a government of Sikkim undertaking.

The number of students having taken this loan to study abroad has risen from 19 in 2007-08 to 42 in 2008-09, 35 in 2009-10 and 14 again in 2012-13. A total of 132 students have been gone abroad for further studies with loans secured under this scheme with 1,382 students opting to study at various Universities and colleges in the country under this scheme.

With the state government extending study loans to the tune of Rs 332.80 lakh in the year 2007-08, the amount spent in 2011-12 is a sharp increase at Rs 700.20 lakh and Rs 605.40 lakh in the last financial year 2012-2013.

Excluding the number of students who have been granted the financial assistance this financial year 2013-14, (for which data will be acquired after the month of August), the total amount that has been disbursed by the state government under the CELS stands at Rs 3,488.75 lakh.

The maximum number of students, a total of 647 are from East Sikkim, 438 from South, 356 from West and 73 from North Sikkim.  A total of 805 boys and 709 girls have already availed this facility of the state government with a maximum number of female candidates availing the loans during the first three years after the loan scheme was introduced.

It may also be informed that 237 students applied for additional loans under the scheme in the year 2011-12 while 275 candidates opting for additional loans during the year, 2012-13.

It may be mentioned that the state government has recently revised the loan amount. Application process for the Chief Minister's Comprehensive Educational Loan Scheme is scheduled to begin every June.