Govt doubles Study Loan limits, enhances max income slabs RANJIT SINGH

GANGTOK, 09 June: There is more good news for students pursuing higher studies with the State government revising the amount on offer as Student Loan and also increasing the annual income slab in the eligibility criteria. This concerns the Chief Minister's Comprehensive Education Loan Scheme wherein the upper limits of loans that can be availed for higher education have been doubled from the amount currently permissible; there are some restrictive criteria too amended in to the earlier notification restricting the kind of education courses for which such loans can be sought.

For pursuing higher studies within India, the maximum loan amount has been enhanced from the existing Rs. 7.5 lakh to Rs. 12 lakh; also doubled is the loan that can be taken for studies within Sikkim – this has been enhanced from the existing Rs. 5 lakh to Rs. 10 lakh.

The eligibility criteria has also been relaxed with now these loans permissible to students of persons whose annual income from all sources does not exceed Rs. 7.5 lakh from the earlier Rs. 2.5 lakh. This is for studying within India.

For foreign studies, the income from all sources of the parents of students should not exceed Rs. 10 lakh which is a relaxation from the earlier Rs. 5 lakh per annum slab. For children availing the loan for studies within Sikkim the annual income limit of parents is at Rs. 5 lakh.

A revised criteria has also been introduced regarding the kind of courses and studies than can be pursued by students aspiring for the Chief Minister’s Comprehensive Educational Loan Scheme. According to this, loans will be available only for technical, professional and post graduate courses. Those wanting to pursue MBBS will also be able to avail of such loans but these will made available for MBBS courses recognized by the Medical Council of India only.

As for loans for studies abroad the criteria revision states that these will be permissible only for medical, post graduate and research studies in foreign universities. According to the notification issued by the Human Resource Development Department today the applications for this loan will be received from June through August.

Under the existing Comprehensive Education Loan scheme, large numbers of Sikkim students are availing this loan which is interest-free for the duration of the course, after which it begins attracting interest @ 6% per annum. Loans under this scheme are released directly in favour of the Institute after executing mortgage deed and other necessary loan documents.