With a move to promote higher education in Chhattisgarh, the State Government is providing loan at one per cent interest rate to youths for higher education.
In order to ensure loan to the youth, the Government is operating 'Mukhya Mantri Uchcha Siksha Rin Byaz Anudan Yojana' (MMUSRBAY) and under this scheme, educational loan to the tune of around Rs55 crore has been disbursed to as many as 2750 students in fiscal 2012-15.
As per the directives of Chief Minister Raman Singh, the State’s Technical Education Department is giving educational loan to youth belonging to a family whose annual household income is Rs2 lakh at one percent interest rate. Earlier, the rate of interest was four percent and from financial year 2014-15, the Government is providing loan at very low interest under MMUSRBAY to youths who meet the eligibility criteria. Similarly, the State Government is ensuring interest-free education loan to youths hailing from Naxal-infested districts.
According to Technical Education Minister Prem Prakash Pandey, the innovative scheme is operational in the State from November 29, 2012 and Canara bank has been authorised as nodal bank for this purpose. Under this scheme, several banks including Andhra Bank, Bank of Baroda, State Bank of India, Maharashtra Bank, Central Bank, Union Bank, Vijaya Bank, Dena Bank, Chhattisgarh Gramin Bank, Punjab National Bank, Oriental Bank and others have been registered under MMUSRBAY.
At present, loan around Rs55 crore has been distributed to 2750 students in the State, added Pandey, adding that students hailing only from Chhattisgarh are entitled for educational loan under MMUSRBAY. Students pursuing BE, M.Tech, B Pharma, M Pharma, D Pharma, BEd, Mater of Physical Education, BHMS (Homeopathy), BAMS (Ayurveda), MBBS, BNYS (Naturopathy), BUMS (Unani), B Sc (Nursing), B Sc (Post Basic), M Sc (Nursing), BDSMDS, veterinary science (BYSC, fisheries, agriculture) and Bachelor of Architecture.