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Odisha launches scheme for education loan

State government has earmarked Rs 500 crore from the government resources for the purpose

Policy Pulse
Publish Date: Jun 28 2016 2:32PM | Updated Date: Jun 28 2016 2:32PM

Odisha launches scheme for education loan

 In a bid to ensure that meritorious students do not stop enrolling for higher education due to lack of funds, Odisha Chief Minister Naveen Patnaik, launched a new scheme, 'Kalinga Sikshya Sathi Yojana' which would provide loan for higher education.

Under the provisions of the scheme, the state government would provide education loan at only 1% interest per annum. The loan would be provided to those students who are willing to get higher education. The subjects include management, law, engineering, medicine and others.
The state government is to spend Rs 500 crore from its own resources for the scheme. “I understand the financial stress under which the parents go especially of the poor and middle class.” 
“This step of the government will reduce the loan burden of parents and financially empower the students to pursue their aspiration in higher education," Patnaik said.
He further added that the state government dedicated this scheme to former chief minister Biju Patnaik on his birth centenary. Biju Babu had instituted Kalinga UNESCO award for popularisation of science when he was only 35 years old, the chief minister said.