Jharkhand to provide student loan for higher education with Guruji credit card scheme

ByRichard C. Sloan

Mar 4, 2022

Jharkhand announces government programs for students

Photo: iStock

Jharkhand announced its state budget on Thursday, March 3, 2022. The education sector received a total expenditure of 13.54% of the total budget. A series of programs for the benefit of disadvantaged sections of society have been announced. One such program is the “Guruji Credit Card” program which aims to provide student loans for higher education at nominal interest.

“For a student loan, banks ask for collateral, but poor students are usually unable to provide it. In such cases, they miss the opportunity to study in higher education. With the Guruji credit card, the state government will be the guarantor for such a loan.” Finance Department Principal Secretary Ajoy Kumar Singh said during a post-budget briefing here.

A loan of up to Rs 10 Lakhs should be granted at a simple interest rate of 4%. The program will be exclusive to students who wish to pursue higher education in universities, colleges, etc. The state government has also allocated Rs. 11 thousand crores for primary education and Rs 2 thousand crores for higher and technical education.

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The state government of Jharkhand also plans to create positions for 33 new degrees and colleges for women. A university college will be established at Gola in Ramgarh district. The process of recruiting teachers for universities has already started.

Jharkhand will also set up reading rooms in Ranchi schools for students preparing for competitive exams. Apart from this, math and science labs will also be set up. The state government further added that students at Anaganwadi centers will now be provided with woolen uniforms and 15 lakh children will benefit from the scheme.

Apart from the Guruji credit card scheme, the Mukhyamantri Sarathi scheme has also been offered to help graduate students prepare for competitive examinations. The state budget for education has also been earmarked for the Marang Gomke Jaipal Singh Munda Transnational Scholarship Scheme, which will now be extended to students from Schedule Caste, Backward and Minority communities.