There are many takers for the financial aid loan scheme recently launched by the Banaras Hindu University (BHU) to support its students from economically weaker sections.
So far, 103 applications from eligible students have been approved and another 200 applications are in the pipeline, BHU officials said.
About 1,000 students will receive financial aid in the first phase.
Vice-Chancellor Professor Sudhir K Jain said the loan scheme was an attempt to help needy students continue their education.
BHU Public Relations Officer Dr. Rajesh Singh said that under the scheme, the university will provide financial aid of ₹12000 per year to help poor students complete their studies at BHU.
Students from families with income below the poverty line (holders of a below poverty line card) or students who have lost their parents due to COVID-19 or other reasons, will be covered by the program, BHU officials said.
Applications to benefit from the program must be accompanied by the recommendation of two university faculty members, they added.
Under this program, the university will provide an interest-free loan, which will be repaid in installments by recipients after they complete their studies at BHU and start earning money.
Prof. KK Singh, Dean (Students), said the university will soon start a new cycle to allow more students to send in their applications.
Applications from such students, receiving financial aid from any other agency, may only be considered to the extent that the total does not exceed ₹12,000, BHU officials said.
The financial aid will not be linked to the payment of any type of fees of the beneficiary students. Loan repayment will start when students start earning after completing their studies at BHU. Once students start earning money, they will be required to repay the loan in installments over a two-year period.
Neither the parents nor the faculty members, who referred the students for the said program, will be responsible for the repayment of the loan.