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MP first state implements online higher education loan application monitoring system

BHOPAL: Special Manthan Award was conferred on Madhya Pradesh for its online higher education loan application monitoring system (Online HELAMS) at Manthan South-West India function at Pune on Thursday.

Padmashri Dr Vijay Bhatkar gave away the award to online system’s in-charge and Programmer in Institutional Finance Directorate, Madhya Pradesh Gopal Swaroop Dube.

Principal Secretary Finance and Commissioner Institutional Finance Ashish Upadhyay informed that Madhya Pradesh was selected for the award from among 180 projects in the country. Madhya Pradesh is the first state to implement online higher education loan application monitoring system for the benefit of higher education students in the country.

Through the system, the entire process right from submission of application by a higher education student to release of first instalment of loan is undertaken.

Online system’s objective is to ensure easy availability of higher education loans to students, specially meritorious and economically weaker students. Under online system, a student has to register his application through e-mail ID or mobile number. User name password is given on registered e-mail ID, which is intimated on applicant’s mobile through SMS.

Through user name password, the applicant can submit online application for loan in any bank in the state. Application reaches the bank directly, information about which is given by the bank branch through e-mail to regional office and the applicant is also intimated about it through e-mail and SMS.

Time-limit of 15-21 days has been fixed for disposal of applications by banks. In case of delay, the applicant gives feedback through online system to the state government. Contact can also be made through e-mail or telephone.