HEFA is a section 8 company registered on 31 May 2017 with Canara Bank as its partner having 250 cr equity from Government and 50 cr from Canara Bank licensed by RBI to operate as a non banking financial company for the purpose of mobilizing money through market borrowing and releasing them to Government institutions as interest free loans.

Prakash Javadekar has announced that HEFA board has approved fresh projects of Rs 8049.47 cr of 12 higher education institutions; this takes total HEFA approvals to over 10000 cr. He further outlines that this takes total allocation for education from 63000 cr in 2013-14 to 110000 cr in 2018-19 which is a 70% increase.

Approvals given by HEFA include – IIT Bhilai: 983.95 cr, IIT Dharwad: 1062.83 cr, IIT Jammu: 1085.04 cr, IIT Tirupati: 976.89 cr, IIT Palakkad: 1217.4 cr, IIT Ropar: 443.13 cr, IIT Hyderabad: 500 cr, IIT Jodhpur: 220 cr, IIT Patna: 365 cr, IIT BBS: 550 cr, IIT GN: 280 cr, NIT AP: 365.23 cr.

Purpose of HEFA is to provide additional funds to institutes of higher education in India. Institutions can use allocated funds as per progress of projects. Funds allocated by HEFA are in addition to grants that these institutions get.

Institutions require funds for things such as construction, laboratory set up, equipping libraries, doing research projects, setting up Centres of Excellence (CoE), campus common infrastructure. HEFA only funds non recurring portion.

Institutes of Higher Education in India set up or funded under control of MHRD GoI and other central ministry as decided by MHRD are eligible to take finance from HEFA.

Loan processing of HEFA starts with institution submitting proposal at hefa.co.in. then HEFA assesses loan eligibility and communicates any queries it has about proposal. Financial, technical, legal processes are then completed. HEFA conveys sanction with terms to institution. Once institution executes loan documents, loan is given.

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