Bonanza for students availing for Education loan
By Neelima Shankar
Feb 18, 2014
Print    Email    RSS   

Last day in the budget session of 2014-15 in Lok Sabha, good news came up for the education loan takers. While announcing the interim budget finance minister Mr. Chidambaram declared a moratorium period for all education loans taken up to March 31, 2009, and outstandings as of March 31, 2013. Since the general elections are approaching finance minister is trying to engage himself more with the families applied for education loan.

Further he announced that government is trying to aid nearly 900,000 students. The government will take over the liability for outstanding interest as dec 31, 2013, but for the period after April, 2014 the borrowers need to pay the interest.

To help out the student borrowers government initiated the subsidy scheme in April 2009-10 for education loan disbursed after 2009. It has been reported that bank as per the IBA rules, the loan repayment period is for about 10-15 years but bank officials did not maintain the schemes properly and rather force the students to repay the loan with 3-5 years. Education loan portfolio is increasing in banks, in order to lure 25 lakh borrowers the DMK demanded writing off of education loans.

(Comments Posted : 0) Post Your Comments
Show All Comments
 Select a product:

 Select a product:

Complete Guide to NRI Education loan
Credit profile and its effect on loan...
Effect of employment on loan eligibility...
Carnival of Indian Personal Finance Blogs #2
Carnival of Indian Personal Finance Blogs #4

ROPAR: CaℒL Giℛℒ In Kurali 09855660911...
Why Pitampura Tutors (Ph:- 9911742311) & Private...
kala jadu in hindi 9636854282

Banks to look forward to hire students from IIT/IIM Feb 18, 2015
Union Bank of India hiring for the post of specialist officers Feb 16, 2015
Canara bank launched scholarship Scheme Feb 13, 2015
AXIS bank started ‘My idea of progress’ Campaign Feb 12, 2015
RBI inviting applications for the guard post Feb 11, 2015
News Archive