In the recent years there has been increase in the cost of the education. Most of the educational institutions and people from this industry are expecting from the government to raise in the limit in the coming Budget, from Rs 4 lakh to Rs 5.50 lakh without collateral security.
"Keeping in view the expenses incurred by a student in a business school, the collateral free education loan limit should be fixed at Rs 5.50 lakh," said Amity University Professor Gurinder Singh.
He added that in the last 3-4 years, the management graduates are earning in lakhs. They can easily pay back loans after getting jobs.
The industrial chambers, including FICCI, have also requested the Finance Minister P Chidambaram to offer liberal funds for educational loans as the industry is facing a severe shortage of skilled manpower in manufacturing and service sector.
The industry had said that education loan to the students should be more easily accessible who intend to take up higher education.
Currently, banks provide educational loans up to Rs 4 lakh without collateral security and up to Rs 7.5 lakh with security.
Even the Human Resource Development (HRD) Ministry has also proposed to offer financial support to students below the "creamy layer" in a bid to ensure access for all professional education.
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