Soon six to seven banks in the country will be providing "Online loan application" facility from this academic year in a move to simplify education loan formalities.
Speaking on the occasion at the inauguration of 1327th branch of the Oriental Bank of Commerce Finance Minister P Chidambaram said the facility will be extended to all the banks in the course of this year itself.
He said in the last financial year the nationalized banks in India created a world record when they provided education loan to 12,51,692 students to the tune of Rs.19,771 crore.
"It is world record that a country holds. In no other country, such large number of students has been given education loan. I am not including the education loan extended by the private banks when I mention it is a world record. It is also a historic achievement. The loans help the middle class and poor people," Chidambaram said.
Finance Minister added next year scholarship facility will be extended to two lakh students for pursuing school education after the eighth standard, which has been planned for one lakh students for this year.
The scholarship scheme has been introduced for the best and meritorious students who are not able to pursue their education. The Rs 6000 per year scholarship scheme for poor meritorious students was decided in the cabinet meeting held on May 9.
Apart from this, he said, a separate pre-matric scholarship scheme has also been implemented for the children of those engaged in "menial jobs" to pursue higher education or ITI or diploma courses.
He added the 'Scheduled Caste meritorious students' scholarship scheme has been extended to 15,370 students, whereas 20,000 students will get benefited from the financial assistance given to the minorities to pursue their education. The government has also made plans to encourage students to pursue pure science and research activities and give special incentives for them.
"More schemes to promote higher education are on the anvil," he said without elaborating. Responding to the Opposition's challenge as to how the government would implement the farm loan waiver scheme, Chidambaram said, "we know how to provide for Rs 60,000 crore farm loan waiver that would benefit four crore farmers and it would be done before June 30. The Government targeted to provide farm loan to the tune of Rs.2,80,000 crore this year".
He said the government has given strict instructions to provide loan for all students who have secured seats in higher educational institutes and people should exploit the facility.
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