The eligibility norms to avail educational loans for students of Virudhunagar have been modified. Under the revised norms the students who have not been able to pass Plus Two examinations in first attempt will also be eligible to take the loans.
Virudhunagar MP B. Manicka Tagore told that the existing criteria that students must score a minimum of 70 per cent marks in the qualifying examination to get loan, has been removed. He added besides this the banks were not permitted to give loans to students who are not residing within their service area.
On October 19 MP has planned an educational loan mela at the V.V.V. College for Women for the students of Virudhunagar parliamentary constituency and Virudhunagar district.
He added, “All nationalized banks are participating in the mela. We are expecting at least 5,000 students and all eligible candidates will get the loans”.
Students who are pursuing professional courses can take loan. He said Union Home Minister P. Chidambaram will be distributing loan orders. The mela will be sponsored by two lead banks - Indian Overseas Bank (Virudhunagar district) and Canara Bank (Madurai district).
The maximum loan amount of Rs. 10 lakh will be given for studies within the country and Rs. 20 lakh for abroad. Mr. Tagore informed that the students do not have to give any security to get loans for up to Rs. 4 lakh. But a personal surety will be required for the loan amounts above Rs. 4 lakh and Rs. 7.5 lakh.
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