Indian Overseas Bank (IOB), convener for District Consultative Committee of Sivaganga and Pudukottai districts organized an educational loan campaign in Tamil Nadu. Union Home Minister P. Chidambaram in his addressing speech said in India about 20 lakh education loans are given, out of this Tamil Nadu alone accounts for 5.63 lakh. Thus Tamil Nadu accounts for one out of every four education loans given in the country. Whereas, he said the states which are bigger than Tamil Nadu have lower loan rates.
The Minister pointed out that around 70 per cent of the loan beneficiaries at this camp belong to economically backward section of the society including children of casual laborers, car divers and peons, thus the education loan scheme introduced by the Central government has proved to be of great benefit for the economically backward sections.
He added, recently launched interest waiver scheme by the government will cover the education loans taken since 2009-10. In case the bank has charged interest inadvertently, bank will offset it against later payments. If parents find any difficulty in getting loan for their children they can lodge complaints with Canara Bank, the nodal agency appointed by the government for the implementation of the scheme nationwide.
In the camp, education loan of around Rs 10.41crore was disbursed to 643 students the stalls were put up by public sector banks of Sivaganga and Pudukottai districts.
1 comment:
I am from Tamil Nadu and I tried to get education loan from here for my PG abroad. Its been 2 months and no bank is ready to give me a loan. The reason. I do not have any collateral. The banks are not accepting the so called third party guarantee also which is also available in the websites of all these banks which sent me away. My relatives are ready for that. Whats the point of advertising about education loans without security. Its understandable that some of the borrowers are not repaying properly but at the same time the banks should not deny loans for people like us who do not own a property worth the loan we ask. I need for 4 lakhs to study abroad. I have no study fees as such. Only living costs. My academic year is about to begin and I am tired of approaching numerous banks. We ppl r trying to study, get a good job and get that so called property. Looks like only the ppl who already are rich can make use of these opportunities. Not able to blame anyone. Left everything to God.
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