Slowed economic growth and stringent visa norms have resulted in reduced demands for education loans in Haryana and Punjab.
State Level Banker's Commitee (SLBC) compiled a data, which brought to notice that education loan disbursals in Harayana grew by a mere 0.86% annually. Punjab however fared better growing by nearly 9% for the year.
A senior banker pointed out that despite vacant positions in various universities there are no takers for education loans which is worsened by strict visa regime from countries like Australia, US and England.
Also due to higher interest rates, many of the students preferred using their own funds rather than taking loans. Another factor which effected disbursals was depreciation of rupee against dollar, which made the education more expensive.
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