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The state government’s education loan repayment support scheme (ELRS) was one among the several projects stalled after the once-a-century floods that ravaged the state.
This communication has been issued following a request made by the state president of Praja Parivartana Vedike to the state government to waive education loans of the SC/ST students.
Government data disclosed that in the last three years, the number of students who could not get placements crossed 40 lakh.
The RBI data on education loans shows that about Rs 12,595 crore were disbursed on 684,836 loan accounts in the year 2015-16.
About 75,000 applications were received for the scheme on the online application system.
Kerala launched a Rs 900-crore ELRS scheme to help students from families with annual income below Rs 6 lakh repay their education loans.
While the present court order ruled that the sanction of education loan is subjected to the guidelines the banks follow, it is in sharp contrast with the earlier High Court order in the matter.
Madras HC orders Indian Overseas Bank to pay Rs 25,000 for refusing education loan to farmer’s daughter
The country would be denied the service of scientists, doctors, engineers and other professionals, in case financial assistance is not given to deserving students to come up in life.
The government has made it mandatory for banks to sanction education loans only though online process and asked them not to consider any application submitted in the physical form.
The NBFC, backed by Balrampur Chini Mills and investor Akash Bhansali, is aiming to chart a growth path in the educational loan segment where traditional banks lag.
Delhi Deputy CM Manish Sisodia said that the LG has asked the city government to consult the Centre before the scheme.