The Pernambut Consumer Welfare Protection Society on Thursday appealed to the Election Commission of India to consider the ban on the interest waiver on educational loans availed of by students.
President of the society T Basheeruddin said the Union Finance Minister P Chidambaram, in the interim budget in February this year, had announced that the interest for the education loans between March 31, 2009 and December 31, 2013 availed of by the students would be waived. While this waiver had been banned by the EC until May, 16, 2014 as per the poll norms, “the move is against the interest of students and hence unacceptable,” the Society president said.
Many rural students, who had got the loan, were hard-pressed to repay it or the interest and were suffering without job opportunity. The EC should reconsider the ban on interest waiver on education loans, Basheeruddin said.