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Loans for higher education to be made accessible to students

Planning to apply for a course of higher education but concerned about background? There is help at hand. The government is looking at a proposal to make cheap loans through education funding system - a system of subsidy through which the government pays to banks immediately, causing them to charge lower prices for student loan borrowers, especially for a group of particular interest income. In addition, students members of low-income families will have preference for using these loans.

Finance Minister Arun Jaitley made an announcement about the scheme in the next budget. In the current scenario, banks, on average, 12.88% for loans receivable of education, compared to 12.17% in auto loans. As at 31 March 2014 delivered by Indian banks stood education loans were 60.071 crore. In recent years, banks have become aware of giving education loans beyond certain limit, citing high risk of default. Indian Banks Association (IBA), an industry body of banks recommends the scene up a guarantee fund. "Borrowing education is essential and students should be able to use the loans to pursue higher, but to ensure that no performance assets (bad loans) do not raise, there is a need to create a guarantee fund for education loans below 4 lakhs, "said Soumya Kanti Ghosh, economic adviser, State Bank of India, as reported by Hindustan Times.

The issue is likely also arises in the review meeting to be held by Jaitley, heads of public sector bank on March 5.

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