Good news for students! Now education loan up to Rs 10 lakh will be available without guarantee


Education Loan for Students: Nowadays, half of the earning of a middle class person’s life is spent in the education of his children. In such a situation, to help the students and parents, the government gives a collateral free loan up to Rs 7.5 lakh for higher education, which is now planned to be increased to Rs 10 lakh.

If the government increases the guarantee limit from Rs 7.5 lakh to Rs 10 lakh, then it will be great news for students taking education loan for higher education. At present, banks do not ask for any guarantee on education loans up to Rs 7.5 lakh.

The government is contemplating to increase the limit of loan without guarantee (guarantee free loan) because for some time the government has been receiving many complaints about education loan being rejected. In such a situation, taking note of these complaints, the Ministry of Finance is in talks with the Ministry of Education on this matter and is considering increasing the limit of education loan without guarantee by 33%. According to media reports, the Finance Ministry can take a decision to increase this limit and soon after discussing this matter with the Ministry of Education.

Banks’ complaints

Some time back a report has come out in which it has been found that a large number of education loans are getting defaulted. In such a situation, government banks are avoiding giving education loans. According to the report of the Indian Express, in the quarter ended June, the outstanding amount of some education loans together with the government and private banks has crossed Rs 80,000 crore.

In such a situation, banks are now being more careful in giving education loans. In such a situation, students and their parents are facing problems in taking loans. With rising inflation, higher education is also becoming expensive. In such a situation, this step of the government can give a big relief to the common people.

Banks are not even passing many right loans

Let us tell you that the increasing NPA of education loan is a matter of concern. In such a situation, the Reserve Bank of India had a meeting with the bank on this matter. After this, the RBI had told that in the recent few years, commercial banks have distributed education loans fiercely, due to which the number of NPA loans has increased. In such a situation, banks are now showing caution in giving education loans. Along with this, RBI says that for this reason, banks cannot hesitate to give loans in the right case.

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