Educational loans to be made easy
The central government has taken steps to bring relief to students by simplifying the loan process. As part of that process, the government has...
By ranking academic institutes
New Delhi: The central government has taken steps to bring relief to students by simplifying the loan process. As part of that process, the government has introduced a rating system for the academic institutions. This initiative will help in easing the procedure of providing and obtaining loans for higher education.
As per the scheme, the students who wish to acquire educational loan for higher studies and joins the given preference will be granted hassle free loan. The step has been taken by the government post the complaints from the eligible students who faced hurdles from the banks.
According to sources, till November the banks of India offered Rs 62,800 crore of loan amount to the students which is an increase of 4.6 per cent. State Bank of India extended the highest amount of loans i.e., Rs 15,387 crore till the end of September. Since 2010-2011, the demand for loan has been increased incessantly. Considering this, the banks requested for the grading of academic institutions so that students don't suffer.
The central government and the Ministry of Human Resource Development collaborated together and came up with various schemes as well as suggestions to upgrade the condition of Indian education sector. According to the reports of All India Survey on Higher Education 2012-2013, at this particular time more than two crore students are pursuing their higher education in India. The number of Indian colleges and universities are umpteen so it takes time and courage to offer large amount of loan to the students. The positive measure will lessen the pain of the students.