KOCHI: An education loan adalat will be held at the Conference Hall in the Collectorate on August 11 to resolve the issues related to granting education loan for those who are opting to pursue engineering and medicine courses.The adalat will be inaugurated by PWD Minister V K Ebrahim Kunju. A committee has been set up under the chairmanship of District Collector P I Sheik Pareeth to redress the grievances related to education loan. “Certain operational issues are reported in the district while sanctioning education loans. A one-to-one conversation between the students, parents and banks is arranged, which will help us know the prevailing situation,” Sheik Pareeth told reporters here on Monday. Those who wish to attend the adalat has to register with the Lead District Manager before August 8.Banks are following the guidelines issued by the Indian Banks Association while sanctioning education loans. The students who secure admission for higher studies under merit quota through entrance exams are considered for educational loan. Loans upto `4 lakh are given without security or guarantee. Loans above `4 lakh and upto `7.5 lakh are given by obtaining a satisfactory personal guarantee and loans above `7.5 lakh is sanctioned against collateral security.“About `90,000 crore was spent on educational loans till March 2010. The number of self-financing colleges is on the rise and they levy huge amount as fees,” said K R Jayaprakash, Union Bank Manager. Though the banks are giving loans, they are not being repaid. About 20 per cent of the loan is due,” he said. The adalat will be from 10.30 am till 2 pm.
Comments
0 comment