At
present, there is no proposal under the consideration of the Government to
waive off the education loans sanctioned to the students who could not get a
job after completing their studies. The Government had in the Budget 2012-13
announced setting up of a Credit Guarantee Fund for Education Loans to ensure
better flow of credit deserving students.
Education
loans are extended as per Model Educational Loan Scheme of Indian Banks’
Association (IBA) as adopted by the Banks. Under the Scheme, education loans
can be given upto a ceiling of Rs. 10 lakh in India and Rs. 20 lakh abroad.
Banks may consider higher quantum of loans on course to course basis. The
Scheme is modified from time to time keeping in view the needs of the students.
In the last such revision in September 2012, degree/diploma courses like
aeronautical, pilot training, shipping etc, were added in the Model Scheme for
studies abroad provided these are recognized by competent regulatory bodies in
India/abroad for the purpose of employment in India/abroad.
This
was stated by Minister of State for Finance, Shri Namo Narain Meena, in written
reply to a question in the Lok Sabha today.
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