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Education Loan

The performance of Public Sector Banks under Education Loan Scheme of Indian Banks’ Association (IBA) shows continuous growth in educational loans, in terms of amount, as well as, number of accounts. As per data of IBA, the total outstanding amount under education loans of Public Sector Banks as on 31st March, 2009 stood at Rs. 27646 crore, in 16,03,385 accounts.

The increase in total loans outstanding over 31st March, 2008 in absolute and percentage terms, was Rs. 7829 crore and 39% respectively.

Similarly, the number of accounts increased by 3,56,515 registering a growth of about 29% during the same period.

Further, in order to provide better services to students across the country, the Public Sector Banks have been advised to institute an on-line system, not to reject/pass on loan applications to other banks/branches on the grounds of age/area of operation. The performance of Public Sector Banks under Education Loan Scheme is reviewed in quarterly meetings of Finance Minister with Chief Executives of Banks.

This information was given by Minister of State for Finance, Shri Namo Narain Meena in written reply to a question raised in Rajya Sabha today.


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