Can’t take education loan off NPA: Finance minister

Can’t take education loan off NPA: Finance minister

TRICHY: The union ministry of finance refused to exempt education loans from non-performing asset (NPA) citing that Reserve Bank of India is against the exemption for maintaining credit discipline.  In a letter to the Union finance minister Arun Jaitley, MP Trichy Siva has urged not to bring education loans under NPA since non-payment of educational loan is affecting their Credit Information Bureau of India Limited (CIBIL) score.  Citing data from 2016, he highlighted that educational loan accounts for only 6.94 percent of the loans from banks. In the letter, he said that 37 percent of…

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Education loans will count in credit ratings, says govt.

Education loans will count in credit ratings, says govt.

No exemption possible, Finance Ministry tells DMK MP The government has clarified that education loan defaults cannot be kept out of the ambit of credit rating bureaus such as the Credit Information Bureau of India (CIBIL). The government’s response was in reply to a question posed by DMK MP Tiruchi Siva. In a letter written to Finance Minister Arun Jaitley in August, Mr. Siva said student loans amounted only to 6.9 per cent of the total non-performing assets (NPAs), compared to industrial sectors such as steel that accounted for 36.4…

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Decoded: Five education loan myths

Decoded: Five education loan myths

A good solid education is a stepping stone to a successful professional life. While most parents strive to provide their children with the best education they can, lack of finances often act as a hindrance to academic aspirations. Today, the rising cost of education has made most students and parents turn towards Education Loan to fund higher education. And like with most financial products, education loan too has several myths surrounding, which I would like to dispel. Poor scores in entrance exams will hinder your loan approval: Many students worry that…

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IIM-B sees 100% summer placement of PGP graduates

IIM-B sees 100% summer placement of PGP graduates

The summer placement session that was held from October 29 to November 1 saw 90 offers by strategy consulting groups. Photo: Mint Strategy consulting firms were the top recruiters at the Indian Institute of Management Bangalore’s summer placement season for the class of 2017-19 of the two-year postgraduate programme. The summer placement session, held from 29 October to 1 November, saw 90 offers by strategy consultants. Accenture Strategy led with 14 offers, followed by AT Kearney and Boston Consulting Group with 13 each. Students also received offers from Bain &…

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Get an education loan, at a swipe

Get an education loan, at a swipe

Getting an educational loan in India is very difficult, mainly for students who do not qualify to study in the top institutes in the country. It is also tough to garner funds to purchase expensive devices such as tablets and laptops that are a necessity for most professional courses. This is the key anomaly that Bengaluru-based financial tech firm, Quicklo, is attempting to solve. Founded a couple of years ago by Mrigank Shekhar, Kush Srivastava and Rahul Saxena, classmates from IIT Delhi, Quiklo partners with banks and non-banking financial institutions…

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SBI Educational Loans, Eligibility, Interest Rates, EMIs And More

SBI Educational Loans, Eligibility, Interest Rates, EMIs And More

State Bank of India, country’s largest lender offers several types of educational loans for higher studies in India and abroad. The bank’s Student Loan Scheme, Scholar Loan Scheme, Loan Scheme For Vocational Education And Training and Central Scheme For Interest Subsidy are among the various loan schemes that are available for students. Education loans are tax effective as interest paid for an education loan qualify for tax deduction under section 80E of Income Tax Act. Here are all the details like eligibility, duration, security, repayment that you need to know…

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The Department Of Education Cuts Off A Student Loan Watchdog

The Department Of Education Cuts Off A Student Loan Watchdog

The letters “CFPB” may not be much more than alphabet soup to your average student loan borrower. They stand for Consumer Financial Protection Bureau, a new-ish federal agency — created in 2011 — with a unique mission and a big effect on student lenders and for-profit colleges accused of defrauding or otherwise mistreating Americans. But the U.S. Education Department has just called a halt to the enforcement collaboration between itself and CFPB. This move leaves 44 million student loan borrowers, owing $1.4 trillion in debt, with potentially less, or at…

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Dalits, tribals prefer loans for home than education

Dalits, tribals prefer loans for home than education

More Dalit and tribal families have been taking home loans over the past few years while the number of education loans has reduced, indicating a new pattern of investments among these communities. A note prepared by the department of financial services in the ministry of finance shows the amount disbursed in home loans in 2017-18 , Rs 2,849.36 crore, has gone up by nearly 50% compared to 2015-16, Rs 1,954.57 crore. Sources add that the rise coincides with the government’s renewed thrust on ‘Housing for all’ by 2022 and the…

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3 months for banks to claim subsidies for education loans

3 months for banks to claim subsidies for education loans

CHENNAI: Banks across India can now submit claims for the education loan interest subsidy for eligible accounts for the financial year 2016-17 from August 23 to November 23. Canara Bank is the nodal bank and they will be opening the portal. All the students who have availed education loanfrom the Banks under Indian Banks’ Association (IBA) Scheme to pursue professional / technical courses in India are eligible to avail the full interest subsidy, if the annual parental income is less than 4.50 lakhs. Many banks have failed to claim the interest subsidy from MHRD thereby…

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National importance status will bring IIITs at the levels of IITs, NITs

National importance status will bring IIITs at the levels of IITs, NITs

The institutes can now frame their own syllabi and recruit faculty.(iSTOCK) For IIITs (Indian Institute of Information Technology) an upgrade is on the cards. They will soon be given the tag of Institute of National Importance. This puts them in the league of elite entities like the IITs (Indian Institute of Technology) and NITs (National Institute of Technology). It also means more funds for research from government organisations and PSUs, a more updated syllabus and an autonomous board that will have more freedom to appoint teachers. The change will come…

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