Annual growth of education loans by psu banks on decline

Annual growth of education loans by PSU banks on decline

The growth of annual educational loans by public sector banks has more than halved to 20.9 per cent in fiscal 2010-11 in the past eight years, Parliament was informed on Tuesday. “...the year-on-year growth has been showing a declining trend,” Minister of State for Finance Namo Narain Meena said in a written reply in Rajya Sabha. On March 31, 2004 the growth in educational loans was 47.54 per cent over the previous year. However, the number of education loan accounts have increased over seven-fold, while loan outstanding has increased nine-fold between 2003-04 and 2010-11. On March 31, 2004 the number of such accounts were 3.189 lakh with outstanding amount of Rs 4,550 crore. At the end of the fiscal 2010-11, the number of loan accounts were 22.35 with outstanding of Rs 43,074 crore. Meena further said that Indian Banks' Association was in the process of revising its Model Educational Loan Scheme in order to make it more customer-friendly.

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