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Though it is yet to be actually launched, but RBI Governor D. Subbarao on Wednesday said that government was working on a scheme under which it would extend guarantee for advances upto Rs 7.5 lakhs. He said for loans upto Rs 7.5 lakhs where there was no third party guarantee or collateral security there would be guarantee given by the government.
On paper for loans upto Rs 4 lakhs there should be no collateral security or guarantee.
“There are grievances of students not getting loans or encountering problems…Understanding that there is a problem, the government is now working on a guarantee scheme,” he told students at Puducherry at an interactive program organised by RBI and ABP News.
“It is yet to be launched. Hopefully it would come and resolve some of these issues,” he said replying to a question on the woes of students in getting educational loans.
“For good students and good institutions it is easier to get loans than for students not so good or institutions not rated so high,” he said.
“But our endeavour is irrespective of level of achievements of institutions, they must have access to education loan upto Rs 4 lakhs,” he said.