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Bihar Appeals Banks For Easy Loans

Monday, 01 June 2009

Dy. Chief Minister Sushil Kr. Modi has requested the central govt to release orders for a lesser interest rate for "education loan" by the banks. Mr. Modi has directed the banks to make the loan sanction process easy. In a meeting with the representatives of different banks working in Bihar, Mr. Modi expressed his dissatisfaction over the banks performance in context of giving loans to students. "You are making good profits from this poor state despite the global slowdown and cut-backs, you to corroborate this. Thus, dont' our students deserves a better service from you. I expect you to ensure more waiver on education loan and processes be smoother", Mr. Modi said.
State govt. also given direction to the General Managers to establish a nodal center so students do not have to go through difficulties getting loan. As per bank's credit account a sum of Rs. 577.56 crore has been sanctioned among 23348 students in the financial year 2008-2009. This figure sprangs up from Rs. 280.93 crores an year before (2007-2008) after the intervention from Nitish govt. The situation is improving still a rapid pace is required and more efforts need to be done on bank's part. According to experts at present the banks are charging a hefty 10-14% interest on education loan which is more than enough to destract the students.

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