Latest Updates on Education Loan Cancellation News

Latest Updates on Education Loan Cancellation News




Hi folks. Education Loan Cancellation NewsTamil Nadu government has proposed to waive off education loan in its election manifesto. According to that, the government has to pay the education loan of people who are still unemployed.
Check out this post by bookmarking so that you could check updates regarding education loan cancellation news frequently. The election for legislative assembly was  held on 16th may, 2016 and the votes were counted on 19th May, 2016. Its more than 2 months and even there is no special news from the state government during the recent budget session which is quite disappointing. I know there are lot of problems in waiving the education loan but I personally feel that the government should release the progress to the public to keep the agitation off.

Education Loan Cancellation News Prediction:

There are more chances for the government to take some smart move like what they did with farm loans. In their manifesto, the party has promised to waive of all farm loans which are from central cooperative banks, Primary Agricultural Cooperative Credit Societies, Primary Cooperative Agriculture and Rural Development Banks and Urban Cooperative Credit Societies. This move by the government will benefit only to marginal and small farmers. So what is the benefit for marginal and small farmers who got their loan from nationalized banks or private banks? Obviously Nil.




The government already claims that this education loan waiver will be applicable to unemployed people only. One common question, how the government is going to declare a person as unemployed? Secondly, some unemployed people may got support from their family/friends to repay their EMI. If the government decides to waive off education loan which are categorized under Non performing assets (NPA) with no no repayment history then what is the benefit for those sector of people. Should they lose benefits for trying to being good. Further, there are chances for the government to filter benefits by fixing upper limits for loan (for an example let us say Rs 200000). Then i’m afraid how many people is going to be benefited.

As discussed in my previous post, what actions the government will take to stop the transfer of education loan to assets reconstruction companies by popular banks? Whether government will waive off the loans which are transferred to private companies also? Lets wait and see.




Outcome of delay in waiving education loan

Already, many banks are hesitating to grant education loan as its future is not defined by the government which in turn create hardship for elite students to avail loan for their higher studies.

I welcome you to have a healthy discussion regarding Education Loan Cancellation News by showing your views by commenting below. Share this post is you like.

Latest Updates:

28/07/2016: First Victim Whose Education Loan is transferred from SBI to Reliance ARC


8 thoughts on “Latest Updates on Education Loan Cancellation News

  • November 13, 2016 at 10:48 am
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    Proper response is not provided in the bank regarding the loan in trestle cancelling scheme. .kindly provide us information regarding this scheme

    Reply
    • November 18, 2016 at 2:50 pm
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      Till now there is no update from the govt regarding cancellation scheme. But soon we will update everyone once we get any positive response.

      Reply
  • January 3, 2017 at 10:15 pm
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    Hi raja,

    I got educational loan from union bank on 2010. they asked daly to repay the amount rs 191000. Our TN govt cancel the amount or not. They are called daily & tortures our parents. what can i do. can i go to any advocate.

    Reply
    • January 4, 2017 at 12:01 am
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      Dear Muthu,
      Education loan cancellation was the oath of our current AIADMK government during their election campaign. Till now the cancellation of education loan is not official as the bill was not passed in legislative assembly. Please don’t go to any advocate untill we get the government order.
      By cosidering the current scenario in Tamil Nadu, this bill may get delay due to the demise of our ex chief minister Ms. Jayalalitha.
      As of now, Kindly try to visit bank and request the manager to convert your loan as EMI. So that at least you’ll get relief from their aggressive follow-up. This problem is not faced only by you. This is common among most of the education loan beneficiaries. So I believe converting your loan into easy EMI might help you.

      Reply
  • January 12, 2017 at 1:52 pm
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    Hi sir,
    I got education loan from Union Bank of India now I got summon from the Court for not repayment now what I do sir will this case affect my future sir? Then what can I tell in the Court about it sir can you explain to me in brief sir

    Reply
    • January 12, 2017 at 2:20 pm
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      Dear Bhakya,
      If you’re from Tamil Nadu, then don’t panic. This situation is quite common. As of now, you can contact your branch manager of Union Bank of India and request him/her to split your loan into easy emi. Make sure your loan not goes in NPA list. The government has not made its waiver official. So it is better to pay a little, till we hear the good news from our government. Please note: education waiver is just proposed by AIADMK party and the bill is yet to present in legislative assembly.

      Reply
  • January 12, 2017 at 2:35 pm
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    Sir my loan goes in NPA list exactly I am from TN only sir then my loan amount is 170000 without the interest and my hearing date is 6-2-2017 so I don’t know what to do sir

    Reply
    • January 12, 2017 at 4:35 pm
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      Most banks allow 2 years for students to start repay their emi. Check your bank agreement. If your bank provides breathing time then as per that agreement you’re safe. If this is not positive, then contact your bank manager with the court notice. They might have help you.
      As a final option, you could use RTI act and ask the government when education loan waiver will be launched and you can tell the court about the status of your RTI application.

      Reply

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