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


20 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
      • March 3, 2017 at 10:05 pm
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        Sir I want to know whether educational loans are provided now in tamil nadu.I have finished by higher studies in 2016.Now I am doing UG 1st Year.I asked educational loan from the bank but they said they are not provided loans and they are not ready to get my loan application.My friend have applied educational loan and they are getting.I have scored good marks in 10 and 12std.483 in 10 th and 1093 in 12th .My cutoff is 186.25 for engineering.I came through counseling but loans are not provided.Sir I am requesting you to send me reply for this soon as possible.My question is whether educational loans are now providing or not?

        Reply
        • March 4, 2017 at 12:22 am
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          Dear Ranjith,
          The decision of grant is solely depends on the managers. Education loan is still available. Ask the manager to give you a written confirmation that why he/she is denying loan. May be as most of the loan beneficiaries are not repaying emi on time, the manager might hesitate to grant loans.
          Secondly, ask bank manager, what are the other banks you can approach for loan. Because for education loan, banks have area limit. If you’re not coming within the limit of that particular branch, then you’ve to identify which branch is allotted to your area.
          I hope I’ve answered your questions.

          Reply
    • September 20, 2017 at 10:04 pm
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      please tell me education loan is cancelled or not

      Reply
      • September 21, 2017 at 8:36 am
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        Hi,
        As of now, there is no positive signal from the State Government. The education loan is not cancelled yet.

        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
  • January 26, 2017 at 10:23 pm
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    Sir,

    I want to know when the Government is will announce about Education Loan Waivers.

    Reply
  • January 28, 2017 at 10:29 am
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    Sir, i already said to bank, , sir im still in employee…

    But they are sending notice..
    What can i do, one thing i bought loan for my diploma study now im doing BE
    But i paid only one time 20,000/-…
    Now my loan is NPA.

    For Non Performing Asset (NPA) only Education loan waivers.?

    Reply
  • March 6, 2017 at 8:55 pm
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    Reliance people are coming and torturing daily sir now my financial status is very poor. Bank people said they are not responsible for that.

    Reply
    • March 6, 2017 at 9:03 pm
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      Its really unfair decision taken by sbi to sell loans. This reduces the trust rate of the bank among public. Secondly, our govt is not even ready to discuss regarding waiver. As of now, the better option is to contact Reliance and discuss about the emi options you’ve.

      Reply
      • March 7, 2017 at 11:00 am
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        My loan amount is 200000 they are asking 4 lakh single payment sir

        Reply
  • October 6, 2017 at 10:56 pm
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    Sir, I took educational loan between 2004 to 2007. And now status moved to NPA. I am financially very down. Does bank have the authority to attach the collateral declared by my parents. Will they do it without any notice ?

    Reply
    • October 7, 2017 at 12:31 am
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      If you submit collateral then there are chances that the bank may take action. But they need to give necessary warning to us before taking any steps. Prevention is better than cure. So try to speak with the manager and convert the amount into simple emi. Try repaying at least once in 3 months because as per rules i think if you didn’t pay for 3 consecutive months your loan will be treated as npa. So I think this will help you.

      Reply

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