Clear education loan fast, says Panneerselvam

PUDUCHERRY: Minister for local administration NG Panneerselvam appealed to banks to ensure speedy clearance of loan applications submitted by self- help groups, students and poor persons. He made this appeal while speaking at the launch of “Annual Credit Plan  2012-2013 and Annual Financial Services Plan 2012-2013“ at State Level Bankers Review  Committee (SLRC) meet convened by Indian Bank on Wednesday.He insisted upon the bank officers to simplify the procedures of educational loans for students of higher education and added that those involved should issue the loans as soon as possible.According to SLRC, from April to Dec 2011 educational loans amounting to Rs 33.38 crore were disbursed covering 2605 students in the UT. Outstanding educational loans stood at Rs 259.33 crore and on an average there had been a repayment of 70 to 80 per cent of  loans disbursed. However, new guidelines, which came into effect in the region in October 2011 based on merit have been fixed for students admitted under management category. The guidelines stipulates a requirement of 60 per cent minimum marks to qualify for educational loans, said P Shanmuganathan, LDM, Indian Bank, Puducherry.