To make sure that no child misses out on an opportunity to pursue studies due to lack of funds, the government is considering lending for skill development courses and extending the tenure of education loans. The tenures range from five to seven years now.
To encourage banks to lend to students, the government is also going to create a `1,000-crore credit guarantee fund that banks can draw upon in case of defaults on loan repayments.
The plan is to give cover against default to 65% of the loan amount. As of February, banks' outstanding education loans totalled `63,500 crore. Banks have witnessed 5-10% of their education loan portfolios turning bad. Most defaults are related to loans of up to `4 lakh where in banks aren't allowed to seek any collateral.
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