On 25th November I made a comment on ‘The latest literacy report of United Nations Development programme’ in my blog. This week I put before you an interesting report form India on education.
India occupied first place in the world in providing education loans, benefiting 10 lakh students till September this year, Indian Union Finance Minister P Chidambaram has said. The banks in India have sanctioned a total of Rs 14,500 crore as educational loans, he said while inaugurating the 2878th branch of the Bank of India (BOI) at the temple town of Tirunallar, Puducherry,Tamil Nadu.
As an Indian I can say that poor people in India cannot afford to send their children to school. Providing quality education to children is the first priority of every parent. However with increasing cost of living, good education is also becoming dearer. High cost may sometime deter a parent from sending the child for higher education especially for professional courses. Sometimes even working individuals may find the costs prohibitive while wanting to pursue a course for career advancement.
Despite the fact that a professional degree may cost a neat sum of money, more so if acquired from a prestigious institution abroad, one has to accept the fact that such an investment is sure to fetch handsome returns in terms of long-term career prospects. Therefore if cost of a course is the only constraint, it is prudent to take an educational loan and do the course. Investment in higher education also makes sense for the banks and many of them lend money to bright students as educational loans at very affordable rates and attractive terms. Though most of them require some collateral security, equivalent to the loan amount, in form of LIC policy, Government Bonds etc.
Now a good number loans are available for studying in India and abroad. The best feature of such loans is that most banks provide a `loan holiday’ and start recovery even one year after the course is completed and the individual gets into a suitable job. This system will fasten the economic growth and standard of living of India.
India occupied first place in the world in providing education loans, benefiting 10 lakh students till September this year, Indian Union Finance Minister P Chidambaram has said. The banks in India have sanctioned a total of Rs 14,500 crore as educational loans, he said while inaugurating the 2878th branch of the Bank of India (BOI) at the temple town of Tirunallar, Puducherry,Tamil Nadu.
As an Indian I can say that poor people in India cannot afford to send their children to school. Providing quality education to children is the first priority of every parent. However with increasing cost of living, good education is also becoming dearer. High cost may sometime deter a parent from sending the child for higher education especially for professional courses. Sometimes even working individuals may find the costs prohibitive while wanting to pursue a course for career advancement.
Despite the fact that a professional degree may cost a neat sum of money, more so if acquired from a prestigious institution abroad, one has to accept the fact that such an investment is sure to fetch handsome returns in terms of long-term career prospects. Therefore if cost of a course is the only constraint, it is prudent to take an educational loan and do the course. Investment in higher education also makes sense for the banks and many of them lend money to bright students as educational loans at very affordable rates and attractive terms. Though most of them require some collateral security, equivalent to the loan amount, in form of LIC policy, Government Bonds etc.
Now a good number loans are available for studying in India and abroad. The best feature of such loans is that most banks provide a `loan holiday’ and start recovery even one year after the course is completed and the individual gets into a suitable job. This system will fasten the economic growth and standard of living of India.
For further readings :
http://sify.com/news/fullstory.php?id=14573128&cid=2485&name=
http://www.thehindu.com/holnus/002200712091210.htm
http://sify.com/news/fullstory.php?id=14573128&cid=2485&name=
http://www.thehindu.com/holnus/002200712091210.htm
Kollamkunnel Sebastian.
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