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ICICI 'hesitant' on education loans; sees the portfolio rising over years

ICICI bank is reluctant to sanction education loans due to gaps in repayment. It sees the portfolio rising due to the increase in cost of education.

Apnaloan.com Research Bureau

01 Sep 2008

ICICI bank is going slow on sanction of education loans due to the various gaps in loan repayment. Currently, education loans are at an interest rate of 12 per cent.

As on March 31, 2008, the total outstanding education loans stood at Rs 20,547 crore against Rs 15,209 crore as on March 2007, a growth of 35per cent.

The bank also estimates a growth in the study loan portfolio given the rising cost of education within the country.

A survey conducted by an industry chamber shows that school expenses for a single child, excluding tuition fees, has increased from Rs 25,000 to Rs 65,000 per annum since 2000.

The government has taken measures to make education loans accessible to a wide section of students.

For students from the financially weaker sections of society, the collateral and co-applicant clause attached with education loans in the country is a huge issue.