Students with less than Rs.4L education loan default most
To ensure that education loans are repaid on time, bankers have taken several steps. One of them includes, giving jobs to qualified but unemployed borrowers.
“We have suggested regional managers to consider employing some of these young borrowers as business correspondents. We may not be able to pay as much as they expect, but this will help them earn something and repay their education loan,” Sangapure said.
Most banks now require parents to become co-borrowers with students, while applying for an education loan. Students are also required to give their PAN cards with the loan request, so that it becomes easier to track them down, in case of any delay in payments.
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