Aurangabad: A Maharashtra politician has urged the Centre to curtail high interest rates on education loans as they were becoming unaffordable for students.
NCP MLA from Marathwada Satish Chavan said he has raised the issue with Minister of State for Finance Bhagwat Karad.
“The current interest rates are between 9 and 13 per cent, which is quite high, making education loans unaffordable to common people. The COVID-19 pandemic has hit people in rural areas financially, especially those in the farming community. They are concerned about how to repay the loans they have availed,” the MLC stated in a memorandum to the minister.
Chavan further demanded that students availing loans of up to Rs 5 lakh should be able to do so without mortgage.
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