Whta is the purpose of an education loan?
by Mithun Gomes on Mar 16, 2009 10:58 PM
Dear Rashmi,
It's a very well written article and an eye-opener indeed. Although I have read it only today, I'm glad that you chose to write about something like this before it was too late.
As another person in the student pool looking for a loan for higher education, I will need to gather 2 lacs for good equipments apart from the 4.5 lacs for the college fees (for a Film making course). Therefore I will have to apply for loans of up to 6.5 lacs.
How does a person access such a facility when to pay back that loan they must shell out almost 50% more than what they borrowed for a degree form an institute of repute?
It does seem that the RBI deems it more relevant to promote the affordability of luxury goods rather than a credibly educated society. I wish that the RBI would re-look and re-think the repayment rates and methods, thereby making it more user-friendly and accessible. I also urge them to note that an educated society which makes informed decisions takes the economy further than one which is needlessly spendthrift.
