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Interest cut on loans to be taken up with Centre

Special Correspondent

THIRUVANANTHAPURAM: Chief Minister Oommen Chandy will discuss the issue of reducing the interest rate on educational loans with Union Finance Minister P. Chidambaram shortly.

Now, different banks are charging different interest rates for educational loans. Lower interest rates are charged for loans taken from students of certain courses and institutions.

The Chief Minister discussed the issue at a conference of authorities of nationalised banks, cooperative banks and Government officials here on Thursday. He urged the banks not to deny loans to students with less than 50 per cent marks and maintain transparency. It was suggested at the conference that the interest rates would come down if revenue recovery proceedings were made applicable to educational loans.

The State Planning Board, it was decided, will hold discussions with each bank on the loans. Attempt will be made to bring about uniform interest rates. Each bank would discuss these issues at their director boards and take decisions. The d Department will draw up proposals on providing insurance cover for educational loans.

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