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Education Loan Bill, 2016 - (11 Mar 2016)


The Education Loan Bill, 2016, a private member bill introduced in the Lok Sabha, aims to bring the concept of sponsored educational disbursements to students, but via the private sector. Under the premise of the Bill, applications made to banks for educational loans will mandatorily be accepted by banks, which cannot refuse loans on any ground, insist on any sort of guarantee, charge higher than stipulated interest or initiate a recovery process before the completion of one year of securing a job by a student. Loans will also be waived off if students fails to secure employment within five years of completing their course. The Bill does not make distinction between public sector banks and private banks.


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