Govt Banks sanctioned Rs 150 crore education loan whereas Private Banks sanctioned only Rs 17 crore

MP Su. Venkatesan revealed that banks in Madurai sanctioned a remarkable ₹168.28 crore in education loans to students for the academic year 2023-24.

Achievements in Education Loans:

• Madurai district led the state in education loan disbursement, ranking second nationally behind Mumbai.
• Canara Bank and State Bank of India were the top contributors, with ₹44.5 crore and ₹32.99 crore respectively.

Significance of Madurai’s Achievement:

• The average loan disbursed in the state was ₹35 crore, but Madurai exceeded this by disbursing over four times the average.

Loan Applicants and Approvals:

• Out of 2,627 applicants, 2,078 (79%) received loan sanction orders.

Breakdown of Loans:

• Nationalized banks provided ₹150.69 crore to 1,521 students, while private banks gave ₹17.59 crore to 557 students.
• Notably, private banks, previously less involved, approved loans for 90% of applicants.

Challenges in Loan Data Access:

• The district administration and the District Lead Bank faced difficulties accessing loan application details and total disbursements, which were available on the Vidyalakshmi Educational Loan portal.

Appreciation:

• MP Venkatesan honored Deputy General Managers Sujith Kumar Sahoo (Canara Bank) and Harini (State Bank of India), along with other senior officers Anil, Ramprasad, and Santhana Pandian.