MoS: PSBs got highest education loan requests from TN in 2023-24

Majumdar’s reply states that the education loan amount disbursed by public sector banks in 2023-24 was Rs 28,699 crore, while private banks disbursed Rs 7,749 crore.

public sector banks, PSBs, education loans, education loans Tamil Nadu, Indian express news, current affairs

It had said then that the loan amount disbursed by public sector banks in 2018-19 was Rs 13,784 crore.

Tamil Nadu recorded the highest number of educational loan applications of 57,950 with public sector banks in 2023-24, up from 30,488 in 2019-20 while Maharashtra recorded the highest number of applications of 15,243 with private sector banks in 2023-24, more than thrice of 4,892 in 2019-20, according to the response to a question in the Lok Sabha last week.

The data from the Indian Banks’ Association was submitted by Union Minister of State for Education Sukanta Majumdar in response to a question from Janasena Party MP Balashowry Vallabhaneni, who had asked if nearly 90% of educational loans are given by public sector banks.

Majumdar’s reply states that the education loan amount disbursed by public sector banks in 2023-24 was Rs 28,699 crore, while private banks disbursed Rs 7,749 crore.

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In 2023-24, Maharashtra was a close second after Tamil Nadu with 56,947 applications with public sector banks. In terms of applications with private sector banks, Karnataka came second after Maharashtra with 9,506 applications in 2023-24.

Public sector banks received 4,65,965 education loan applications in 2023-24, up from 2,87,309 applications in 2019-20, and 2,26,690 in 2020-21. However, in 2023-24, it was a little lower than the 4.87 lakh applications recorded in 2022-23.

Last year, in response to a similar question in the Rajya Sabha on educational loans, the government had said the loans disbursed by public sector banks has “consistently increased” since 2018-19, except for 2020-21, “due to the Covid crisis.”

It had said then that the loan amount disbursed by public sector banks in 2018-19 was Rs 13,784 crore.

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