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Journalism of Courage
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.
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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