New Delhi: The Union Government on Monday made it clear in Parliament that there are no plans to waive educational loans given to youth going for education in the country and abroad. Union Finance Minister Nirmala Sitharaman has given this information in a written reply to a question in Lok Sabha. She said that according to the Model Educational Loan Scheme launched by the Indian Banks' Association (IBA), Indian citizens are provided education loans to help them achieve higher education in the country and abroad.

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Nirmala Sitharaman stated that the aim is to provide qualification, professional skills to the youth and to enable them to develop skill skills or to find self-employment opportunities to gain gainful employment through entrepreneurship. She said that there is a provision of a maximum loan limit of Rs 10 lakh for students pursuing an education in the country and a maximum of Rs 20 lakh for students going abroad for studies.

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She said that this is a term loan and the students have to repay it within a period of 15 years. She said that if the student wants to set up a start-up venture, the moratorium is also available for the skill development (incubation) period and the repayment facility has also been provided to the lower installment at the beginning of the career.

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