TheNational Bank for Agriculture-notes-for-state-psc-exams”>Agriculture and Rural Development() has recommended increasing the limits for providing collateral-free credit to the students.
In its state focus paper 2023-24 for Jharkhand, Nabard stated there is a provision for collateral-free loans up to Rs 7.50 lakh for Education. However,Jharkhandbeing a tribal majority state with a large number of students from poor households, enhancing the quantum of loans would be beneficial for them. The representation may be given to theReserve Bank Of India(RBI), it said.
The State Government has held discussions with its officials on enhancing the collateral-free loans up to Rs 15 lakh. Sources said the government is mulling over creating a corpus to implement the plan.
Nabard projected that the potential for education loan in the state is Rs 1,222.53 crore for the 2023-24 financial year.