Coimbatore: Coimbatore MP PR Natarajan has stressed that banks should stop taxing education loan borrowers. He noted that several parents and students are raising concern over the harrasment by the banks to settle the loan amounts.
Coimbatore: Coimbatore MP PR Natarajan has stressed that banks should stop taxing education loan borrowers. He noted that several parents and students are raising concern over the harassment by the banks to settle the loan amounts.
In a press release, he said. "There have been repeated complaints from people that banks are constantly forcing educational loan borrowers to repay the loan. Parents procure loans for their children's education in the idea of repaying them after he/she gets a job."
He added saying, "The employment of many people is in a very volatile condition due to the miserable economic policies of the government. Job security and unemployment is very concerning."
"The banks should realize that when entrepreneurs are struggling to pay back loans due to the prevailing economic crisis, how will students pay back on time when they are yet to be employed. Torturing them and threatening to confiscate their graduation certificate is highly condemnable", remarked the MP
He opined that "When huge amounts of loans are being waived off for big corporates, it is unfair and shame to threaten middle and lower class parents and students for repaying educational loan ontime."
He also cited the death of a student Ned Lenin from Madurai who committed suicide as he was unable to repay his educational loan. "Hence, keeping on mind the present economic situation, banks should refrain from taxing educational loan borrowers for cash", he added.
In a press release, he said. "There have been repeated complaints from people that banks are constantly forcing educational loan borrowers to repay the loan. Parents procure loans for their children's education in the idea of repaying them after he/she gets a job."
He added saying, "The employment of many people is in a very volatile condition due to the miserable economic policies of the government. Job security and unemployment is very concerning."
"The banks should realize that when entrepreneurs are struggling to pay back loans due to the prevailing economic crisis, how will students pay back on time when they are yet to be employed. Torturing them and threatening to confiscate their graduation certificate is highly condemnable", remarked the MP
He opined that "When huge amounts of loans are being waived off for big corporates, it is unfair and shame to threaten middle and lower class parents and students for repaying educational loan ontime."
He also cited the death of a student Ned Lenin from Madurai who committed suicide as he was unable to repay his educational loan. "Hence, keeping on mind the present economic situation, banks should refrain from taxing educational loan borrowers for cash", he added.