327 students from Nagaland benefited from education loan scheme
From 2020 to 2024, Nagaland had 327 student beneficiaries under the Credit Guarantee Fund Scheme for Education Loan
- KOHIMA — From
2020 to 2024, Nagaland had 327 student beneficiaries under the Credit Guarantee
Fund Scheme for Education Loan (CGFSEL), where the central government offers a
credit guarantee on education loans approved up to INR 7.50 lakh.
- This was shared by Union Minister of Education Dharmendra
Pradhan on Monday in response to a starred question in the Lok Sabha.
- He informed that, from 2020 to 2024, a total of 6,78,235
credit guarantees have been issued under the CGFSEL scheme across the country,
of which 327 beneficiaries—183 females and 144 males—are from Nagaland.
- The data for Nagaland shows that in 2020, there were 13 male
and 13 female beneficiaries; in 2021, there were 26 female and 14 male
beneficiaries; in 2022, there were 26 female and 20 male beneficiaries; in
2023, there were 40 female and 51 male beneficiaries; and in 2024, there were
78 female and 46 male beneficiaries.
- The union minister stated that under the Pradhan Mantri
Uchchatar Shiksha Protsahan Yojana Credit Guarantee Fund Scheme for Education
Loan (PM-USP CGFSEL), the government of India provides a credit guarantee on
education loans sanctioned up to INR 7.50 lakh, with the guarantee cover being
75% of the outstanding default. The National Credit Guarantee Trustee Company Ltd.
(NCGTC) is the trustee of the credit guarantee fund.
- He mentioned that the total corpus approved for the credit
guarantee fund is INR 3,500 crore, and according to the status report provided
by the NCGTC, the aggregate fund available under the credit guarantee fund for
education loans is more than INR 3,019 crore, as of December 31, 2024.
- He also informed that, since the inception of the scheme in
2015 until December 2024, more than 11.26 lakh credit guarantees have been
issued, of which only about 50,800 have been classified as non-performing
assets (NPA), indicating that the majority of students are repaying their loans
for which the government of India has provided a credit guarantee.
- He maintained that the NCGTC prepares quarterly reports on
the status of operations under the scheme for monitoring purposes and that
these reports are analysed regularly to assess the adequacy of funds available
for the credit guarantee.
