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Education loan defaults soar 47% on weak job market

HIGHLIGHTS A weak job market and wilful default by even those in well-paying jobs have hit the education loan portfolio of state-run banks. Non-performing assets soared by almost 47% between March 2015 and last March, data shared in Parliament showed. The problem is so acute for at least five lenders that the stock of bad loans has more than doubled. NEW DELHI: A weak job market and wilful default by even those in well-paying jobs have hit the education loan portfolio of state-run banks with non-performing assets soaring by almost…

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Rising NPAs in education loan add to banks stress

Education loans too have started bleeding the banking sector with the default in repayment rising to 7.67 per cent of the outstanding amount at March- end, 2017 from 5.7 per cent two years ago. As per the data compiled by the Indian Banks Association (IBA), the total outstanding education loan at end of the fiscal 2016-17 was Rs 67,678.5 crore, of which Rs 5,191.72 crore was NPA. The government is already struggling to deal with the problem of mounting NPA in the public sector banks and has drawn a mega…

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India Funding Roundup: An Online Legal Services Provider, Loan Marketplace, and More

Our latest funding roundup compiles seed stage investments in Indian subscription based grocery delivery startups, legal services providers, loan application portals, and proximity marketing firms. Deal4Loans Noida-based Deal4Loans, a loan information and application portal that provides information on personal, home, car and business loans, and credit cards from different banks has raised an undisclosed amount of funding from international investors, including Ram Shriram, Neeraj Arora, Samir Sood, and Puru Vashishtha. Founded in 2009, the company has reportedly booked over Rs. 10,000 crores in loans through seven million customers. LegalRaasta Online…

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