[ad_1]
NEW DELHI: Education loans are set to get easier with the Reserve Bank of India (RBI) planning to put in place “frictionless credit mechanism” soon. A confirmed admission offer, accessed digitally, is all that will be required and a candidate will no longer have to go through the long process of paper work.
This will be in line with the Innovation Hub platform where a borrower can access information to calculate his or her ability to pay back the loan.
According to a senior RBI official, speaking to TOI on the sidelines of the G20 Summit on Saturday, the “frictionless credit” initiative, which has so far been for farm and dairy loans, will be extended to education loans “by the next academic session of 2024-25”.
This will be in line with the Innovation Hub platform where a borrower can access information to calculate his or her ability to pay back the loan.
According to a senior RBI official, speaking to TOI on the sidelines of the G20 Summit on Saturday, the “frictionless credit” initiative, which has so far been for farm and dairy loans, will be extended to education loans “by the next academic session of 2024-25”.
#farm #loan #students #frictionless #education #loan
