Extend Education Loan moratorium period by 6 months to help Graduates struggling to find  jobs due to Covid - 19 Pandemic

#StudentsMoratoriumExtension.

We are living through a historical period that will surely be written about and analysed ad infinitum. What will be said in these texts will depend on the actions we take today! They can glow positive with our collective wisdom and understanding having moved all of humanity forward! Or they could contain stories of tragedy documenting those left behind!

 

We are here to petition the prevention of the latter from happening! We are speaking about some of the most promising and talented individuals produced by our great country, individuals who have the potential to become industry leaders with global reach such as Sundar Pichai and Satya Nadella!

Many of our students study abroad to gain global exposure and absorb knowledge and skills that make them competitive on the global platform. These students fund their education through loans taken from some of our domestic lenders.

I'm Banit Singh Sawhney , Co-founder of Eduloans , filing a petition to RBI and the Department of Higher Education (Ministry of Human Resource Development)  for extension of the moratorium period by another 6 months and the interest of this additional period should be waived off, especially for students who went to study abroad 2-3 years back.

Having assisted more than 20,000 students till date, Eduloans is the leading platform in India for free education loan support. We have always been there to help students and mitigate the hectic bureaucratic education loan processes of banks for them. Today, Eduloans pledges to continue providing its support to Indian students in these testing times.

The world economy is suffering a temporary hiccup and these students should not lose their careers and livelihoods because of something that we have the power to prevent! Now is the time for these students to move forward with their ambitions and not be bogged down by loan repayments while struggling to get a job!

Here is what our Students who graduated this year want to say,

Mr. Nahush Kasture, graduated this month from Binghamton University - MS in Industrial and Systems Engineering.

I have availed education loan from one of the NBFC and I am required to atone an Equates Monthly Installment of Rs. ******* of aforesaid loan regularly. Due to the current COVID-19 pandemic crisis, the economic foundation of many establishments and organizations are volatile and greatly unstable. Businesses across the country have responded by scaling back operations, initiating hiring freeze policies and cutting down workforce. As it may foreign nationals are not the nation's priority and new graduates like us will struggle to attain mandatory expenses let alone arrange finances for our education loans. With no option left I seek a helping hand from the RBI. As the Nations standing and Firm establishment helping students all over India in seeking their dreams, I believe that it will come to our rescue by providing us a moratorium period of extra 6 months.I am aware that this relief of moratorium is only for postponement of repayment of EMI and Interest shall continue to accrue

Mr. Aakash Thombre, graduated this month from University of Michigan - MS in Mechanical Engineering.

The current situation due to the COVID-19 pandemic is very difficult for all the students who have graduated and are looking for the job. The students might need some extra time to find the employment. If the student could get extra time added to their moratorium period then it would be a huge relief for them.