Tue Sep 16 15:27:30 UTC 2025: Okay, here’s a summary of the text, followed by a rewritten news article:
**Summary:**
Madurai MP Su. Venkatesan criticizes the high interest rates and complex application processes for educational loans in India, particularly the requirement of a CIBIL score. He highlights the importance of educational loan melas (fairs) in helping students avoid loan sharks and continue their education despite financial difficulties. The goal is to disburse ₹200 crore in educational loans this year. Collector K.J. Praveen Kumar announces ₹26.31 crore in loans approved for 321 students and encourages skill development alongside education.
**News Article:**
**Madurai MP Calls for Reform of Education Loan System, Cites High Interest Rates and Unnecessary Hurdles**
**Madurai, India – September 16, 2025** – Madurai Member of Parliament Su. Venkatesan today voiced strong concerns over the current state of educational loans in India, specifically pointing to what he deems “unjust” interest rates and overly complex application processes. Speaking at an educational loan mela in Madurai, organized for the seventh time, Venkatesan highlighted the disparity between interest rates for vehicle and business loans (7-8%) and those for educational loans (around 10%).
“It is an injustice to our students,” Venkatesan stated, emphasizing the importance of accessible and affordable education for the nation’s development. He further criticized the continued requirement of a CIBIL score for educational loan applications, despite repeated appeals to the Union government to remove this barrier.
The MP praised the role of government-owned banks in providing the majority (90%) of educational loans, and underscored the significance of initiatives like the educational loan mela in preventing students from falling prey to predatory lenders and discontinuing their studies due to financial constraints. He announced an ambitious target of ₹200 crore in educational loans to be disbursed this year, building on the success of achieving a ₹100 crore target in the previous year. “We see educational loans as an investment in the future of our country,” Venkatesan added.
Collector K.J. Praveen Kumar, also present at the mela, announced the approval of ₹26.31 crore in loans for 321 students. He stressed the importance of skill development alongside formal education, encouraging students to take advantage of training opportunities offered by the Tamil Nadu Skill Development Corporation. Kumar emphasized the positive impact of government initiatives on the lives of countless families across the state.
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