Malaysian Indian students owe $16.95 mn in unpaid loansMay 14th, 2009 - 12:23 pm ICT by IANS
Kuala Lumpur, May 14 (IANS) Education loan defaulters owe the Malaysian Indian Congress (MIC) about 60 million ringgit ($16.95 million) and the party-owned Maju Institute of Educational Development (MIED) now wants to come down hard on them.
MIC president and MIED chairman S. Samy Vellu Wednesday said that around 95 percent of the students tried to avoid repayment and some even went to the extent of changing their addresses after completing their studies.
“Legal action will be taken against the defaulters and the guarantors. Their names will be blacklisted to prevent them from obtaining other loans and they will also be slapped with travel bans,” Vellu said at an MIED function here.
MIED, the educational arm of MIC, has disbursed around 90 million ringgit (RM) through 12,500 study loans for around 9,500 students since its inception in 1984.
The MIED stopped approving loans of RM40,000 and above in March last year as many borrowers had difficulty repaying them, The Star newspaper said.
The MIED beneficiaries are ethnic Indians who form 7.4 percent of Malaysia’s multi-racial 28 million population.
A constituent of the ruling coalition Barisan Nasional, MIC has traditionally spoken for Malaysia’s Indian community.
- Malaysian Indian leader restrained from registering members - Mar 08, 2011
- Malaysian Indian education body hit by scam - Mar 02, 2009
- Malaysian Indian Congress chief to be business envoy - Nov 22, 2010
- Malaysian Indian Congress has new secretary general - Feb 18, 2011
- Malaysian Indians moving away from opposition alliance: Report - Apr 06, 2011
- Woman charged with cheating stopped from taking India flight - May 20, 2010
- MP lodges police complaint against MIC chief, son - Nov 20, 2009
- Samy Vellu to promote infrastructure projects in India - Apr 08, 2011
- Malaysian Indian Congress to contest seats lost in 2008 poll - May 30, 2011
- Vellu may be Malaysia's special envoy to India - Dec 07, 2010
- Malaysian Indian Congress chief 'under pressure to quit' - May 07, 2010
- Book row: Malaysian government to talk to MIC leaders - Jan 25, 2011
- Samy Vellu appointed Malaysia's special envoy to India - Dec 13, 2010
- Malaysian Indian woman rejects cheating charge, faces trial - May 11, 2010
- Major changes ahead in Malaysian Indian Congress - Jun 06, 2010
Tags: 60 million, beneficiaries, borrowers, constituent, education loan, educational arm, educational development, extent, inception, indian students, indians, kuala lumpur, loan defaulters, malaysian indian congress, mic, mied, samy vellu, study loans, travel bans, unpaid loans