Jobless Engg. graduates burdened with huge loans

Updated on: Friday, March 27, 2009

Bangalore: Thousands jobless fresh engineering Graduates caught in disarray.

Shortly they have to repay their education loans, caught in the middle of recession, where most firms have unofficially declared a freeze on recruitment, they are bewildered about their EMI.

A few were offered jobs, which were later withdrawn; others were recruited and then sacked, while the rest are still waiting.

For example, an engineering graduate who was recruited by Siemens Information Systems Ltd was shocked when her company email informed her that her services were terminated along with 150 others picked from leading engineering colleges. Hundreds of similar stories abound in several big and small companies.

Nearly 50 per cent of students in about 130 private colleges in Karnataka, studying under the non-government quota, pay Rs. 5 lakh as tuition fees for the course. Most of them borrow from banks and with interest, it works out to a hefty sum.

In the case of Siemens, 150 freshers lost jobs overnight; some had just started repaying their loans. Once I got my offer letter I did not want to delay payments. But after three monthsâ€™ training, we were given paid leave for three weeks, only to be dumped unceremoniously,the graduate says.

For more information visit : www.kalvimalar.com

Jobless Engg. graduates burdened with huge loans

More Education news