In a big relief to 9 lakh families ahead of elections, the government today said it will waive interest component of education loan taken before March, 2009, a decision that will cost the exchequer Rs 2,600 crore. "Since interest concession is being given to borrowers (who have availed of loans) after April 1, 2009, what we are saying is if there is any outstanding interest on the loan you took as on December 31, 2013, I am willing to take over interest burden," Finance Minister P. Chidambaram said in his post budget interaction with media.

Read the Financial Express news report here.