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Banks Denied Applications For Education Loans. Why

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Students Plea On Demanding Edu'n Loan
Students of a Private college in Tirupur have submitted petitions to the Collector demanding for Education Loans. Around 61 students of Engineering and MBA courses in Coimbatore sought assistance of district Administration in getting Educational Loans from banks concerned as there has been an 'extreme delay'.

The petitions said that despite three months had gone into the academic year, the banks were still refusing to accept their applications. Later, the Lead District Manager R.Rajagopal announced that, the applications received from the students on the day would be distributed to bank branches concerned under the service-area approach and asked them to explore the possibilities of giving loans.

He said "If at all the loan cannot be given, the bank managers will be asked to give an explanation for their rejection". The banking sources revealed that the loans were not given in many of the cases which were represented to the Collector on the day were mainly because the students got admission in management quota.

Sources further said that "From this financial onwards, the directions are that the individual banks have the discretion to evolve its own policy for giving loans when it comes to students gaining admissions in management quotas".

What is your opinion on this issue. Should their be a choice of the bank whether to give loan to a student who has been admitted via management quota? Share your views.

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