Students Complain of Banks refusing to accept application for education loans

Updated on: Tuesday, October 09, 2012

In petitions to Collector G. Govindaraj, a total of 61 students pursuing engineering and MBA courses in a private college in Coimbatore complained that despite three months had gone into the academic year, the banks were refusing to accept their applications.

Lead District Manager R. Rajagopal said 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.

“If at all the loan cannot be given, the bank managers will be asked to give an explanation for rejection,” he said.

Banking sources added that 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.

“From this fiscal 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 admission in management quotas,” sources said.

Students Complain of Banks refusing to accept application for education loans

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