Reasons why Public Sector Banks cannot deny an Education Loan
As a potential education loan applicant, this story could be a ray of hope for you. As loan applicants we all may know so many reasons of why we could be denied any loan, for any purpose, whatsoever.
But do you know that a public-sector bank (specifically) can’t deny you a study loan. According to a newspaper article I read the other day, a student can call the Finance Minister or the officials of the department.
If your bank says that you can’t get a loan because of the place of your residence or your age, call the Ministry. They can’t insist on the institute being within the limits of the branch.
Same is the case if the bank tells you that your loan guarantor’s residence has to be the same as yours.
All this is good news for you if you want to pursue higher studies, even if you are, say, 45 years old (not an age when typically one takes up an educational endeavor).
This is true for study in any institute in India. There just one pre-condition. If your institute is not approved by a statutory body such as UGC, AICTE, the central government or a state government, you will not be so lucky.