Kerala Chief Minister Oommen Chandy has urged the banks to adopt a practical approach while sanctioning education loans.
The issues came forward at the State Level Bankers Meeting, where the CM also added that banks were levying different charges for different courses. The interest rates also varied from 12 to 17 per cent.
The CM further added that banks denying loans to students getting admission under management quota was unjustifiable.
If need arises the banks should contact the state government, which would be resolved with Union Ministry assistance.
State finance minister, Mr. K.M. Mani asked the banks to reduce the time in loan sanctioning, and also reduction in the interest rates.
Mr. Chandy said that the banks should function with a social commitment.