A good news is lined up for students, If reserve bank of India accepts the advice of its committee for making the loan approval hassle free then students can avail the student loan with lesser efforts from the banks.
The committee, headed Damodar Acharya, Director on RBI’s Central Board has asked the banks to create awareness among students and their parents regarding education loan by organizing several camps and guide them about loan recovery and sanction process. Further the committee recommended that banks should ensure that the students are not bothered while completing the norms to get the loan. All banks should agree to host a central port that will help the borrowers to get the information easily regarding the loan repayment and disbursement.
Many students complained that a lot of paper work is required in getting the loan and much of which is unnecessary , so committee recommended to standardize the form filling process. It is also reported that the loan amount for studies in INdia will be increased from 4 lakhs to 6 lakhs and for studies in abroad it will be 30 lakhs.