NEWS & ADVICE : EDUCATION LOANS
FinMin asked banks to implement online tracking of education loan
By Neelima Shankar
Feb 7, 2013
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Finance Ministry concerned over the delay in processing of education loans, asked banks to implement online tracking of the loan applications.

If the loan application is rejected, there would also be a system of review by the next higher authority where the loan is rejected.

The Finance Ministry directed the banks and State Level Bankers Committees in a recent communication to form a common grievance redress mechanism at the branch, zonal and head-office levels.

Banks will have to inform about this mechanism to the applicants at the time of submission of application.

FinMin also asked banks to ensure that suitable instructions are issued to field level staff on disposal of education loans.

The Ministry also observed that loans for vocational courses were not being given adequate publicity, so ministry advised banks to popularize such loans.

The Ministry has revised upwards the disbursal targets in different States and the same has been communicated to SLBCs.


 


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