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Apply Online for Education Loan

IN a move to simplify education loan formalities, six to seven banks in the country would provide “online loan application” facility from this academic year, Union Finance Minister P Chidambaram said.

Inaugurating the 1327th branch of the Oriental Bank of Commerce here on Sunday, he said the facility would be extended to all banks in the course of this year itself.

The nationalized banks in India created a world record in the last financial year when they provided education loan to 12,51,692 students to the tune of Rs.19,771 crore, the Finance Minister said.

“It is world record that a country holds. In no country such a large number of students have been given education loan. I am not including the education loan extended by the private banks when I mention it is a world record.

It is also a historic achievement. The loans help the middle class and poor people,” Chidambaram said.

The government had given strict instructions to provide loan for all students who had secured seats in higher educational institutes and people should utilise the facility, he said.

The scholarship for pursuing school education after VIII standard, which was planned for one lakh students for this year, would be extended to two lakh students.

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Application Form Submission 16 Dec 2020 to 16 Jan 2021.