Home>> BANKS CAN"T INSIST ON MINIMUM 60% MARKS TO EXTEND EDUCATIONAL LOANS: MADRAS HIGH COURT

Banks Can"T Insist On Minimum 60% Marks To Extend Educational Loans: Madras High Court

News Information

Banks cannot fix 60% of marks as minimum required percentage for extending education loan to students, Madras high court has ruled.A division bench of Justice N Paul Vasanthakumar and Justice M Sathyanarayanan, coming to the aid of an engineering student who got admission under management quota, said on Wednesday that it was incorrect on the part of the bank to deny loan to him on the ground that he has scored only 59% of marks and not the minimum required percentage of 60%.After being denied an education loan by the Indian Overseas Bank, A Ravi moved the high court for a direction. In June last year, a single judge directed the bank to extend loan to the boy, saying banks cannot deny loans on the ground of minimum marks percentage, that too after he is given admission under management quota.The bank filed the present appeal saying candidates who have secured 60% marks and above alone are eligible to get education loan as they alone can be treated as meritorious candidates.Rejecting the submissions, the bench said, "The Government of India launched the scheme of providing educational loans to the economically disadvantaged people, through nationalised banks. Sanction of educational loan is not free, but it is repayable with interest at a later point of time, of course, at reduced rate of interest. The whole idea behind the scheme is to finance the economically disadvantaged people. It is a social commitment for the upliftment of weaker, vulnerable and other sections of the society. It is a social welfare measure. In a way, it is some sort of social banking."
The judges said public sector banks and other financial institutions should bear the government's policy in mind while sanctioning educational loans covering the genuine, reasonable and justified educational expenses and relieve the students and their parents from pressing financial crisis.

 

Ncweb Releases First Cut Off List 2013
Dr D Y Patil Vidyapeeth Announces Mbbs Entrance Test Date
Banks Can"T Insist On Minimum 60% Marks To Extend Educational Loans: Madras High Court
Ugc Scholarship/Fellowship Awards 2014-15
Half Of Class 3-5 Kids In Tamil Nadu Can"T Read Class 1 Text
Give Books And Uniform To Poor Students
Ruhs First Mbbs Exam Jan 2012 (Remanded) Result Announced
Up-Cpmt: 121 Registrations On Second Day Of Counselling
Poor Pupil-Teacher Ratio Plagues Urdu Schools
Bangalore University Degrees May Offer Physical Education As Optional Subject
Nursery Admission Is No Child"S Play
Primary Education Standard In Up "Very Weak": Rahul Gandhi
Cabinet Nod For Privileges To Nalanda University
Delhi University"S Postgraduate English Students Want 3 Teachers Sacked
Errors Galore In Mumbai University"S Engineering Exam Question Papers
Bachelor"S Degree In Engineering A Promising Option
Iim-A Faculty Suggests Way Out Of Macroeconomic Mess
Amity "Solar Campus" Offers Interesting Courses
Pg Courses In Central Univ
For Admissions To Nursery, Parents Doing The Prep
Saarc"S Best Law Teacher Award
Now A Course In Solar Energy Technology
Schools Closed In Jammu & Kashmir
Bjp Vows To Scrap Delhi University"S 4-Year Undergraduate Programme
Major Changes In Cat 2014 Pattern
Calcutta University M Phil Course In Sociology Admission 2012
Gujarat University: Students Complain Of Out Of Syllabus Questions

Medical College In Kalahandi Gets Mci Nod For Mbbs Course
Parents" Lack Of Awareness, Managements" Greed To Blame For Student Suicides In Tamil Nadu: Academics

2 Bits Pilani Students Bag Year"S Highest Rs 1.44 Cr Pay Package

Lu Teachers" Forum To Support Hazare

Founder-Principal Of India"S First Sainik School Passes Away

New Courses For Retiring Defence Personnel"S Second Career

Delhi University Makes Fyup Theme For "Good Practice" Awards, Participation For Colleges Is Mandatory

Hrd Ministry To Take Final Call On Delhi University"S Fyup


Student "Misbehaves", Kin Thrash 3 Teachers

Tamil Nadu 10Th Results: Three Students Share First Rank With 100% Marks

Errors Galore In Mumbai University"S Engineering Exam Question Papers

School Watch: Fulbright-Nehru Master"S Fellowships

Fyup New Guidelines Create Imbalance In Thdepartments Across Campus

Primary Education Standard In Up "Very Weak": Rahul Gandhi

Bjp Vows To Scrap Delhi University"S 4-Year Undergraduate Programme

Indian Students" Enrolment In German Universities Up More Than 100% In 5 Years

Minority Schools Not Getting Govt Grant Don"T Have To Reserve Seats: Hc0

Half Of Class 3-5 Kids In Tamil Nadu Can"T Read Class 1 Text

Delhi University Won"T Answer Queries On Four-Year Undergraduate Programme

Students" Papers To Be Verified Online

Nursery Admission Is No Child"S Play

Saarc"S Best Law Teacher Award

Mumbai University May Get Tough With Colleges" Plan To Expand

In A First, Iiit-Allahabad To Hold Students" Body Elections On Feb 11

Delhi University"S First Cutoffs Soar To 100% In Three Colleges

Bachelor"S Degree In Engineering A Promising Option

Cbse Body To Monitor Goa"S Continuous Comprehensive Evaluation System

80 Candidates" Cat Scores Found Rigged

Clat Results Still A Mystery; Gnlu Promises Them "Asap"

Teachers" Body Slam Delhi University"S Stand On Governing Body Nominees

Parents" Lack Of Awareness, Managements" Greed To Blame For Student Suicides In Tamil Nadu: Academics