No Educational Loans for Students Under Management Quota

The Finance Minster has clarified that students getting admission under management quota are no more eligible for bank loans. Supporting an earlier decision by the Indian Banks Association (IBA), the Minister of State for Finance said that, the ‘Model Educational Loan Scheme’ is only for the meritorious students taking admission based on merit-based process.

According to the Minister, IBA’s Model Educational Loan Scheme is aimed at providing financial support only to the meritorious students. He said that, as per the model educational loan scheme, the assessment of the educational loan is based on the employability and earning potential of the student upon completion of the course.

Last year, the IBA issued a circular to banks modifying the guidelines for disbursing educational loans. It stated that management quota students are not eligible for educational loans.

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