MUMBAI: Almost each and every student wants to get admitted to higher or top level educational institutions to build their future. Considering this huge demand, banks have come up with an idea – provide a common online platform simplifying the loan application and sanctioning procedure.
“On behalf of every bank, Indian Banks Association has hired a third party service provider to set and manage this online portal”, said Senior Official of Central Bank of India.
Once the portal is set and started running, students in need of education loan have to just upload the necessary details required for admission. “Qualified students have the rights to apply in three banks at the same time for loan”, said the official quoted above.
So, banks will process loan applications of students who have secured admission to HEI recognized by NAAC at a faster pace as they know that he/she can approach other banks also.
“Applying for loan in three banks at the same time is a time-consuming process”, said the official quoted above. He also said that this portal is likely to be run by mid-August.
This portal also helps banks in tracing and following-up the loan during its repayment time period. If any branch refuses to give education loan to a student, he/she can go to another bank without wasting much time.