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Banks Can't Fix 60 % For Education Loan: Court

PUBLISHED BY: SURENDER KUMAR
JULY 09, 2014

   
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Banks Can't Fix 60 % For Education Loan: Court

 

A bank cannot fix 60% marks in Plus Two as the minimum required for education loan to students for engineering courses, the Madras high court says. A division bench says that it is incorrect for the bank to deny a loan because he had scored only 59% marks and not 60% as prescribed by the bank.

 

The decision comes on a petition filed by A Ravi, in which a single judge had directed the bank to extend the loan, saying that it cannot deny a loan on the ground of lack of minimum marks, that too after admission. Later, the bank filed an appeal, which was rejected by the court. As per the court, the idea behind the scheme is to finance the disadvantaged people in their educational career for social uplift through social banking.



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