Skip to main content

Banks can't fix 60% marks as cutoff for study loans: Madras HC

The bank filed an 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.

The bench, rejecting the submissions, said: "The government of India launched the scheme of providing education loans to economically disadvantaged people through nationalised banks. Sanction of educational loan is not free but is repayable with interest at a later point of time, of course, at a reduced rate of interest. The whole idea behind the scheme is to finance the economically disadvantaged people in their educational career. 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 must bear the government's policy in mind while sanctioning educational loans to cover the genuine, reasonable and justified educational expenses and relieve the students and their parents from pressing financial crisis.

In this regard, the judges also pointed out that a review meeting of top bankers decided on September 27, 2013 that they would extend loans to meritorious students who get admission under management quota. It was also decided that loan applications have to be disposed of within a period of 15 days to one month.

Article referred: http://timesofindia.indiatimes.com/india/Banks-cant-fix-60-marks-as-cutoff-for-study-loans-Madras-HC/articleshow/38098371.cms

Comments

  1. Anuj Sharma4 June 2020 at 19:06


    Awesome work ! I am planning to get an education loan but I was confused about the best deals available for me , your post gave me an amazing idea to explore for study loans australia . Nice post, keep posting.

    ReplyDelete
  2. Nikki Singh5 June 2020 at 17:29

    This information is very helpful. Thanks for sharing this information on Education Loan. For Study loan, visit here:
    Education Loan For Study In India

    ReplyDelete

Post a Comment

Most viewed this month

Deposit Of Minimum 20% Fine/Compensation U/s 148 NI Act Mandatory

In OP(Crl.).No.348 OF 2019, T.K.SAJEEVAN vs FRANCIS T.CHACKO, the appeal was filed against the order of the lower court to deposit 25% of the fine before filling of appeal. The appellant argued that the deposit introduced through the Section 148 of the NI Act after amendment was directory in nature as it used the term 'may' while mentioning the issue of deposit. The Kerala High Court however disagreeing held that in view of the object of the Legislature while incorporating Section 148 into N.I. Act, the word 'may' will have to be read as 'shall'. The imposition of payment contemplated under Section 148 N.I. Act cannot be restricted to some prosecutions and evaded in other prosecutions. Since the amount directed to be deposited being compensation, undoubtedly, it is liable to be ordered to be deposited irrespective of the nature of the prosecution. Therefore, the word 'may' can only be taken to have the colour and meaning of 'shall' and there
Post a Comment
Read more

NCLT - Mere admission of receipt of money does not qualify as a financial debt

Cause Title : Meghna Devang Juthani Vs Ambe Securities Private Limited, National Company Law Tribunal, Mumbai, CP (IB) No. 974/MB-VI/2020 Date of Judgment/Order : 18.12.2023 Corum : Hon’ble Shri K. R. Saji Kumar, Member (Judicial) Hon’ble Shri Sanjiv Dutt, Member (Technical) Citied:  Carnoustie Management India Pvt. Ltd. Vs. CBS International Projects Private Limited, NCLT Swiss Ribbons Pvt. Ltd. & Anr vs. Union of India & Ors. (2019) Sanjay Kewalramani vs Sunil Parmanand Kewalramani & Ors. (2018) Pawan Kumar vs. Utsav Securities Pvt Ltd 2021 Background Application was filed under section 7 of the Insolvency and Bankruptcy Code, 2016 alleging loan of Rs, 1.70 cr is due. The Applicate identified herself as the widow and heir of the lender but could not produce any documents proving financial contract between her Late husband and the CD but claimed that the CD has accepted that money was received from her husband. The applicant subsequently filed rejoinder claiming the debt t
Post a Comment
Read more

Vanishing promoters and languishing shareholders

Over Rs 60,000 crore of shareholders’ wealth is stuck in 1,450 companies suspended by the stock exchanges. More importantly, near 100 per cent pledging of promoter holding appears to be common in many of these companies. This, almost rules out any chance of the companies bouncing back. The suspension is for non-compliance of the listing norms. Vanishing Companies - Definition As per the definition stipulated by SEBI, any listed company, which raised moneythrough initial public offer and, thereafter, stopped operations, did not file returnseither with the RoC or SEBI and did not exist on the registered premises wastermed as vanishing.There are provisions under Companies Act under which companies are termedvanishing companies on satisfying certain conditions. it is provided a companywould be deemed to be a vanishing company, if it satisfies all the conditions given below : a) Failed to file returns with Registrar of Companies (ROC) for a period of two years; b) Failed to fil
3 comments
Read more