Saturday, October 6, 2012

SBI clarification on education loan

Mumbai, October 5: State Bank of India (SBI) authorities on Thursday clarified that the application for an education loan received at the Tiruvalla branch of the bank the other day was returned as it didn’t comply with the existing norms laid by the Indian Banks’ Association (IBA) and Union Government for sanctioning loans. 

Reacting to media reports, an SBI press note maintained that as per the existing model education loan scheme in vogue since August 2011, admissions under the management quota are to be kept outside the scope of the Education Term Loans (ETLs) scheme.