Student loans: Government orders faster approvals for education loans in 15 days; PSBs told to clear all backlogs till May
The finance ministry has asked public sector banks to fast-track education loan applications, directing them to process requests within 15 days of submission. Banks have also been told to set up a centralised credit processing system with clear internal procedures to ensure timely approvals, according to people familiar with the matter.
If a loan application is rejected or returned, the decision must now be approved by a higher authority and the student must be clearly informed of the reasons, the sources said, according to ET.
"A series of meetings have been held with banks over the last two months to discuss delays in the processing of education loan applications," an anonymous government official said, as quoted by ET. The source further added that it would be ensured by the lenders that decisions are made within three to five working days.
While most banks currently take up to a month to process education loans, the ministry wants this timeline shortened. Sanctions will continue to depend on proper documentation, the presence of a co-applicant or guarantor, and other eligibility factors.
Disbursements will be made in instalments, directly to the educational institution.
Banks have also been instructed to clear all pending applications up to May and submit a detailed status report.
The push comes after the government received several complaints about delays.
'There were some cases where loans were sanctioned, but disbursals were on hold due to unsatisfactory documentation. Those cases have also been put on the fast track,' the official added.
To streamline the process, banks have been told to stick only to documents listed under the
Indian Banks' Association
's Model Education Loan Scheme.
A senior bank executive said lenders are now working to align their internal systems with the Vidya Lakshmi portal to speed up operations.
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