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Now Get an Education Loan in 15 DaysBy Neelima Chimnani On October 26, 2012 Add Comment In Career Guidance, NationalNew Delhi: If youre a student puffing and panting from your rounds to the banks for an education loan, this is for you your application is certainly getting pushed forward at the bank!Not only do students get lower interest rates but also an education loan in no more than a fortnight. The Indian Banks Association has asked banks to expedite the loan process for students as a redress step to the pile of student complaints about inordinate delays in the process. And students getting good scores have it even better they are being viewed by lenders as those with a high probability of bagging good jobs.Its a good time for all students in need of funds for study. The banks will now have to communicate in writing the reasons for rejecting an education loan to the applicant, making rejection on loose grounds impossible. Rejections will now also require approval of the senior controlling authority of the bank branch concerned. This level of formalisation will fix the erraticism in the loan sanction pattern, feel officials.The total outstanding amount under education loan for banks has gone further up from an estimated Rs 43,074 crore in 2011 to Rs 49,069 crore in 2012. Finance minister P Chidambaram has asked banks to make credit available to students at affordable rates and favourable terms and conditions, as also consider all loan applications.Lenders have also been asked to increase penetration of education loans to all states. We want to ensure that all students get credit to pursue higher education, TM Bhasin, chairman and managing director, Indian Bank told HT.Information gathered from Internet from Click Here