It is now simpler to obtain an education loan as several public sector banks have rolled out an online application mode and students are lapping it up.
The course of your choice at your dream college will now be just a click away, as most nationalised banks have started giving the option to apply for education loans through the Internet. This would save upto 30 per cent of your time and you also get an in-principle approval within 48 hours. This move has increased the rush of students
Corporation Bank, which was first to go online last year, is already reaping the benefits. It has disbursed as many as 1,924 loans worth Rs 90 crore online in its first year. And sees this number doubling to Rs 200 crore this year.
Other nationalised banks such as The State Bank of India, Bank of India, Punjab National Bank have also decided to ride the Internet wave when it comes to education loans and are rolling out their products. Education loans have always been a dominant in the PSU bank market, and their push means good times ahead for students.