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THIRUVANANTHAPURAM: The Regional Office of the Reserve Bank of India here clarified that it had directed scheduled commercial banks "not to insist on security for loans up to Rs 4 lakh" while sanctioning educational loans to meritorious and deserving students.

According to Mr N. Krishna Mohan, Regional Director, Kerala and Lakshadweep, RBI, the loans are repayable over a period of five to seven years starting from one year after the course period or six months after getting job, whichever is earlier.

He said that complaints, if any, about banks desisting from sanctioning loans as per RBI instructions may be addressed to the Banking Ombudsman, Reserve Bank of India, Bakery Junction, Thiruvananthapuram - 695 033. RBI would monitor the situation closely to ensure implementation of the scheme, he said. Banks had sanctioned loans totalling Rs 526.48 crore to 36,640 students of the State as on March 31, 2004.

More Stories on : Education | Credit Market | Kerala

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