2:00 AM
The whole process of obtaining student loans is all set to
get simplified with the Government of India trying to devise a process of
rating academic institutes in the country. The move is in a bid to simplify the
process of student loans.
According to reports, a list consisting of institutes and
their ranks will aid the Ministry of Human Resource Development (MHRD) in
easing the entire process of providing and acquiring loans for higher
education. As per the plan, students who join institutes mentioned in the list
will be granted preference to obtain study loans to pursue higher education.
Moreover, the loans can be acquired in a hassle-free manner.
The measure is being adopted due to a large number of
complaints coming in from eligible students who have faced hassles in obtaining
study loans. Reports state that since 2010-1011, there has been a significant
rise in the demand for student loans. As a result, many banks are now asking
for the grading of academic institutes, so that the risk on study loans can be
minimized. More than two crore students are currently pursuing their higher
education in 35,829 colleges and 665 universities in India, according to the
provisional report of the All India Survey on Higher Education 2012-13 (AISHE
2012-13).
