The Hindu : Front Page : Erode banks make a mark

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Thursday, Feb 28, 2008
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Erode banks make a mark

R. Sundaram

About 8,000 students were given Rs. 100 crore
‘All valid applications were accepted’

ERODE: Banks in Erode district have created what is stated to be a record in terms of the total quantum in granting educational loans to college students. Lead Bank district manager J. Vanangamudi said: “We crossed the Rs. 100-crore mark by January end… in six months. Before March end… the banks may advance Rs. 10 crore more…” This year, Erode District Collector T. Udhaychandran arranged a two-day ‘loan mela’ at the Collectorate where more than 10,000 college students had submitted applications. More than 260 banks took part. Mr. Vanangamudi said that by end-January about 8,000 students were given Rs. 100 crore.

Of these, 1,100 were teacher training college students, who got Rs. 5,000 each. The remaining 6,900-odd were professional college students. “All valid applications were accepted but some asking for exorbitant amounts were rejected,” he said. The District Collector said many poor and middle class families wanted to educate their children, but money was a problem.

He urged banks to advance loans to all eligible students liberally. Canara Bank, which is the Lead Bank in the district, advanced 30 per cent of the total amount here.

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