Madurai: The Madras High Court Bench here has ruled that educational loans being provided by the banks are meant only for poor and meritorious students who can not pursue their studies due to poverty.
Dismissing a writing petition, filed by Harish Babu of Aruppukottai yesterday, Justice S Manikumar said students with means to pay the tuition fees and have obtained average marks in their qualifying examinations can not compel banks to provide loans.
“The object of the scheme will be defeated if banks are permitted to give loan for rich students. Poor and meritorious students will be denied chance of getting financial assistance for pursuing their course,” the judge said in his order.
Parents of the petitioner who scored 70% marks in his exams earned Rs30,000 a month and were in a position to pay the fees, the judge said.
“As long as the bank managers take a fair and reasoned judgement on providing loans, this court could not interfere. The Reserve bank circular also clearly sets out the goals of the educational loans”, he said.