INDIA: Student loan applications double in five years

The number of students applying for educational loans across India has doubled in the last five years, data compiled by the Indian Banks' Association has shown, reports The Times of India.

The data, compiled annually from the records of all the country's 28 nationalised banks, shows that 3,250,000 loan applications were received in 2009-10 against 1,480,000 in 2004-05.

Bankers attribute this to an increase in the number of people pursuing higher education and a relaxation of educational loan norms. "Earlier, the criteria were stricter and only meritorious students were given educational loans. Now, even an average student is eligible," said Nupur Mitra, executive director of Indian Overseas Bank, Chennai.
Full report on the Times of India site