........The Reserve Bank of India advised the banks in November 2012 that ‘service area’ norms were not applicable in case of educational loans. Hence, banks had been advised not to reject any application on the grounds that the residence of the applicant did not fall under the bank’s ‘service area.’ As regards the rates of interest charged on educational loans, Mr. Meena said the RBI had de-regulated the interest rates. With effect from July 1, 2010, all banks had to price their loan products, including education loans, linked with the base rate of the bank.........
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