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December 31, 2022 08:48 pm | Updated 08:48 pm IST – Madurai
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Madurai MP Su. Venkatesan handing over educational loan without collateral offered by Union Bank of India to a student in Madurai on Saturday. | Photo Credit: G. Moorthy
In less than four days on approaching Union Bank of India, South Masi Street, seeking educational loan for ₹ 40 lakh, Yogeswar Mathiazhagan got the loan sanctioned. Madurai MP Su. Venkatesan handed over the loan to the engineering graduate, who has got admission for Masters in Engineering (Mechanical) in University of Adelaide, here on Saturday.
“This is the first time, an educational loan of such a huge amount is being given without collateral in Tamil Nadu,” said the MP.
Yogeswar, who finished his engineering graduation in mechanical stream with distinction, got admission in University of Adelaide with 30% scholarship.
“I had approached the bank in person and submitted my papers just few days back and I am delighted as the loan, without any collateral, was sanctioned within a couple of days,” said Yogeswar.
Expressing satisfaction with the friendly approach of the bank Senior Manager, J. Charles, and other staff, he said that he faced no anxiety about getting the loan at all.
Mr. Charles said that the loan, without collateral, was given under Special Union Education scheme for students of premium institutions.
“Under the scheme, loan up to ₹ 1.5 crore can be given without any collateral if they get admitted in top 150 universities across the country,” he said.
He added that it was the first time in the State ₹ 40-lakh loan was given by the bank’s South Masi Street branch under the scheme.
Chief Manager Varadarajan, and Deputy Manager Ratheesh were present.
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