Education Loan Denied on Credit History Problems

A reader of our site has written to us that he was denied an educational loan for his son’s higher studies due to his below average credit history [His history is not bad, but is below average].

Reader Writes,

I applied for education loan for my son for admission to engineering college . Loan was applied with State Bank of India main branch ,LUCKNOW. The loan was declined for reasons that overdue outstanding on my 5 credit cards for Rs 58,889. Sir on my asking to give the bifurcation they said that CIBIL does not give the details, later on my own calculations i cleared

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