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In order to check the high default rate of education loans - currently eight times that of others - leading banks are mulling revisions to the current lending procedures.

Private sector lender HDFC Bank on Tuesday raised its base rate or the minimum lending rate by 0.25 per cent to 7.50 per cent.
Mukherjee's budget had proposed bringing 60,000 villages under the ambit of banking. He said financial institutions should work towards the same.
Finance Minister Pranab Mukherjee said the RBI and the NABARD were drawing up norms to regulate microfinance institutions.
On lending rate hike, MD and CEO Rana Kapoor said the bank has so far raised benchmark prime lending rate by 5 per cent and it now stood at 17.5 per cent.
The country's largest lender, SBI, has sought the Finance Ministry's nod for raising Rs 20,000 crore from the market, a key official said on Thursday.
On the heels of the provident fund board increasing interest rates, the central bank wants banks to compensate small savers for rising inflation.
PNB become the first bank to raise the base rate by 0.5 per cent to 8.5 per cent, after the introduction of the base rates system of lending rates in July 2010.
The banking sector is on a dream run, outperforming its peers over the past three years. Tanvi Varma finds out whether the upswing will continue.
The hike in the rate, the first after RBI's revision of key rates, is applicable to deposits having maturity of over a year and is with immediate effect.
Bankers said interest rates may be raised next month in response to the Reserve Bank of India raising short-term lending and borrowing rates.