Is it necessary to have an account with the bank to avail of an educational loan?

Earlier, having an account in the bank from where the borrower was hoping to get a loan used to be an important criterion.

However, now it is no longer a mandatory requirement. Although, if you have an account with the particular bank, it usually becomes easier to get the loan sanctioned. This is because of the individual’s prior relationship with the bank, his/her past financial records and transactions that can be analysed faster to make a decision.