Education and Career Forum

I have visited many banks for educational loan.
I want to ask that do bank give loan to those candidate whose parents does own their own property like land or house?

Originally Posted by Unregistered

I have visited many banks for educational loan.
I want to ask that do bank give loan to those candidate whose parents does own their own property like land or house?

Hey friend,

There are many banks which are offering candidates for Education Loan for the candidates to join in courses and he interest rates are needed to be settled later as per the Guidelines and it is that the Bank offers all these only on the condition that you are trust worthy.

You can gain the trust from a Bank easily if you have a account in the bank for many years and had many transactions and the other thing is that the candidate should have submitted the important certificates to the bank .

The certificates would include such as that of a Completed Education Loan application form and the candidate should have 2 passport size photos,the mark sheets of last qualifying examination and your proof of admission scholarship, studentship.

You should also submit the expenses for the specified course.Borrower's Bank account statement for the last six months.And you have asked for the information regarding the property,yeah there are banks which ask for it as it is to make sure that if you are not able to pay the loan means then the Bank will face trouble and loose their money,so to be aware of it most banks ask for own property details in order to be aware that if you are not able to pay for the loan earned then the bank will take over your Own property as it is the procedure behind it.


ALL THE BEST

No, it is not that bank gives loan to the students whose parents/guardian posses properties like land or house. It totally depends on the amount of loan you want to take as education loan. Most of the nationalized banks especially the private ones like ICICI, BOI, PNB, Axis, Allahabad Bank, etc. follow the below criteria while sanctioning education loan.

--> Loan upto 4.5 lakhs - No mortgage and no third party guarantor. Hence there is no compulsion that your parents/guardian own property like house or land. However they should have a regular income source.

--> Loan between 4.5-7.5 lakhs - Third party guarantor and 15% of the loan amount as security deposit. In this case also, there is no compulsion that your parents/guardian own property like land or house. However, they should have a regular income source.

--> Loan above 7.5 lakhs - Third party guarantor as well as mortgage of properties like house or land is required. Hence in order to take an education loan of more than 7.5 lakhs, your parents need to have property like house, land or car.

For, SBI if you want to take a loan of more than 4.5 lakhs, your parents/guardian need to have properties like house or land or car since SBI asks for mortgage for loan above 4.5 lakhs.

Bank needs a guarantee from the students and parents who hold account in the same can be of help. You need documents like passport size photo, income proof/latest income tax return, last 6 months bank account statements during the sanctioning of loan. You need have good score along with the admission details. In case of repayment of education loan, basically it starts within six months of job and one year after the course is over. The term can be extended between five to seven years. The bank will wait for one to two months and after that will issue a notice and the loan guarantor will be contacted.

my amount of loan is just 82550 rupees only but my parents doesn't hv own land or assest.so I can get loan on behalf of it...??