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14th May 2015, 04:44 PM
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Can I apply for Education Loan from 2 Banks of Rs. 22 Lacs to study in Australia? Detailed information about Margin of Education Loan?


Hi,
I need a education loan of Rs. 22 Lacs for my Visa. I am going for a 2 year course to Australia. However most of the Banks offer only upto Rs. 20 Lacs. And also, there is a margin of 15% for most of the Banks. Does the margin mean that if I apply for a education loan of Rs. 10 Lacs, then the bank will sanction an education loan of only Rs. 8.5 Lacs? Also, can I apply to multiple Banks for a Education loan, I mean can I split the amount between two Banks as, Rs. 20 Lacs and Rs. 2 Lacs? Please suggest me with some better option as I am in big trouble finding a way out.





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  #2  
16th May 2015, 12:10 AM
ArunavaBasu
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Join Date: Mar 2015
Posts: 2,155
Default Re: Can I apply for Education Loan from 2 Banks of Rs. 22 Lacs to study in Australia? Detailed information about Margin of Education Loan?

No you will not be able to get a Bank Loan from two Banks for the same course.
You will have to secure the Bank Loan from a Single Bank.
You will have to make sure that you show some sort of a mortgage to the Bank from where you are applying for the Loan as that is the way you will be able to get the Bank Loan of Rs 22 Lacs for your course in Australia.
So you will have to drop the idea of taking Loans from 2 Banks for the same course.
You can though take a Personal Loan and an Educational Loan which will cover up the total Course fee.
These are the ways by which you can apply for the entire amount as a Loan.
So finally you will have to decide what you want to do.




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