Education and Career Forum

Hello Sir,
I intend on pursuing my MS Planning from the US. The total course fee might go upto Rs. 30 Lacs. I have applied for education loan from Union Bank, but they offer upto Rs. 20 Lacs of education loan. Would I be able to get a loan from 2 different banks for Rs. 20 Lacs and Rs. 10 Lacs each?

No, you cannot opt for education loan from other bank if you have already opted from one bank. It is not possible to opt for education loan from two banks simultaneously. This is because as soon as you opt for a loan, a loan account is created in your name and personal details. Your account is made in the database of Reserve Bank of India and every detail of loan is linked to it which any bank under the curriculum of Reserve Bank of India can access to fetch details. So any bank to whom you go for education loan after opting from one bank, will check the linked account and as soon as they find out concerning the education loan already opted they will reject your loan request. Since now Aadhar Number is linked to your account, so finding out such details is easier.