Education and Career Forum

I am interested to apply for an education loan in The Ahmedabad Mercantile Co-Op Bank Ltd. But I would not be able to provide a guarantor. But my friends told me that guarantor is necessary for applying for an education loan. So, I would like to know that I can apply for an education loan in this bank without a guarantor?

Originally Posted by Unregistered

I am interested to apply for an education loan in The Ahmedabad Mercantile Co-Op Bank Ltd. But I would not be able to provide a guarantor. But my friends told me that guarantor is necessary for applying for an education loan. So, I would like to know that I can apply for an education loan in this bank without a guarantor?

In general, most of the nationalized banks offer education loan of up to Rs 4 Lakhs without any guarantor. However, applicant’s parent(s) has to execute the documents as co-borrower(s). For education loan of above Rs 4 Lakhs to Rs 7.5 Lakhs applicant has to provide collateral in the form of third party guarantee. For education loan of above Rs 7.50 Lakhs applicant has to provide collateral security of a suitable value along with the assignment of the student’s future income for payment of installments. Therefore, you have contact The Ahmedabad Mercantile Co-op. Bank Ltd. for exact details on the same.