Education and Career Forum

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

Yes, you can apply for an education loan in Allahabad Bank without guarantor if the loan amount doesn’t exceed more than 4 lakh rupees. If the loan amount exceeds more than Rs. 4 lakhs, it is mandatory to have a guarantor to apply for an education loan. You should have secured admission to higher education course in a recognised college/ university to be eligible to apply for education loan in Allahabad Bank.

Education loan is not possible without any guarantor, because the person studying, doesn't have any source of income and banks need some security to safeguard their money.

Hence, for security purpose, guarantor will be required. Just make sure you have anyone from your family, who can support you.

You can not apply for an Education Loan in Allahabad Bank without guarantor. It is mandatory to have a co-borrower to get education loan from Allahabad bank. You must be an Indian national and have secured admission to a higher education course in recognized institutions/university in India or Abroad through Entrance Test/ Merit Based Selection process after completion of HSC (10 plus 2 or equivalent) to be eligible to get education loan from Allahabad Bank.