Education and Career Forum

I am interested to apply an education loan in Canara 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?

It depends on loan amount that how much loan do you want. There are no collateral is required if the loan amount is less than Rs. 4 lakhs. You will be required guarantee from a bank-approved third party for loan between Rs. 4 lakhs and Rs.7.5 lakhs.
If the loan amount is more than Rs. 7.5 lakhs, the collateral security is required equal to 100% of the loan amount. If the proposed borrower offers collateral security of tangible assets (moveable or immoveable) instead of bringing collateral securities in the form of third party guarantee, the same may be accepted.