Education and Career Forum

I am interested to apply an education loan in Corporation 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 Corporation Bank without guarantor, if the loan amount is up to Rs. 7.5 Lacs. Only co-obligation of parent and there is no security required.
Above Rs. 7.50 Lakh, co- obligation of Parents/ Grand Parent/s ( if parents are not alive) together with tangible collateral security along with the assignment of future income of the student for payment of instalments is required.

You can find details on:

https://www.corpbank.com/node/58910#verticalTab5

No, the guarantor is required for education loan at any bank. You can't apply for such loans without a co-applicant or guarantor. Just make sure you have someone from your family who is earning a decent income to support your application.

Banks want to secure the amount they lend to you. They just need to have a backup to recover the amount of case of a default.