#1  
10th July 2018, 12:16 PM
Unregistered
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Can I apply for an Education Loan in IDBI Bank without guarantor?


I am interested to apply an education loan in IDBI 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?





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  #2  
12th July 2018, 06:32 PM
ajayrocks007
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Join Date: Mar 2012
Location: New Delhi
Posts: 17,504
Default Re: Can I apply for an Education Loan in IDBI Bank without guarantor?

No, you can't apply for education at IDBI without any guarantor. You have to apply along with your parents or any blood relative.

Education loan is not a secure loan, hence guarantor is absolutely required.




  #3  
13th July 2018, 01:51 PM
Careerexpert
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Join Date: Dec 2013
Posts: 11,957
Default Re: Can I apply for an Education Loan in IDBI Bank without guarantor?

Quote:
Originally Posted by Unregistered View Post
I am interested to apply an education loan in IDBI 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?

Sorry, it is not possible to apply for an education loan in IDBI Bank without a guarantor. Your parent/s is/are to be joint borrower/s for the education loan in IDBI Bank. For an education loan of up to Rs 4 Lakhs No Security. Parent/s to be joint borrower/s, for an education loan of above Rs 4 Lakhs and up to Rs 7.5 Lakhs Third party Guarantee and Parent/s to be joint borrower/s and for an education loan of above Rs 7.5 Lakhs Tangible collateral security, along with assignment of future income of the student for payment settlements. Parent/s is/are to be joint borrower/s.




  #4  
15th July 2018, 07:56 PM
Dadi Maa
Senior Member+
 
Join Date: Aug 2015
Posts: 1,827
Default Re: Can I apply for an Education Loan in IDBI Bank without guarantor?

There are three categories of education loan:

1. For loans below 4.5 lacs: No guarantor is needed.

2. For loans between 4.5 lacs and 7.5 lacs: guarantor is required.

3. For loans above 7.5 lacs: you need to provide a collateral.

So, you can get education loan without collateral upto 4.5 lacs.
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