Education and Career Forum

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?

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.

Originally Posted by Unregistered

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.

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.