Education and Career Forum

I am interested to apply an education loan in Standard Chartered 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?

For loans upto 4 lacs , there is no collateral security or 3rd party gurantee is required.
But for the loan amount exceeding 7.5 lacs need collateral security as well as third party gurantee.
Thus the guarantee mainly depends on the amount of loan , a candidate has applied for .
Every bank needs a guarantor against loan sanctioned by the bank.

°°° If your education loan requirement is more than rupees 7.5 lakh or even more than rupees 10 lakh you can reach out to other landers to get a Collateral free loan.
Non banking financial companies and private landers can provide you Colateral free loans for a higher amount but these Collateral free loans are sanctioned at a slightly higher interest rate as compared to education loan taken without collateral.
Before applying for a Collateral free education loan you must know that the student is the main Bor hour of the education loan and parent or sibling can be the co-applicant.
Banks generally ask for co-applicant details when you apply for a Collateral free loan. Not only this banks also ask for the income documents such as salary slips or income tax returns of the co-applicant before sanctioning the education loan.

Can I apply for an Education Loan in Standard Chartered Bank without a guarantor?

The candidate can get an education loan without pledging any security. The Credit Guarantee Fund for Education Loans (CGFEL) Scheme provides a guarantee for education loan dispersed by banks under the Model Education Loan Scheme of Indian Banks' Association (IBA).

Can I apply for an Education Loan in Standard Chartered Bank without a guarantor?

You can get an education loan without pledging any security. The Credit Guarantee Fund for Education Loans (CGFEL) Scheme provides a guarantee for education loan dispersed by banks under the Model Education Loan Scheme of Indian Banks' Association (IBA).

You can get an education loan without pledging and security. The credit guarantee fund for education loan scheme provides a guarantee for Education Loan dispersed by banks under the model education loan scheme of Indian Bank's Association.