Education and Career Forum

Hi Sir, I am doing job from last 42 months and earns Rs. 32000 per month. I want to take Bank education loan for my younger sister. She wants to do BTech course. I have no property to mortgage for getting education loan. So, in this case I can apply for education loan for my sister in State Bank of India?

Yes, you can apply for an Education Loan in State Bank of India for your sister’s education without any property, if loan amount is up to Rs. 7.5 lacs. For loan up to Rs. 7.5 Lacs, only Parent/ Guardian will be a co-borrower and no Collateral Security or third party guarantee will be required. For loan above Rs. 7.5 Lacs, Parent/ Guardian will be acts as co-borrower and tangible collateral security equal to loan amount will be required.

Originally Posted by Unregistered

Hi Sir, I am doing job from last 42 months and earns Rs. 32000 per month. I want to take Bank education loan for my younger sister. She wants to do BTech course. I have no property to mortgage for getting education loan. So, in this case I can apply for education loan for my sister in State Bank of India?

Yes, you can apply for an education loan in State Bank of India for your sister’s education without any property. You can get up to Rs 7.5 Lakhs of education loan through SBI Student Loan Scheme by offering security – Parent or Guardian as Co borrower. No need for Collateral security or third party guarantee for getting education loan up to Rs 7.5 Lakhs in State Bank of India Student Loan Scheme. You can contact any State Bank of India branch near your house for more details regarding education loan.

Yes, you can apply for an education loan in State Bank of India for your sister’s education even if you don’t have any property. No collateral security is required for education loans upto Rs. 7.5 lakhs. You can get an education loan of Rs. 4 lakhs without any security and upto Rs. 7.5 lakhs with parents/ guardians as co-borrowers and third party guarantee should be provided. So, if you are taking an education loan of less than Rs. 7.5 lakhs, then without any property, you can get an education loan for your sister’s education.

You can become a guarantor for an education loan of your sister and collateral is required for bigger loans and study abroad cases. If your sister is studying in a reputed college or institute then chances of getting education loan will be good.

Just make sure you don't have any previous loans against your name and you have a good credit score. If your credit report is good then surely you will be eligible.

Yes...she must have confirmed admission in recognised educational institutes in India or abroad.
The age of the candidate must fall within the bracket of 18 to 35 years during loan application. He/she must be undergoing a graduate/postgraduate degree or a PG diploma.