Education and Career Forum

I am interested to apply for an education loan in State Bank Of India. But I would not be able to provide a guarantor. But my friends told me that guarantor is necessary for applying for an education loan. So, I would like to know that I can apply for an education loan in this bank without a guarantor?

It depends on the amount of education loan.
For loans upto INR 4 lacs , no collateral security is required.
For loans above 7.5 lacs both collateral security and third party gurantee is required.
For above 7.5 lacs collateral is necessary and parents or guardian is required as co borrower.
It's the responsibility of a guarantor to pay off the loan in full .
Hence guarantor is must for higher amounts.