Education and Career Forum

My father has an income of 5.5 lacs per annum. I am a BTech aspirant. I have studied my 12th and got a scholarship. But the amount wasn’t fulfill the the semester fee. I always got half of the semester fee amount through scholarship. But I don’t want to rely on scholarship in BTech. I want to take education loans. So, with this family income, I can apply for an education loan?

Yes one can apply education loan.
If you have got confirmed admission in a college , then you can apply for loan.
The amount of security depends on the amount of education loan.

For loans upto INR 4 lacs , there is no collateral security is required.

In case you take a loan above 7.5 lacs then you have to provide collateral security as well as third party gurantee.

The guarantor must have a reasonable monthly income.

There are also schemes of government for economically backward students for applying for an education loan.
If you meet the eligibility criteria , then you can also apply through these schemes.