Education and Career Forum

Sir
I would like to know that I am eligible
for applying in Education Loan for doing
MBBS as I have rented home only as a property.
Please let me know immediately.

No, you cannot apply for educational loan if having rented home as a property.

* There will be no security if the educational loan is above Rs.2 lacs.

* The banks will sanction maximum amount as educational loan is Rs.15 lacs for studies on abroad and Rs. 7.5 lacs for studies in India.

* The security in the form of land/ building/ government securities/ public sector bonds/ units of LIC policy/ gold/ shares/ bank deposits in the name of student/ parent/ guardian or any other third party.

* There should be collateral security equal to 100% loan amount or a guarantee of third person known to a bank.

For your kind information i want to tell you that you have to put some of your treasure (Land or gold) for security. As you have rented home, so you have to give some other treasure to the bank as a security. Only then you are eligible to apply for for the education loan in the bank. If you have no gold or any other treasure then you are not eligible for applying the education loan from any of the bank.