Education and Career Forum

Hi,
I wish to take an education loan for my brother worth Rs. 6.5 Lacs for a period of 5 years. I am a salaried individual with a net monthly salary of Rs. 30000 and my age is 27 years and my qualification is an MBA. My Father is a Businessman with an Annual income of Rs. 3 Lacs. Can I as a sibling be a co-applicant for this education Loan?

Yes, you can become as a co-applicant for an education loan.

To avail an education loan the candidate must have secured admission in any of the recognized course.

The banks demand collateral security equal to the education loan amount for loan amount above 4 lacs. For an education loan amount of Rs.6.5 lacs the candidate has to keep collateral security equal to the loan amount and a third person guarantee.

The candidates brother can acts as a third person guarantee and can also acts as a co-applicant.

Yes, you can become a co-applicant against an Education loan for your brother's education loan. Since, you are working and earning a salary of Rs.30000 per month, you can use your salary slips for getting the education loan for your brother. You must have to submit 6 months salary slips and you must have to sign as a Co-applicant to get an Education loan for your brother studies.