Education and Career Forum

I want to get into UPES. But the cost of the course is above Rs. 4.5 Lacs. Can I get an Education Loan of more than Rs. 4.5 Lacs without any security deposit?

No, you can't get an Education loan above Rs. 4.5 lakhs to study in UPES without security deposit. No security deposit is required to get an education loan up to Rs.4 lakhs and for loans above Rs. 4 lakhs and up to Rs. 7.5 lakhs, your parents should be joint borrowers and third party guarantee should be provided. So, if you get an education loan of above Rs. 4 lakhs, you need to submit third party guarantee and your parents should be co-borrowers.

To get an Education loan of above Rs. 4.5 lakhs for pursuing in UPES, you need to submit security in the form of third party guarantee or collateral security for loan amount above Rs. 7.5 lakhs.

If the loan amount is above Rs. 4 lakhs and below Rs. 7.5 lakhs, you need to submit third party guarantee along with your parents should be co-borrowers. No security is required to get an education loan up to Rs. 4 lakhs.

You can definitely get education of 4.5 lakhs to meet the expense of your course in UPES. You will need to pay security deposit to the bank in order to seek education loan. For loan above 4 lakhs, you need to pay the security deposit. The security margin which you need to deposit is 5% of the loan amount which you are seeking. In your case, you need to pay 22,500 as security deposit.