Education and Career Forum

Yes, I got loan in canara bank at 1st year and 4 papers backlogs in first year and I promoted in 2nd year, because 5 papers backlog makes year back nah, so in 2nd year can I get education loan with backlogs or not. Plz clear my head of this doubt plz.........

Yes, you can get education loan. You need to clear your backlog to disburse the loan amount. If you clear the backlog and provide valuable security you can get the loan.

The Education Loan Portal mean rate of interest is 9.37% which is quite high as compared to other loans. And as you have so many backlogs, the bank might not give you loan as it would be difficult to know whether you will be able to make the repayment on time or not although you are pursuing a professional and technical course.

As you are having four backlogs in the 1st year of your degree course, your disbursement of the education loan covering the expense of subsequent years will be put on hold, as for the continuation of timely disbursement of the loan amount, the applicant's performance in the previous semester/year should be satisfactory.

But, you can still talk to your concerned bank manager with a valid reason for your poor performance and assurance that your performance will be satisfactory in the upcoming semesters and you will clear your backlogs through the supplementary examinations at the earliest.

Yes, you will get a education loan with backlogs,but most of the banks does not deny education loan amount ,if the students have less than 3 backlogs .

First of all, you need to complete the course. Then you will be eligible to apply for the education loan..
You will need a guarantor to apply for the education loan. Just make sure someone is ready to support your education loan application.

No bank will give further loan to a defaulter with backlog . If you clear backlog and offer valuable security you may get loan . Private banks will not provide further loan try, SBI or public sector banks .