Education and Career Forum

I have got admission in BCA college. I am studying in 1st semester. Though I have paid for admission and 1st semester. Now, I got financial crisis in my family. I have newly opened my Bank account 6 months ago. So, can I get loan to study further semesters? I have opened account in UBI Bank. Thus, they will give loan to me?

Originally Posted by Unregistered

I have got admission in BCA college. I am studying in 1st semester. Though I have paid for admission and 1st semester. Now, I got financial crisis in my family. I have newly opened my Bank account 6 months ago. So, can I get loan to study further semesters? I have opened account in UBI Bank. Thus, they will give loan to me?

You should have secured admission to a course through an entrance test or merit based selection process to avail an education loan. The course should be recognized one and should obtain admission in a reputed college for taking education loan. An education loan is offered based on your academic score, type of course and college and collateral offered. It is advisable to have a bank account in the same bank for applying education loan. If you fulfill the above requirements, then you are eligible for an education loan.

Yes, you can get an education loan even if you have opened bank account in UBI 2 months ago. Candidates who have secured admission in any course in a recognised college/ university are eligible to apply for an education loan. You can get an education loan of upto Rs. 4 lakhs without any security. For getting an education loan of above Rs. 4 lakhs and upto Rs. 7.5 lakhs, the satisfactory third-party guarantee should be provided and for education loans above Rs. 7.5 lakhs, the collateral security documents equal to bank loan amount should be submitted to bank for processing your education loan.