Education and Career Forum

Sir,
I am planning to apply for an Educational Loan to study in India. I have already taken a Personal Loan on my name, which I have been paying regularly. I have a concern over this, whether this will be a problem when I apply for an Educational Loan? Since in the application form they a section named "Borrowings". Will that be a problem to get an Educational Loan? Is it really necessary to mention my Personal Loan details in that Section? I also have Credit Cards and I am maintaining them without any late fee or fine.

Yes, it is necessary to mention your existing borrowings, including your Personal Loan and Credit Card details in the application form for an Educational Loan. Your lender will consider your existing debts and liabilities while assessing your repayment capacity and creditworthiness. It is always advisable to be transparent and honest in your loan application as non-disclosure of any information may lead to rejection of your loan application or legal consequences in the future. However, having an existing Personal Loan and Credit Cards may not necessarily disqualify you from getting an Educational Loan, provided you have a good credit score, repayment history, and sufficient income to support your loan repayment.