Education and Career Forum

Hello Everyone,
I have done my BAMS and secured 81.33%. I want to do M.Sc(Public Health) in UK. I have received my offer letter from London School of Hygiene & Tropical Medicine. I want to go with my wife. In this case my father who is an IOCL Officer earning Rs. 11 Lacs per annum could be the only Co-Borrower if I apply for an Education Loan? But I have been denied Loan informally by the SBI employees on this ground. Is this the right ground for rejection? Further, is the collateral security must?

This should not have been the right cause of the rejection of your loan request. You should approach different bank if this was the only cause of your rejection. Since your father has a stable income source, so he can definitely be the co-borrower of your education loan. There is no problem in this. Approach other bank and make a fresh application of loan request.
Yes, collateral security is must since the education loan is more than 7.5 lakhs.

To get an Education loan of more than Rs.7 lacs, you must have to submit Collateral Security documents i.e., house or land documents equal to bank loan amount to bank. Your father also need to be a co-borrower for getting an education loan. Without any Collateral Security, you cannot get an Education loan only with your father as a Co-borrower.