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23rd January 2018, 10:37 AM
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Can I get education loan without a co-borrower?
Where can I get education loan without a co-borrower in India. I want to continue my undergraduate studies in the USA.
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25th January 2018, 03:31 PM
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Re: Can I get education loan without a co-borrower?
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Sorry, it is not possible to get an education loan without a co-borrower. Your parents’ or guardian should execute the documents as co-borrowers for your education loan. Hence, it is not possible to get an education loan without a co-borrower. For an education loan of over Rs 4 Lakhs up to Rs 7.5 Lakhs , your parent / guardian as co-borrowers and you should provide a third party guarantee also. For an education loan of over 7.5 Lakhs, your parent / guardian as co-borrowers and you have to provide collateral security. No security is required for an education loan of up to Rs 4 Lakhs other than parent/guardian as co-borrower. |
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26th January 2018, 09:19 AM
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Re: Can I get education loan without a co-borrower?
A guarantor or a co borrower will be definitely required for education loan because if you are not earning at present, then there should be some kind of security to make sure that amount can be recovered in future.
Banks don't risk their money by giving loans without any security. Hence, there is no chance of getting education loan without a co-borrower. |
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