Education and Career Forum

I am studying B.Tech (IT) in West Bengal. I want an education loan to continue my studies. But, I don't have anything for collateral security and the amount is a bit large. So, can I get the loan? If it can be, then where from?

There are three categories under which education loan are sanctioned:

>>For loans upto amount of 4 lakhs rupees, there is neither need of guarantor nor collateral security.

>>For amount between 4 lakhs and 7.5 lakhs, bank will ask for a guarantor for sanction of education loan.

>>In case of amount of education loan above 7.5 lakhs, collateral is compulsory.

If your loan amount is below 7.5 lakhs rupees then you can apply for education loan without collateral but for loans above this amount, you need to provide collateral.

If the amount of education loan is above 7.5 lacs rupees then you will have to submit any collateral as security for sanction of education loan from any bank of India.

But if the amount is below this amount, then there is no need of collateral. You can apply for education loan to multiple banks at official website of Vidya Lakshmi Portal. To apply offline, you can visit any nearest bank branch.

Sorry, but without a collateral security you can only get education loan of Rs. 4 lakhs from any banks.

Education loan of amount larger than Rs. 4 lakhs, you have to pay collateral security after the deadline of education loan.

You can get education loan sanctioned from any bank of India without any collateral if the amount of loan to be sanctioned is less than 7.5 lakhs of rupees as per rules of Reserve Bank of India.

If the amount of loan is above 7.5 lacs then you can not get it sanctioned without collateral security. There is no option for that.

Let me tell you that you are eligible to get education loans upto Rs.5 Lakhs without any security.
But if you want more than Rs. 5 Lakhs then you must have to give any proof as security. As because without security you are not eligible for education loan.

You can get education loan without any collateral but the amount of loan should be below 7.5 lacs of rupees.

In case of amount above this, you must submit any collateral for sanction of loan.

Education loan are sanctioned in three categories:

1. Amount below 4.5 lacs:

No need of guarantor or collateral.

2. Amount between 4.5 lacs to 7.5 lacs:

Guarantor is needed.

3. Amount above 7.5 lacs:

Collateral is required.