31st May 2015, 02:36 PM
Posts: n/a

Can I make my Brother a Guarantor while applying for an Education Loan?

Hello Sir,
My Name is Sapna Kokney and I am completing my Graduation from Pune and would like to pursue my MBA from Mumbai. I would like to apply for an Educational Loan for that purpose. My Dad had expired a couple of years back and my Mom is a housewife. I have an elder brother who is the earning member of our family. So can I keep him as my guarantor for applying my Educational Loan.

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6th June 2015, 04:44 PM
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Join Date: Dec 2013
Location: India
Posts: 8,583
Default Re: Can I make my Brother a Guarantor while applying for an Education Loan?

Yes, you can definitely make your brother a guarantor or rather a co-borrower of the education loan for your MBA course since your brother is earning. There is no problem in making your brother the co-borrower. However, for loan above 4.5 lakhs you will need a third party guarantor which according to bank norms should not be any immediate family members. SO if you want a loan above 4.5 lakhs you will require your brother to be co-borrower and one more person as a third party guarantor of the loan.
Do you have any question? or have anything to say?

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