Education and Career Forum

My brother-in-law is the guardian of my house and I have no father and mother. Now, I want to study BCA with an Education Loan. In this case my brother-in-law can become my guarantor?

You will need a guarantor only if your loan amount is more than 4 lacs. Your brother in law can be your guarantor for education loan but he should have some property or fixed deposits etc for being a guarantor. If he has all the needed documents then you can make him your guarantor. Thanks

Yes, your brother-in-law can become the guarantor of your education loan which you can opt to meet the expense of your BCA course. However, your brother-in-law should have stable source of income in order to be eligible for guarantor of the education loan. If he does not have a stable source of income, then he cannot become guarantor of your education loan.

If he is willing to become a guarantor, then surely he can. Just make sure that he is earning a good salary. Bank will ensure that he is fit to become a guarantor or not.

Therefore, no need to worry about anything. Just make sure that you fulfill all the documents requirement.

Yes, your brother-in-law can become gurantor to apply for an education loan. If you don't have parents then, your guardian can be the guarantor for your education loan. You need to submit his salary slips/ IT Returns to apply for an education loan in bank. To be eligible to apply for an education loan, you should have secured admission in BCA course in a recognised college/ university.

First of see the classification of education loan based on amount of loan to be sanctioned:

1. Upto 4 lakh rupees of education loan: No guarantor and no mortgage required.

2. From 4 lacs to 7.5 lacs rupees: Guarantor is needed.

3. For education loan above 7.5 lacs: Mortgage of property is required.

Your brother in law can become guarantor if he has good bank credit record. Since, he is guardian of your house, he will have to give an undertaking for that. There will be no problem in sanction of loan.