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  #1  
6th May 2017, 11:41 AM
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Chances to get an education loan of 8 lakh in security of Mother's LIC policy to study MBA course? Terms and condition for it?


Hello sir, My mother has a LIC policy and it will be mature after four years. Please tell me can I get an education loan of 8 lakh to study MBA course? Terms and condition for it?




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  #2  
11th May 2017, 07:24 PM
AWNISH RANJAN CHAUDHARY
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Join Date: Mar 2012
Posts: 6,738
Default Re: Chances to get an education loan of 8 lakh in security of Mother's LIC policy to study MBA course? Terms and condition for it?

For Education loans above 7.5 lacs, banks requires collateral which can be either fixed deposit or LIC policy or papers of residence in urban area etc. You can apply for Education loan.

Till you repay your education loan you will not be able to get matured sum of LIC policy. This is one of the most important term and condition for Education loan. For more details, you need to visit any nearest bank.
  #3  
12th May 2017, 08:31 PM
ajayrocks007
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Join Date: Mar 2012
Location: New Delhi
Posts: 20,581
Default Re: Chances to get an education loan of 8 lakh in security of Mother's LIC policy to study MBA course? Terms and condition for it?

The loan amount will be according to the maturity value of the LIC policy and it will not be an education loan. It is more like a personal loan for emergency purpose and interest rate may vary.

Just contact the LIC agent or the office for more information about the amount of loan you can get based on your mother's policy.
Do you have any question? or have anything to say?



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