Education and Career Forum

Hello friends, I would like to know if I am going to apply for an education loan in Allahabad Bank for studying BTech, then what kind of collateral security is there in this Bank education loan? Actually, I am going to apply for an education loan in this bank so I wanted to know about the collateral security.

Yes definitely I will provide you the details regarding the education loan in Allahabad bank in terms collateral.

In general , for any type of educational loan upto 7.5 lakh there is no need to provide collateral security .

That means the loan amount is more than 7.5 lakh you must have collateral security in terms of immovable property.

And bank will do Equitable mortgage on your property which is being kept as collateral security.

More over more than 7.5 lakh loan amount you must repay the educational loan with in 15 years.

There is no margin upto 4 lakh and more than 4 lakh you will have a margin of 5% for studies in India and 10% for studies in abroad.