Education and Career Forum

Hello friends, I would like to know that if I am going to apply 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.

For the education loan, you need to pledge something as the collateral to the bank. This is because, if you fail to repay the loan, the bank can compensate their lose by selling the collateral. It is a kind of security, you give to the bank.

Every bank has a list of acceptable collateral. Generally they are a land, a house etc.

You can directly contact the bank and obtain that list of acceptable collateral.

Loan is upto 4 lacs and there is no collateral security .
For more information visit their website https://www.allahabadbank.in/edu_loan.aspx

Educational Loan is upto 4 lacs and there is no collateral security .
For more information visit their website https://www.allahabadbank.in/edu_loan.aspx

For loans below 4 lacs, there is no collateral security required by bank.

For loan ranging from 4_7.50 lacs co-obligation of parents along with collateral in form of 3rd party gurantee is required.