Education and Career Forum

Hello friends, I would like to know that if I am going to apply an education loan in Corporation 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.

Collateral Security available under Education Loan scheme of Corporation Bank for BTech aspirant:

Loan upto Rs. 7.50 Lakh, there is No other security required. Only co-obligation of parent/s, grand parent/s is required.

Above Rs. 7.50 Lakh, there is co- obligation of parents/grand parent/s together is required together with tangible collateral security along with the assignment of future income of the student for payment of installments. Tangible security can be documents related to land/building/government security/public sector bonds/life insurance policy/bank deposits/shares or debentures. The value of the security should be equal to the education loan amount.