Education and Career Forum

Sir, I have searched about education loan and heard about collateral security. I will do my BTech with student loan of Bank of India because there is no other option for me. But I am not familiar with the term of Collateral Security. What does this mean? Can you give me details? I would also like to know that Bank of India has collateral security?

Originally Posted by Unregistered

Sir, I have searched about education loan and heard about collateral security. I will do my BTech with student loan of Bank of India because there is no other option for me. But I am not familiar with the term of Collateral Security. What does this mean? Can you give me details? I would also like to know that Bank of India has collateral security?

Yes, Bank of India has Collateral security scheme for education loans above Rs 7.50 lakh.

Bank of India accepts the following items as Collateral security for an education loan above Rs 7.50 lakh:

Land
Buildings
Public Sector Bonds
Government Securities
KVP
NSC
LIP
Banks Term Deposit, etc. in the name of Student / Parent / Guarantor with suitable margin

Details are available at the website link given https://www.bankofindia.co.in/EducationLoan

Originally Posted by Unregistered

Sir, I have searched about education loan and heard about collateral security. I will do my BTech with student loan of Bank of India because there is no other option for me. But I am not familiar with the term of Collateral Security. What
does this mean? Can you give me details? I would also like to know that Bank of India has collateral security?

Bank of India offers two types of Education loan*1) BOI Star Education Loan, and BOI Star Vidya Education Loan.*

1) BOI Star Education Loan->*Those who get Educational loan above*Rs.4 lakh/7.5 lakh*must produce the collateral security in the form of a suitable third party guarantee. The candidate submit any one of the documents below,

- Public Sector Bonds
- Government Securities
- KVP
- Land
- Buildings

2) BOI Star Vidya Education Loan ->*There is no collateral security is required, but parents or guardian must be required to join the loan as co-borrowers.*

Official website -> Click Here !!