Education and Career Forum

Hello Everyone,
I have completed my 12th and looking to get admission in any Hotel Management institute for undergraduate program. I haven’t taken any loan yet. I have search about student loan for me. I came to know that there is some collateral security term for getting loan. I don’t know about this term. Can you get me know about this security while getting education loan?

To get Education loan amount of more than Rs.7.5 lacs, you must have to submit a Collateral Security which is equal to loan amount to bank for getting education loan. If the loan amount is up to 4 lacs, no security is required and if the loan amount range lies above 4 lacs and below 7.5 lacs, your parents should be joint borrowers in the form of a third party guarantee. Collateral Security means a security which is offered to the bank to get Education Loan. Collateral Security can be tangible property such as lands, house, flats, buildings, etc.,. It is mandatory to submit Collateral Security to bank to get Education Loan.