Education and Career Forum

I have completed my 12th Science 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?

The collateral security should be submitted to bank, if the education loan amount you are taking is more than Rs. 7.5 lakhs. The collateral security should be of tangible (movable or immovable) assets equal to bank loan amount. For education loans upto Rs. 4 lakhs, no security is required and for an education loans above Rs. 4 lakhs and less than Rs. 7.5 lakhs, parents/ legal guardians needs to be joint-borrowers.