Education and Career Forum

Please provide me the security deposit details of Corporation Bank Education Loan. I want to take an Education Loan from this Bank so I want to know that what kind of security deposit is available?

The details of security deposit under education loan scheme of Corporation Bank are given below.

- Upto Rs.4 lakh Nil
- Above Rs.4 lakh - Studies in India : 5%
Studies Abroad : 15%
- Scholarship could be included in margin.

The security margin need to be deposited in on year to year basis as and when disbursements are made.

There are three kinds of amount under Education loan.

1. Education loans who amount to be sanctioned is less than 4.5 lacs: No need of security or guarantor.

2. Loan amount to be sanctioned over 4.5 lacs and less than 7.5 lacs: Guarantor needed.

3. For loans above 7.5 lacs: Security deposit is necessary.

Security deposit can be of form:

Residential property.

Fixed deposit.

Non agricultural land.

Life insurance.

In order to get education loan of amount more than 7.5 lacs of rupees, candidate have to either mortgage any property or submit any other thing as security deposit. You can submit any one of the following as security deposit:

1. Residential flat or apartment paper.

2. Fixed deposit of education loan amount.

3. Life Insurance cover of amount equal to loan.

4. Non agricultural land with valuation receipt.