Education and Career Forum

Hi Sir/Madam, I just got the information about the Short Term Study Loan Scheme introduced by Tamilnad Mercantile Bank. Can I know what security they want to give the loan under this scheme? Kindly let me know about the security immediately.

There is no security for loan upto 7.50 lacs. Parents to be joint borrower.

For loans above 7.50 lacs
Co obligation of parents together with 100% tangible collateral security .

For loans above 4 lacs , a personal gurantee is required from a person whose income and repayment capacity is acceptable to the lender.

Collateral Security could be in form of
Agricultural land
There are some liquid securities such as
Fixed deposit
Mutual fund
LIC policy
Government bond etc