Education and Career Forum

Hello, I am studying in final year final semester of B.Tech. After my undergraduate course I will move to my Master degree i.e.; M.Tech. But this time I will take education loan from any bank. I have searched about the terms and conditions of education loans by many Banks but can’t understand about the third party guarantor. I would like to know about third party guarantor.

Originally Posted by Unregistered

Hello, I am studying in final year final semester of B.Tech. After my undergraduate course I will move to my Master degree i.e.; M.Tech. But this time I will take education loan from any bank. I have searched about the terms and conditions of education loans by many Banks but can’t understand about the third party guarantor. I would like to know about third party guarantor.

Third Party Guarantee is required for an education loan of over Rs 4 Lakhs and up to Rs 7.5 Lakhs. The student’s parent also should sign the document as Co-borrower and third party security is also required for an education loan of over Rs 4 Lakhs and up to Rs 7.5 Lakhs. Third party security is like an additional security for an education loan. If the education loan default, then the third party is responsible for repaying the loan. For a loan of less than Rs 4 Lakhs no third party security is required. Students can contact the bank branch for more details regarding this.