#1  
27th May 2015, 12:25 AM
Unregistered
Guest
 
Posts: n/a

Does Banks demand Collateral securities against Education Loan of upto Rs. 4 Lacs except SBI?


Hi Sir,
I will be applying for an Educational Loan. I have heard that except SBI, some Banks ask for Collateral securities even for Loans upto Rs. 4 Lacs even though this is against the Financial Ministry's directives. Is it true?





Related Questions:
  1. Can I apply for Education Loan from 2 Banks of Rs. 22 Lacs to study in Australia? Detailed information about Margin of Education Loan?
  2. List of Banks which offer Education Loan of Rs. 24 Lacs to study MS in Germany?
  3. Which Banks provide Education Loan upto Rs. 7.5 Lakhs without collateral security?
  4. Which Bank provide education loan upto Rs.4 Lakhs without collateral security?
  5. Does ward of Bank employee gets Education Loan of upto 7 Lacs?
  6. List of Banks which offer Education Loan of Rs. 10 Lacs to study MBA in IMT, Chennai? Terms and conditions to apply for Education Loan?
  7. How can I get Education Loan of Rs. 22 Lacs to study MS in USA if Bank sanctioned only Rs. 20 Lacs?
  8. List of Banks which offer Education Loan of Rs. 16 Lacs for Commercial Pilot Training?
  9. Am I eligible to get education loan from government banks at simple securities?
  10. How can I get education loan if have no mortgage to show?
  11. How can I apply for Education Loan of Rs. 7 Lacs if already taken Rs 15 Lacs against Property?
  12. Am I eligible to get loan from government banks on simple securities? -- [Most Discussed]
  13. List of Banks which offer Education Loan of Rs. 8 Lacs to study MBA in Great Lakes Institute of Management, Chennai? Terms and conditions to apply?
  14. Which Bank can provide me another Education Loan of Rs. 7 Lacs for Higher Education if already taken Education Loan of Rs. 15 Lacs?
  15. Can I apply for Bank Education Loan of Rs. 12 Lacs if taking Personal Loan of Rs. 1 Lacs and having Credit card bill of Rs. 1 Lacs?
  16. Documents required to apply for Education Loan of Rs. 7.5 Lacs to study MBBS in Russia? Is it necessary to submit Property papers for a Guarantor?
  17. Can I get education loan of 7 lakhs from SBI bank after retirement of my father?
  18. Can I apply for Bank Education Loan of Rs. 2.10 Lacs to study BBA course?
  #2  
28th May 2015, 08:46 AM
harishydv
Senior Member+
 
Join Date: Jan 2015
Posts: 744
Default Re: Does Banks demand Collateral securities against Education Loan of upto Rs. 4 Lacs except SBI?

The Education loan aims at providing financial support to meritorious students for pursuing higher studies in India or Abroad. As you have asked above, not only SBI Bank most of the Banks were providing the education loan with out collateral security up to 4 lacs. The Banks like Indian Bank, BOI Bank, United Bank, etc were not asking security for the loan up to 4 lacs. These banks were demanding security only above 4 lacs to 7.5 lacs. But only the Reserve Bank of India was demanding the collateral security or guarantee of third person for 100% of loan amount.
  #3  
28th May 2015, 12:39 PM
SudeepKumarSaha
Senior Member+++++
 
Join Date: Dec 2013
Location: India
Posts: 8,583
Default Re: Does Banks demand Collateral securities against Education Loan of upto Rs. 4 Lacs except SBI?

No, the banks do not demand for collateral securities against Education loan upto 4 lakhs. If they ask, legal action can be taken against them. However, make sure that you approach a bank which is under Government of India certification and regulation. Otherwise there are many small scale private banks run by various individuals which charge such collateral securities against loan of 4 lakhs.
  #4  
28th May 2015, 02:10 PM
virus Activated
Member+
 
Join Date: May 2015
Posts: 81
Thumbs up Re: Does Banks demand Collateral securities against Education Loan of upto Rs. 4 Lacs except SBI?

Quote:
Originally Posted by Unregistered View Post
Hi Sir,
I will be applying for an Educational Loan. I have heard that except SBI, some Banks ask for Collateral securities even for Loans upto Rs. 4 Lacs even though this is against the Financial Ministry's directives. Is it true?

-w3

No, that particular thing is not called as a collateral now a days, it is called a Guarantee Amount that you have to pay for loan so that, in future you make any delay or something like that, then your Loan interest amount will be deducted from the guaranteed amount or property you kept reserved to the Bank. Since, SBI is totally dependent on the Government Source and it is very Government Bank, therefore it won't ask you but then also you have to pay the Guarantee amount to the SBI Also.
Reply With Quote
  #5  
28th May 2015, 08:17 PM
GreekScholar
Senior Member+++++
 
Join Date: Oct 2014
Posts: 2,807
Default Re: Does Banks demand Collateral securities against Education Loan of upto Rs. 4 Lacs except SBI?

You can get education loan up to 4 lakhs from any any bank, without showing any collateral security. And there is no need to provide any type of security to get education loan up to 4 lakhs. So, you can apply for education loan up to 4 lakhs without showing any security. So, I suggest you to apply for education loan at any government bank, because you can get educatio loan easily and also with low interest.
Reply With Quote
Do you have any question? or have anything to say?



Related Topics:

Thread Replies Last Post
How should I apply for CBSE scholarship after scoring 83.4%? Is it true that I wont be able to apply for any other scholarship after applying for the CBSE scholarship? 29 10th September 2017 11:00 PM



Powered by vBulletin® Version 3.8.3
Copyright ©2000 - 2022, Jelsoft Enterprises Ltd.
Search Engine Optimization by vBSEO 3.3.0
vBulletin Optimisation by vB Optimise.
Please also check: