Education and Career Forum

Good sir/mam I belongs to a poor famili but I would like to take admission so I want to know about bank loan . I cant offer any mortgage how will I get bank loan

Originally Posted by Unregistered

Good sir/mam I belongs to a poor famili but I would like to take admission so I want to know about bank loan . I cant offer any mortgage how will I get bank loan

Loan will be granted to Indians for pursing higher education like under graduate after 12th or for Post-graduation after under graduation from recognized board or university. Your passed university should be approved either from UGC or AICTE or IMC or Government body.

If your loan amount is less than 4 lacs then no collateral required, your parents or Guardian can be co borrower. Above 4 lacs and less than 7.5 lacs, you need co borrower and collateral security in the form of suitable third party guarantee. For amount more than 7.5, parents as co borrower and tangible collateral security is required.

And also note for loan less than 4 lacs, there won't be any margin.

You can definitely avail education loan without offering any mortgage. As per the norms followed by the banks and orders of Reserve Bank of India, you can take education loan upto 7.5 lakhs from any nationalized bank of India without any mortgage of property. If you require education loan more than 7.5 lakhs, then it is mandatory to keep some property as mortgage. You need to approach any bank close to your residence and have a discussion with the branch manager for education loan, its norms and application procedure if you are willing to take loan below or equal to 7.5 lakhs since beyond it you will need to keep mortgage. Then act as per the instructions of the branch manager to comply with all the norms and complete all the formalities to get the education loan sanctioned.

You have not mentioned the amount of Loan you will require or the Course you want to study.
It is very hard to say whether you will be provided the Bank Loan without knowing or having an idea as to what is the Loan that you are looking for.
You will be provided the Bank Loan if you can provide the admission letter once you are admitted to a college.
If you are able to get admission to a very good college then you will be able get a Bank Loan easily and you will be even given the option to repay the loan once you get a job.
So make sure that you reply back with the details to get a more conclusive answer.