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#1
10th April 2015, 02:30 AM
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How can I apply to get Bank Education Loan to study MS in USA without having any property?
Hello,
My father is a small businessman and I am studying in B.Tech and really want to do MS in USA. I have no property except my Home and Shop which my father is not going to give against education loan. In this case how I can possibly apply and get education loan from any Bank? |
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#2
15th April 2015, 08:14 AM
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Re: How can I apply to get Bank Education Loan to study MS in USA without having any property?
You can get education loan upto Rs.4,00,000/- without any property for pursuing your higher studies in Abroad. If your studies cost around Rs.7,00,000/- then, you must have to provide collateral security in the form of suitable third party guarantee for taking education loan from bank. If your studies cost more than Rs.7,00,000/- then, you must have to provide tangible collateral security for taking education loan from the bank. Without providing any property, bank will not give the education loan.
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#3
15th April 2015, 09:15 PM
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Re: How can I apply to get Bank Education Loan to study MS in USA without having any property?
You can take education loan up to 7.5 lakhs. This is because there is no requirement of any mortgage of property like house, land, shop, etc. in order to take education loan up to 7.5 lakhs. However, if you want to take education loan of more than 7.5 lakhs, then you have to keep some property as mortgage. Since your father is not willing to keep anything as mortgage, it is better you do some job for few years, get experience and utilize the savings along with education loan to pursue your MS in USA. Otherwise you can take loan of 7.5 lakhs and then get admission in any university of USA in which the rest of the expense can be borne by you through scholarship and your father's income.
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#4
17th April 2015, 09:42 PM
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Re: How can I apply to get Bank Education Loan to study MS in USA without having any property?
Quote:
I can suggest you that you can take the Education loan and keep your father as well as his property as a Granter. Because, Bank will not sanction you the loan without the Grantor or the collateral. So, just Apply for the Loan if you are really confident of you, that you can repay it to the Bank. 
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#5
26th March 2020, 05:42 PM
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Re: How can I apply to get Bank Education Loan to study MS in USA without having any property?
You can get line upto 4 lakh without any mortgage ,if you exceed this amount than you will have to keep some property of your as mortgage ,it is better that you convenience your father because for any loan you apply you will need a person as your grantor or collateral
And studying abroad is expensive and 4 lakhs is not an enough amount to study
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