Education and Career Forum

How can I get education loan for engineering if i belong to poor family have no mortgage to show?

Education loan system has changed a lot. Now education loan can be taken even if one does not have any property to keep as mortgage. The limit upto which education loan can be taken without any mortgage has increased from the past. You can take loan upto 7.5 lakhs by following the normal procedure and completing the necessary formalities. You do not need to show any mortgage for loan upto 7.5 lakhs. However, for loan above 7.5 lakhs you have to show mortgage.

To take a loan upto 7.5 lakhs, you need to visit the neaby bank (not SBI) preferably where you have an account. Talk with the manager and do as instructed by him/her.

MY HOME IS IN A VILLAGE OF ODISHA. I LEAVE IN RANCHI. MY SON WANTS TO DO PROFESSIONAL COURSE. I DO NOT HAVE MOTGAGE. WILL I BE GETTING LOAN FROM RANCHI?

According to new education loan system you need not show any mortgage for getting loan. This facililty is available only in government banks. The State Bank of India education department can give you complete information and there you have to file the application for Education loan.

The loan amount upto 8 lakhs is given without mortgage for the degree or graduation program. Above this amount one has to show mortgage.

In all nationalized banks you can avail educational loan upto 4 lakhs without any mortagage and on crossing the limit which you will have to provide security as per bank norms. Banks will sanction loan only if the institute is recognized by any body of the government

The education system and loan for education has changed a lot in the past few years .YOu can get a loan upto 7,5 lakhs without any mortgage
According to the rules you can get the loan on the simple basis without any mortgage and the re payment system is also the same
But if your loan amount exceeds 7.5 lakhs than you will have to keep something on mortgage
You will have to provide some documents to your branch and complete all the formalities ,you will have to contact your near branch