Education and Career Forum

I want to get an Education Loan of Rs. 7 Lacs for my MBA course. I want to take an Education Loan from IDBI Bank. But I want to know that how they will agree to provide such loan amount? Please let me know.

You can definitely get an education loan of 7 lakhs from IDBI Bank. You need to comply with the terms and conditions of the education loan scheme followed by complete all formalities of the bank as per bank's instructions. You need to comply with the terms and conditions like :-

- your parents should be co-borrower.
- there should be a third party guarantor
- you need to deposit the marginal security
- you need to furnish all the requisite documents to the bank
- you need to sign on the requisite document given by the bank

It will depend on factors like from which institute you are studying MBA and presence of a guarantor or collateral security. If you have a guarantor who is earning good, then you have good chance.

Also, try to get admission in a reputed college. Banks favor those students, who are studying in a reputed college or institute with a good placement record.