Education and Career Forum

Sir, I am a girl candidate from Guwahati and I want to study MBA course. So. I want to apply for an education loan of 5 lakh for it. How much amount I can get without any security? Education loan schemes for girls?

To get an education loan for pursuing your higher studies, you should have secured admission in any course in a recognised college/ university. You can get an education loan of Rs. 4 lakhs without any security. But, to get an education loan of Rs. 4 lakhs or more, third-party guarantee or collateral security is required. A concession of 0.5% on interest is provided to girl candidates for an education loan.

Originally Posted by Unregistered

Sir, I am a girl candidate from Guwahati and I want to study MBA course. So. I want to apply for an education loan of 5 lakh for it. How much amount I can get without any security? Education loan schemes for girls?

For an education loan of up to Rs 4 Lakhs there is no collateral security is required. There is a third party guarantee is required for an education loan of over Rs 4 to 7.5 Lakhs. Banks required a collateral security for an education loan over Rs 7.5 Lakhs. The collateral may be Fixed Deposits, Mutual Fund holdings, Insurance Policies, Gold possessions, car, House, plot, land etc. The above given is the education loan followed in most of the nationalized banks in India for girl students. Applicant’s parents should join as Co borrowers for the education loan. Education loan schemes available for girls are given below;

Central Bank of India Cent Vidyarthi
Corp Vidya Scheme
IOB – Vidya Jyoti
SBI Student Loan Scheme
Allahabad Bank Education Loan

You can get an education loan of four lakh rupees without any security for pursuing MBA course. There are no special education loans for girls but, most of the bank give 0.5% concession on interest of an education loan which is sanctioned to girl candidates. So, without any security, you can get an education loan of four lakh rupees and for getting more than that, third-party guarantee or collateral security should be provided to bank.

Top banks which offer education loan are:-
1. Allahabad Bank Education Loan
There is a 0.50% rebate for girl students along with 1.00% interest concession if paid within the moratorium period.

2. Indian Overseas Bank Education Loan
There is an interest concession of 0.50% especially for girl students.

3. Central Bank of India Education Loan
The rate of interest for the female students is MCLR+1.50% while for the males, it is MCLR+2.00%.

4. State Bank of India Education Loan
female students can enjoy a concession of 0.50% in the interest rate.

5. Corporation Bank Education Loan
The female students can avail the benefit of availing concession rate of 0.50%.

You can avail education loan of up to Rs. 4 lakhs without any security.