Education and Career Forum

Hello everyone, I have a Life Insurance policy. I want to apply for an Education Loan from Allahabad Bank. I am interested to study BDes with the help of an Education Loan. So, I would like to know that this bank avail an education loan with LIC policy as a collateral security?

For education loan upto Rs. 4 lacs, there is no collateral security required. But loan above Rs. 4 lacs, tangible collateral security is required. Collateral security may be includes documents related to land/ building/ government security/ public sector bonds/ units of UTI, NSC, Life insurance policy/ bank deposits etc. The value of the security must be equal to the education loan amount.