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#1
9th November 2021, 09:16 PM
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Is LIC Policy acceptable against Collateral Security under Bank of India Education Loan Scheme for BTech aspirant?
Hello everyone, I have a Life Insurance policy. I want to apply for an Education Loan from Bank of India. I am interested to study BTech 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?
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#2
15th November 2021, 02:51 PM
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Re: Is LIC Policy acceptable against Collateral Security under Bank of India Education Loan Scheme for BTech aspirant?
The LIC policy must have a maturity value so that it can act as security against loan amount.
Documents related to land , building, public sector bonds are considered. And the value of any security that one is pledging must be equal or more to the loan amount. Huge loan amounts always needs collateral security.Amounts exceeding 8 lacs need collateral security as well third party guarantor. |
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