#1  
24th November 2021, 02:15 PM
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Is LIC Policy acceptable against Collateral Security under City Union Bank Education Loan Scheme for MBA aspirant?


Hello everyone, I have a Life Insurance policy. I want to apply for an Education Loan from City Union Bank. I am interested to study MBA 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?




  #2  
25th November 2021, 11:05 PM
Hera tabrez
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Join Date: Oct 2020
Location: Kanpur
Posts: 1,745
Default Re: Is LIC Policy acceptable against Collateral Security under City Union Bank Education Loan Scheme for MBA aspirant?

Many banks and financial institution provides loan without collateral security.

Since the risk associated with secured loans is less , the interest rate may be lesser than unsecured loan.

Loan amount upto 4 lacs doesn't require any collateral security.
When amount exceeds the specified limit then only collateral security or third party gurantee is required.

Above 7.5 lacs _tangible collateral security of minimum value equivalent to loan amount and interest accumulation during course and moratorium period , acceptable to the bank.
Do you have any question? or have anything to say?



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