Is LIC Policy acceptable against Collateral Security under Syndicate Bank Education Loan Scheme for MCA(H) aspirant?

#1 1st January 2019, 09:08 PM

Hello everyone, I have a Life Insurance policy. I want to apply for an Education Loan from Syndicate Bank. I am interested to study MCA(H) 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 7th January 2019, 11:22 AM

It will depend on the kind of LIC policy you are having. If it has some value after maturity, then it can be considered as a collateral for your education loan. It all depends on the value it has after maturity.

Also, banks will take into account various other factors too. Income of the guarantor will be the biggest factor and collateral is the last option for banks.

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Is LIC Policy acceptable against Collateral Security under Syndicate Bank Education Loan Scheme for MCA(H) aspirant?

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