Education and Career Forum

Hello everyone, I have a Life Insurance policy. I want to apply for United Superb Education Loan from United 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?

If LIC policy has any value after maturity, then surely it will be considered as a collateral. It will also depend on the bank to consider it for the same, as different banks have different criteria.

Any FD, bonds, properties, Insurance policies, etc, having value after maturity, will definitely be considered as collateral.

Yes, LIC Policy is acceptable against Collateral Security under United Superb Education Loan Scheme. If your Education Loan is more than Rs. 7.5 lakhs, then there is a requirements of co-obligation of parent/ guardian as well as tangible collateral security is mandatory. United Superb Education Loan is a Scheme of 'United Bank of India’ to cover the financial needs of students to study in the country’s premier management, medical, law, engineering colleges and other reputed institutes, as per the bank’s approved list.