Education and Career Forum

Dear Friends,
My son wants to study MBA and I am unable to pay his course expenses. I am looking for an Education Loan. But the problem is, I have taken Home Loan and paying its interest. It really necessary to mention my Home Loan details in during applying for an Education Loan?

There is no problem in getting education loan if you mention that you have taken Home loan. Generally banks co borrower of education loan that if they have any education loan or not. However it is not hindrance in sanction of education loan. For getting education loan, you need to have following documents:

>>Recognition letter of institute that it is affiliated to certain recognized body like AICTE, UGC etc.

>>Proof of address and Proof of Identity.

>>Academic certificates.

>>Fee structure of that institute.

Taking education loan is very simple nowadays. Now candidates can apply for education loan at official website of National Education loan portal https://www.vidyalakshmi.co.in/Students/. Banks respond with stipulated time regarding how much loan can be sanctioned at what rate of interest.

Yes, it is necessary to mention the home loan details under your name in the application of education loan. There is no problem if you had taken home loan and paying interest for it. You can still become the co-borrower of your son's education loan. However, you should not keep anything secret or fill wrong info in the education loan application form as this might be a cause of rejection when the bank performs verification of authenticity of info filled and finds a discrepancy.

It is necessary to mention all your liabilities while applying for any other loans. Similar is case with education loan also. You will have to mention your details of Home loans also while applying for education loan.

There is no issue that you have taken education loan. Upto 4 lacs ruppes of Education loan there is no need of collateral or guarantor. But for academic loans upto seven lacs rupees, there is need of guarantor. For loans above 10 lacs rupess, you need to give land or fixed deposit etc as collateral.

You will have to mention each and every libaility of yours if you want get education loan from any bank of India. There is no harm if banks ask about your previous borrowing to check whether you are trusted customer or not.

You must mention your home loan in borrowings sections of education loan.