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  #1  
4th September 2016, 08:44 PM
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Possibilities to take an education loan against car whose EMI is not fully paid?


Hello sir, I was approach to a Bank Manager for an education loan but Manager asked me for grant. My father is retired and have no any land except a car worth 3 lakh but it's EMI is yet not paid fully. Possibilities to take an education loan against of my car?




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  #2  
13th September 2016, 07:52 PM
ajayrocks007
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Join Date: Mar 2012
Location: New Delhi
Posts: 20,581
Default Re: Possibilities to take an education loan against car whose EMI is not fully paid?

If you haven't paid EMI fully for car, then it is not your property. You have to pay full EMIs to the papers of car. Also, the present value of the car will matter. Education loan can only be provided on the basis of present value.

If you have more expenses for education, then a car won't be sufficient. You will need a lot more collateral or even FD or bonds to get your education loan sanctioned.
Do you have any question? or have anything to say?



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