Education and Career Forum

Hello sir, I want to study Diploma engineering from RKDF University so, I nees an education loan of 3 lakh. Can I get it without interest and any security?

The candidate can avail the loan without any processing fee. Up to Rs.4 lac the interest rate is 3.50% above Rs.4 lac and up to Rs.7.50 lac the interest rate is 3.75% and above Rs. 7.5 lac the rate of interest is 1.75%. Loan taken up to Rs.4 lac no security is required above rs.4 lac up to Rs.7.50 lac collateral security in form of a suitable third party guarantee is to be provided and above Rs. 7.50 lac co-obligation of parents together with tangible collateral security along with assignment of future income to the bank is required.

Originally Posted by Unregistered

Hello sir, I want to study Diploma engineering from RKDF University so, I nees an education loan of 3 lakh. Can I get it without interest and any security?

You can get an Education Loan of Rs 3 Lakhs without any margin. But it is not possible to get education loan without interest rate. For educational loan of up to Rs 4 Lakhs no margin is required. Your parents should be co borrowers for the education loan. The banks will charge interest rate of around 12 to 13 % for the educational loan. The repayment will start after the course completion + 1 year or 6 months after getting a job, whichever is earlier. It is not possible to get any education loan without interest rate. You can apply for scholarships through which you can get the amount for higher studies.

For getting any education loan without any interest and security, you need to be from a poor family as well as a brilliant student.

Most of the banks don't want to risk their money and security is needed for almost any loan including education loan. In some cases, only a guarantor is required.