Education and Career Forum

I have salary based income of 3,29,000 per annum only and nothing else in terms of movable property. I need an education loan of amount 5 lakh for brother's further studies. Is it possible to get education loan from IDBI? What is the procedure?

You can get an education loan of Rs. 4 lakhs from IDBI Bank without any security. Candidates who have secured admission in any course in a recognised college/ university are eligible to apply for an education loan. To get an education loan of more than Rs. 4 lakhs and less than Rs. 7.5 lakhs, your parents needs to be joint-borrowers and for getting an education loan of more than Rs. 7.5 lakh rupees, the collateral security documents related to property needs to be submitted to bank for processing your education loan.

You do not need collateral for academic loan of amount 5 lakhs. For loans above 4.5 lacs, only guarantor is required. You can become guarantor of education loan of your brother and you will easily get education loan from any bank.

You can apply online at loan portal of India to multiple bank called Vidya Lakshmi Portal. Certain documents like loan letter, fee structure, proof of address and identity etc is mandatory.

To get an education loan of Rs. 5 lakhs from IDBI Bank, the parents of the candidate needs to be joint-borrowers for getting an education loan. No security is required to get an education loan of upto Rs. 4 lakhs. You need to visit the bank directly or you need to apply for an education loan through online at the respective bank official website by super the required documents to bank for pursuing your education loan.