Education and Career Forum

Hello Everyone,
I have applied for MBA in Canada and the total expenses for this course is near about Rs. 16.5 Lacs. I don't have my father's return and nor we have such property. Due to this problem I contact my uncle for education loan and my uncle agreed for giving me guarantee and he is ready to give his registry of home to bank for my student loan. But when we contacted to the bank, they told us that they want a father or mother's return and their income proof for the loan, the guarantors security will not work there. I have got my conditional letter though which I want to pay one year fees. So I want to know if my uncle is giving the registry of home and please tell me is not possible that I can get loan on my uncle's property, as I want to apply for loan soon.

Yes, it is possible to get education loan of 16.5 lakhs if your uncle is ready to mortgage his house. You can get the loan against mortgage of his house. However, he needs to furnish all documents as per bank's request and complete all formalities. Apart from this you also need to furnish the income tax certificate of your father and guardian if they are working. You also need to furnish the bank the proof of your residence which can be rental proof or house tax proof. If the bank still rejects the loan request you can approach other banks for the loan.