Education and Career Forum

My family economic condition is very poor and therefore i need education loan for pursuing my studies. Can i get education loan on this basis only?

Originally Posted by Unregistered

My family economic condition is very poor and therefore i need education loan for pursuing my studies. Can i get education loan on this basis only?

It depends on the loan amount you require.

Till Rs. 4 lakh you can avail loan without any mortgage of property. You can speak to the loan manager as well as the branch manager directly if any issue occurs.

Also you can avail interest free subsidy from government scheme that may be applied to the bank.

Also you have to refer a nominee as security to the bank.

Yes, one can avail educational loan to pursue higher education.

The main aim of the educational loan is to provide financial assistance for all eligible and meritorious candidate's who are economically backward.

The educational loan is sanctioned for only valid and recognized professional and technical courses. All nationalized banks offer educational loan to pursue professional and tehcnical courses.

The banks offer a maximum amount of Rs.4 lacs without any security.

If you are able to get admission to a good college then the chances of you getting a Loan will be much higher.
You cannot get a Loan simply because you come from a poor background.
You need to show that you deserve the Loan and for that you need to make sure that you are able to get good marks and you must also be eligible for admission to a good college.
Once you are able to do this there is a high chance your Loan will be sanctioned by the Bank.