9th February 2014, 01:42 PM
Posts: n/a

Is it possible to take another education loan?

Is it possible to take an another education loan after taking an earlier loan and still is not returned
thank you sir

10th February 2014, 11:31 AM
Senior Member+++++
Join Date: Dec 2013
Location: India
Posts: 8,583
Default Re: Is it possible to take another education loan?

In normal case, you cannot get an education loan unless the previous loan is repaid. Once you take an education loan, your name will be notified in the list of Reserve Bank Of India for education loanee which all banks under Reserve Bank of India can access. Hence, if you go to any bank for loan again, they will cross check it and reject your loan request.

However, in exceptional case the bank will give you loan. The exceptional cases are as follows :-
-You get admission in the top colleges or universities like the top IITs or IIMs. You should keep in mind that it is for only the top ranking IITs and IIMs and not all of them.
-If your parent/guardian is an employee of the bank.
-If any of a good position holding employee of the bank is ready to be a third party guarantor.
-If the loan amount which is pending to be repaid is of very small amount (preferably below 4 lakhs) and the economic condition of the family is good. Third party guarantor and mortgage (if more than 7.5 lakhs) is needed in this case.
Do you have any question? or have anything to say?

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