Education and Career Forum

I am in a need of education loan so that I can get admission and study MBA in Abroad. I am going to apply an Education Loan in Central Bank of India. So, kindly tell me what kind of securities they want to take for taking an education loan?

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I am in a need of education loan so that I can get admission and study MBA in Abroad. I am going to apply an Education Loan in Central Bank of India. So, kindly tell me what kind of securities they want to take for taking an education loan?

Securities against an education loan in Central Bank of India to study MBA in abroad are given below:

For Education loan above Rs 7.5 Lakhs – Parent(s) / guardian to be join borrower(s). Tangible Collateral security of the value equivalent to the education loan amount along with the assignment of future income of the student for payment of installments
Insurance – Life insurance policy for the student equivalent to the loan amount, for a minimum period of the loan amount should be obtained and assigned in favor of the Central Bank of India.

Central Bank of India website link is given Click Here

Securities against an education loan in Central Bank of India for pursuing MBA course in Abroad are mentioned below :-

--> Upto Rs. 4 lakhs :- No Security. Parent's/ guardian to be joint-borrowers.

--> Above Rs. 4 lakhs and upto Rs. 7.5 lakhs :- Parent's/ guardian to be joint-borrowers and the collateral security in the form of suitable third party guarantee should be given along with the assignment of future income of the student.

--> Above Rs. 7.5 lakhs :- Parent's/guardian to be joint-borrowers. Tangible collateral security of minimum value equivalent to the loan amount and acceptable to bank, along with the assignment of future income of the student.