Education and Career Forum

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

Originally Posted by Unregistered

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

Securities against an education loan in IDBI Bank are given below:

>> Up to Rs 4 Lakhs – No security. Parent(s) to be joint borrower(s)

>> Above Rs 4 Lakhs to up to Rs 7.50 Lakhs – Third party Guarantee and Parent(s) to be joint borrower(s)

>> Above Rs 7.50 Lakhs - Parent(s) to be joint borrower(s). Tangible Collateral security, along with the assignment of future income of the student for payment of installments.

Security:

>> In the form of immovable security which should value of 1.33 times the amount of loan. Or

>> Any fixed security viz. Government Securities / Public Sector Bonds, NSC, LIC Policy, KVP, Debentures, FD with IDBI Bank, etc.