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  #1  
10th October 2016, 06:51 PM
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Security deposit against an Education Loan in IndusInd Bank?


Can I know what kind of security I have to deposit for getting an Education Loan in IndusInd Bank? I would like to know about the security deposit of this Bank Education Loan policy. Kindly tell me asap.




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  #2  
13th October 2016, 10:18 PM
Blessmegod
Senior Member+++++
  
Join Date: Apr 2015
Posts: 4,947
Default Re: Security deposit against an Education Loan in IndusInd Bank?

Amount of Education loan has been classified into three parts:

*Education loan for amount below 4.5 lacs rupees: There is no need of guarantor or collateral.

*For loans above 4.5 lacs and below 7.5 lacs. Guarantor is needed along with student as applicant and parent as co applicant.

*For loans of amount above 7.5 lacs, collateral is needed. Collateral means a security pledge for repayment of loan. It can be fixed deposit of amount decided by bank, commercial land papers, LIC bond papers, house valuation certificates etc.
  #3  
13th October 2016, 10:46 PM
SudeepKumarSaha
Senior Member+++++
  
Join Date: Dec 2013
Location: India
Posts: 8,583
Default Re: Security deposit against an Education Loan in IndusInd Bank?

The security deposit depends on the amount of education loan you are seeking. It also depends on the location of your study - in India or in abroad. The security deposit is a certain percentage of the total education loan amount. The security margin is given below.

- Upto 4 lakhs - Nil
- Between 4 and 7.5 lakhs - 5℅ for study in India and 15℅ for study in abroad.
- Above 7.5 lakhs - 10℅ for study in India and 20℅ for study in abroad along with mortgage of property.
Do you have any question? or have anything to say?



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