Education and Career Forum

Sir,
I would like to know that what kind of security deposit is available to take an Education Loan from State Bank of Bikaner & Jaipur? I want to study B.Tech by taking an Education Loan. Please tell me the security of this bank Education Loan scheme.

The security deposit for education loan is given below.

- For loan below 4.5 lakhs : 10% of the loan amount
- For loan between 4.5 lakhs and 7.5 lakhs : 15% of the loan amount along with third party guarantor
- For loan above 7.5 lakhs : 20% of loan amount along with third party guarantor and mortgage

As per latest rules and regulations of Reserve Bank of India according to directions of Central government of India, upto 4 lacs rupees of education loan for any professional course, there is neither need of any guarantor nor any collateral to mortgage for sanction of education loan.

For loans above 4 lacs rupees upto 10 lacs rupees, you need a guarantor then only, loan will be sanctioned and for loans above 10 lacs rupees, you need to give any collateral either it is fixed deposit papers or land papers etc. So, if you want an education loan of amount less than 10 lacs then you can get it without need of security deposit.

There are certain categories of Education loan depending upon amount of loan to be sanctioned.

1. Upto four lacs of rupees: No need of any collateral or guarantor.

2. For amount of Education loan to be above 4 lacs and below 7.5 lacs, there is need of guarantor.

3. For loans above 7.5 lacs: There is need of security deposit like fixed deposit or land papers for amount to be sanctioned.

If you want education loan of amount above 7.5 lacs, you will have to either deposit papers of property or fixed deposit.