Education and Career Forum

Hello Sir,
I want to study in Abroad may be in USA for my PG. Please help me out to sort out the best possible option for the bank education loan available. My total expense will go upto Rs. 20 Lacs. I want to repay the amount after my studies as soon as I get my job within 5 years. Will I have to mortgage my property? I would like to know everything in details.

You will not have to mortgage your property. You will have present it to the Bank as a collateral.
The repayment clause is simple in case of Educational Loans.
You will have to repay the Loan along with the interest and you should start repaying in monthly installments 6 months after the completion of the course.
This is the rule and once you fail to give the monthly installments your collateral will be absorbed by the Bank.
This is the rule that is followed and if you will be able to take a Loan easily if you abide by the rules.

Yes, you need to mortgage your property like land, house, vehicle, etc. in order to opt for education loan of 20 lakhs to meet the expense of your post graduation study in USA. For education loan above 7.5 lakhs, mortgage is a mandatory clause in the education loan norm. You can repay the loan in five years after your course completion; there is no problem in this. The maximum period which the bank allows for repayment of education loan is seven years.