Education and Career Forum

Dear Sir,
I want an education loan of Rs 5 Lacs to study B.Pharmacy. So, I would like to know that for getting an education loan of this amount I have to show third party guarantor? Please let me know asap.

Yes, one must have to provide a third person guarantee to avail an education scholarship of Rs. 5 lacs to pursue undergraduate pharmacy course.

For loans above Rs.7 lacs one must provide collateral security equal to the amount of education loan.

For loans below Rs. 4 lacs, the banks will offer education loan without keeping any security.

You will have to produce a guarantor for any Educational Loan that is above Rs.4 Lacs.
So in this case as your Loan amount exceeds Rs 4 lacs you will have to show a guarantor along with the IT return that is filed by him in the last Financial Year.
Once you have done all that you will be eligible for the Loan.
So you will have to show a guarantor to the Bank to get the Loan.

Yes, you need to show third party guarantor in order to opt for education loan of 5 lakhs to meet the expense of your B.Pharmacy course. For any loan above 4.5 lakhs, third party guarantor is a mandatory clause irrespective of the course you want to pursue. Apart from this, there will be 15% margin as security deposit. However, there is no need of any mortgage.