Education and Career Forum

I have an arrears shall i buy education loan? I have some errors in my 1st year and am not getting should i opt for the loan at this moment or not?

I am extremely sorry to state that you will not be eligible for education loan. Rather the banks will not sanction your education loan. The reason is that any bank gives high preference to the academic background of the student and the academic performance of the student in the course for which he/she has taken education loan. Since you have arrears in your first year, so first you should aim at clearing all your arrears and then apply for education loan.

First clear your all back/arrears of previous semester/year. Do practice more for it, it will benefit more directly to you in your academic performance and later in career progression also. Take education loan after clearing all your previous arrears first. Banks will not give you any education loan at this stage as they require good academic background of the student. But least is not the last, you can try in private banks such as ICICI bank, HDFC bank, Kotak bank, Bank of baroda etc. They will charge you 0.5% to 1% more from the base rate (i.e. 10.25%) + 0.5% as processing fees of loan.
So think again and make best decision for your future.

I got education loan sanctioned in bank at starting of the first year.During second year i have arrears.Does the bank rejects the payment for third year??

I got education loan sanctioned in bank at starting of the first year.During second year i have arrears.Does the bank rejects the payment for third year?

I got education loan sanctioned in bank at starting of the first year.During second year i have arrears.Does the bank rejects the payment for third year??