Education and Career Forum

Hi,
I need to deposit Rs. 5 Lacs within a month. I have already have a pre approved loan for rest of the amount from tie up banks with the college. Will I be eligible to apply for an educational loan from some other bank or do I have to avail a personal loan? How soon can this be processed, given that I need it by this month?

No, you cannot avail education loan from other bank. This is because there is account opened on your name in the records of Reserve Bank of India. So whenever you approach a different bank, that bank will check the records and when it finds your name it will simply reject your loan request. Hence, if you want more amount as financial aid, you need to avail it as personal loan. Now the banks have become more aggressive and fast in their process with the involvement of technology. Hence you can definitely expect that the processing will get over well ahead of one month.