Education and Career Forum

I want to study MBBS with the help of an education loan. I want to apply an education loan in Andhra Bank. I have heard about the education loan of this bank but don’t know about the co-borrower term. Can I know about the co-borrower?

Co-borrower can be your blood relative, specially your parents are considered the best option for it. The person will be held responsible to pay the due, in case you fail to do so.

A co-borrower should be an earning family member and must be willing to support you. You also need some collateral security, in case the loan amount is hefty.

Co-borrowers term in education loan means that the person who is responsible to repay the education loan on behalf of the student. Parents/ guardians can be Co-borrowers to apply for an education loan in Andhra Bank. To get an education loan of more than Rs. 7.5 lakhs, you have to submit the collateral security documents equal to loan amount to bank for processing your education loan.