Education and Career Forum

Sir, I have applied for an education loan of 6 lakh in SBI but the manager is saying I can grant only 4.5 lakh. I need not less than 6 lakh for my overall expenses. Please tell me what should I do now? Should I approach another bank?

Yes, if the bank manager refuses to grant whole amount of education loan then, you can approach another bank. But, before approaching another bank for an education loan, I suggest you to ask the manager what is the reason for not granting whole amount of education loan, so, that you will come to know whether you can approach another bank or not for getting whole amount of an education loan.

Originally Posted by Unregistered

Sir, I have applied for an education loan of 6 lakh in SBI but the manager is saying I can grant only 4.5 lakh. I need not less than 6 lakh for my overall expenses. Please tell me what should I do now? Should I approach another bank?

You can ask the Bank Manager for the reason for not granting the full amount of education loan. The bank check CIBIL score before loan clearance. You can apply for an education loan through Vidya Lakshmi portal. You can apply for multiple banks through Vidya Lakshmi portal. You can apply for an education online – Vidya Lakshmi portal. There are many banks registered in the Vidya Lakshmi portal like Kotak Mahindra Bank, Federal Bank, State Bank of India, Allahabad Bank, Andhra Bank, Bank of Baroda, Dena Bank, BMB, Central Bank of India, Canara Bank, Corporation Bank, HDFC Bank, IDBI Bank, ICICI Bank, IOB, Karur Vysya Bank, Bank of Maharashtra etc. Yes, you can approach for another bank for getting an education loan. Vidya Lakshmi education loan website link is Click Here

If the bank manager refuses to grant whole amount of education loan i.e., Rs. 6 lakhs and if he says that he can grant only Rs. 4.5 lakhs then, you need to ask what is the reason for that, whether any security is required or what. Education loans upto Rs. 4 lakhs are offered without any security and for an education loan above Rs. 4 lakhs, third-party guarantee in the form of parents as joint borrowers should be provided to bank for processing your education loan. So, if the bank manager says that any security or documents are required then, you will experience the same situation in another bank.