Education and Career Forum

Sir, I am studying final year final semester in B.Pharma. After my undergraduate course I will move to my Master degree i.e.; M.Pharma. But this time I will take education loan from any bank. I have searched about the terms and conditions of education loans by many Banks but can’t understand about the third party guarantee. I would like to know about third party guarantee.

Originally Posted by Unregistered

Sir, I am studying final year final semester in B.Pharma. After my undergraduate course I will move to my Master degree i.e.; M.Pharma. But this time I will take education loan from any bank. I have searched about the terms and conditions of education loans by many Banks but can’t understand about the third party guarantee. I would like to know about third party guarantee.

Third Party Guarantee in education loan scheme means a third party guarantor who should have salary or wealth to pay back the loan in case of default. It is someone other than applicant’s parents. The third party guarantor is responsible for the education loan other than the students’ parents. The applicant can provide any one of his relative as a third party guarantor. The third party guarantor also has to provide necessary documents for obtaining an education loan. The third party guaranty is necessary for education loans more than Rs 4.5 Lakhs up to Rs 7.5 Lakhs.