#1  
6th April 2014, 07:23 PM
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What if I dont have property to show to a bank for education loan?


I am economically poor student if I get seat in iima I don't have property to show to a bank to take educational loan. Please do help me out?




  #2  
5th May 2014, 06:26 PM
SudeepKumarSaha
Senior Member+++++
 
Join Date: Dec 2013
Location: India
Posts: 8,583
Default Re: What if I dont have property to show to a bank for education loan?

It is good to see that you have a fighting spirit and have not given up your studies inspite of financial instability. There is no requirement of showing property to the bank inorder to get education loan of lower amount. However, for higher amount you need to show or take help of third party guarantor who can assure bank of repayment of loan.

- Loan amount till 4.5 lakhs - nothing needed
- Loan amoint 4.5-7.5 lakhs- third party guarantor needed.
- Loan amount above 7.5 lakhs- third party guarantor and mortgage needed.

If you are economically very poor, you can apply for scholarship in your state if there is any such provision in your state.
Do you have any question? or have anything to say?



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