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  #1  
4th November 2015, 04:22 AM
Unregistered
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Whether Bank deducts some amount in Education Loan if a student died during the course?


Sir,
I have applied for Education Loan for my brother’s education. He was doing B.Tech but unfortunately he met with an accident and died. I have taken education loan of Rs. 5 Lacs for his B.Tech. My question is, as he completed her 1st semester then I have to pay all the sanctioned amount with interest or the bank will reduce the amount?




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  #2  
1st February 2018, 04:19 PM
Careerexpert
Senior Member+++++
  
Join Date: Dec 2013
Posts: 12,066
Default Re: Whether Bank deducts some amount in Education Loan if a student died during the course?

Quote:
Originally Posted by Unregistered View Post
Sir,
I have applied for Education Loan for my brother’s education. He was doing B.Tech but unfortunately he met with an accident and died. I have taken education loan of Rs. 5 Lacs for his B.Tech. My question is, as he completed her 1st semester then I have to pay all the sanctioned amount with interest or the bank will reduce the amount?

The Co-borrower has to pay the education loan if the student died during the course. Banks take a co-borrower or guarantor for education loans; they are responsible for repaying the loan. Co-borrower or guarantor can contact the bank in person regarding payment of education loan. There is also collateral security for an education loan of over Rs 7.5 Lakh in India. Co-borrower (usually parents) has to repay the loan in easy EMIs also. Co-borrower has to contact the bank branch for more details regarding this.
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