Education and Career Forum

Sir, my parents are passed away and I live with my grandfather. He is an ex-Government employee. He got pension but he doesn’t have an IT File. But he has a Bank Account. I want to get education loan of Rs. 4 Lacs for doing BCA course. Now, question is, my grandfather become guarantor or not?

It will depend on the bank where you are applying for education loan. Some banks don't consider people who don't have any regular flow of income or those who are on a pension. Also, people who have crossed the age of 50 are also not considered by banks as a guarantor.

It all depends on the bank where you apply for education loan. Different banks have different criteria for education loan guarantor.

Yes, but here in your case you have to consider the age of your grandfather, His Age being a guarantor ,age should be in between in below limits.

Minimum Age : 21 years

Maximum Age : 70 years.

So,first see the age of your grandfather then if he has age with in the limit, he will be considered as co applicant or guarantor.

More over a Loan amount of 4 laksh there is no necessity of guarantor. So you can make your grandfather as co applicant. But from the bankers point of view, if they wont consider him asguarantor based on Age criteria not on Income basis because risk involved is much higher since his age.

You should also submit income certificate state level if your grandfather is not filing any IT returns.