Education and Career Forum

Sir,
I want to apply for an Education Loan. But I don't have any kind of property. But my brother in law is ready to become a guarantor. Is it possible? Please let me know about this.

If the amount to be sanctioned for education loan is 4 lakhs or below then there is no need of guarantor or any collateral. For sum between 4 to 6 lacs, there is a need of guarantor and for sum of loan above ten lacs, there is need of collateral.

Yes, your brother in law can become a guarantor in education loan but he must submit documents which proves that either he has some property or fixed deposit etc. Upto 4 lacs of loan, you just need your college marksheets, approval letter and loan letter from your concerned college.

Now, you can directly apply at India's education loan portal to multiple banks and within few days of application, they will respond how much can be sanctioned.

Education loan portal is: https://www.vidyalakshmi.co.in/Students/

To avail an education loan one must have to keep collateral security equal to loan amount and a third person guarantee.

For an education loan amount of Rs.4 lacs and below, the candidate can has to produce a third person guarantee. And for an education loan amount of RS.4 lacs above the candidate has to keep collateral security equal to the loan amount.

You can keep your brother-in-law as a third person guarantor to avail an education loan.

Yes, your Brother-In-Law can be become a guarantor for taking an Education loan if the bank you wish to take accepts him as a gurantor but, some banks accepts the person as a guarantor only who is blood relative to you. So, I suggest you to confirm it with your bank and proceed further.

Anybody can become guarantor in education loan.

So, your brother in law can become guarantor in education loan. Your brother in law must have some property or document which can prove that he has something to prove that he is financially stable.