#1  
10th September 2015, 01:27 PM
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Whether my father can become Guarantor for Education Loan if my brother is studying MBA through Education Loan?


Sir,
My elder brother is studying MBA from Bank Education Loan and my father is the guarantor. Now I am going to study MBA and I also want to apply for Education Loan. Can my father become a Guarantor?





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  #2  
14th September 2015, 11:42 PM
SudeepKumarSaha
Senior Member+++++
 
Join Date: Dec 2013
Location: India
Posts: 8,583
Default Re: Whether my father can become Guarantor for Education Loan if my brother is studying MBA through Education Loan?

It depends on the income level of your father. Your father can definitely be a co-borrower of your education loan as well as your brother's education loan, provided he has the concerned level of income from a stable source as per bank's demand or own property as per the loan amount. So consult with the bank, the bank will ask for the income tax certificate of your father and then they will decide and take further decisions in this matter.




  #3  
15th September 2015, 09:28 PM
ArunavaBasu
Senior Member++++
 
Join Date: Mar 2015
Posts: 2,155
Default Re: Whether my father can become Guarantor for Education Loan if my brother is studying MBA through Education Loan?

It depends entirely on the Income of your Father and the Loan amount that you are applying for.
It also depends to a certain extent on the Bank where you are applying for the Loan.
You need to apply for the Loan to a Bank of your choice.
You must provide the Letter of Admission that will be provided to you by your University as a Document for the Bank for your Educational Loan.
You must also show a guarantor for the Loan that will be taken.
You must also show the Income tax return that is filed by the guarantor
Once you do this your Loan will be sanctioned by the Bank where you are applying for the Loan.
This is what you should do and there is a high chance your Loan will be sanctioned.




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