Education and Career Forum

Sir,
I am working with an IT company and intend to apply for an Educational Loan for pursuing higher studies. I will be resigning my job 1 month before to join the course. I want to know the requirement for getting the loan is a No Objection Certificate from my current employer that they have no problems with me pursuing a course if I resign. In the current financial situation my employer may not agree to give me this.The other requirement to give a declaration in writing that I will resign my job before the course starts is fine with me. What is your advise regarding the No Objection Certificate - Can it be waived?

In general, the requirement for a No Objection Certificate (NOC) may depend on the lender's policies and the specific terms of the loan. Some lenders may require an NOC from the current employer as a measure to ensure the borrower's financial stability and ability to repay the loan.

If you are unable to obtain an NOC from your current employer, you may want to explore other options such as approaching a different lender or finding alternative sources of funding, such as scholarships, grants, or part-time work while pursuing your studies. You could also consider discussing your situation with the lender and explaining why you are unable to obtain an NOC, and see if they can make an exception in your case.

In any case, it is important to carefully review and understand the terms and conditions of any loan agreement before signing, including the interest rate, repayment schedule, and any fees or penalties associated with the loan. It is also advisable to seek advice from a qualified financial professional before making any major financial decisions.