Education and Career Forum

My son want to study MBBS. The total costing of his MBBS would be Rs. 12 Lacs. So, I am worried as I don’t have that much money to expense on my son’s education. I have tried to get the information of Bank Education Loan. But apart from applicant, a co-applicant is necessary. Can you tell me why Bank has adjoint co-applicant under an Education Loan Scheme?

The main reason for banks adjoin the Co-applicant under Education Loan Scheme is that if in case, the applicant is not able to repay the Education loan, the loan amount will be recovered from the Co-Applicant. Co-Applicants can be Parents/ Guardians, for married people co-applicant can be spouse or parents/parents-in-law. The Co-Applicant will have the same responsibility as the applicant has to repay the Education loan.