Education and Career Forum

I am not able to pay education loan because of unemployment. What to do in this situation to pay the loan...?

dear friend,

yes,you can get if any one can be a granter then bank has no problem to issue Educational loan.so don't worry .
most simplest thing is that i your father is an govt employee then the problem will automatically solved
so
best of luck.

i passed my B-Tech exam & want to take admission for M-Tech but my economical condition is very poor.I have no any support from my family members. What can i do ?

Hi

Your question is not clear.
Are you planning to take loan being an unemployed or you are unemployed and finding it difficult to pay back your loan.

If you want to take loan then you should get admission in reputed college.
As no bank are willing to give loan if you college is not reputed as they always doubt weather you would be able to pay back your loan.
mostly bank would ask for colateral and co borrower

If you are not able pay back your loan, then bank would use your colateral or ask co borrower to pay back your loan.

All the best

According to the government’s policy, if the student has low income or zero income, loans can be deferred or can be put in forbearance status. It will provide a temporary reprieve from making payments but the record of the loan status will not decrease. If in any case, you are defaulting on loans, you may face extreme results. Your company might use this information as a factor for not hiring you due to lack of reliability.

I have three papers arrears in B.E and need to pay for the next semester to complete the course. Am I eligible for education loan?

Yes you can apply for education loan before the starting of any course.At the time of taking education loan bank will give you two options to fulfill it.

1. After getting job the amount will be deducted from your salary every month.

2. If you are unemployed after 2 years of course finish then the nominee at the time of taking loan will fulfill the amount on behalf of you which must be a salaried person.

So if you are unable to pay education loan then your nominee have to pay the loan for you.No other option is available for you.

It will be better for you if you get one temporary job and try to pay small amount from you salary rather than to find for permanent job.

Originally Posted by Unregistered

I am not able to pay education loan because of unemployment. What to do in this situation to pay the loan...?

Well there is no solution of not paying the loan you should try for job definitely you will be able to recover the loan money

It is easy to get education loan.If you are going to study for any course,and you are unemployed you can get the loan for higher studies after submitting some documents in banks.But you have to return the bank amount after completing your study.Some state government pays the some amount of interest in education loans.So be aware about government rules for education loan for higher studies.The repayment of loans is around all banks takes return after six months of completion of your course or after getting job which may be first.So go your bank branch office near you and take advice to get education loan for higher study.

Obtaining an educational loan while being unemployed can be challenging since most lenders require applicants to have a source of income or a co-applicant with a stable income. However, there are a few options you can consider:

Co-applicant with stable income: If you have a family member or relative who is willing to act as a co-applicant for the loan and has a stable income, you can approach the lender with their income and employment details. The co-applicant will be equally responsible for loan repayment.

Collateral-based loan: Some banks and financial institutions offer secured educational loans where you can provide collateral such as property, fixed deposits, or other assets as security for the loan. This can increase your chances of loan approval, even if you are unemployed. However, be aware that failure to repay the loan may result in the loss of the collateral.

Government schemes and scholarships: Explore government-sponsored education loan schemes and scholarships that may be available for students in need. These programs often have different eligibility criteria and may consider factors beyond just income and employment.

Skill-based loans or vocational training loans: In certain cases, you may be eligible for skill-based loans or vocational training loans that are specifically designed for individuals seeking to enhance their skills or undergo vocational training. These loans may have different requirements and terms compared to traditional education loans.

Getting an educational loan when you are unemployed can be challenging since most lenders require applicants to have a source of income or a co-applicant who can provide income proof. However, there are a few options you can consider:

Seek a Co-applicant: If you have a family member or close relative who is willing to be a co-applicant for the loan, their income and financial stability can strengthen your loan application. The co-applicant should have a steady income and a good credit history.

Collateral-based Loan: Some financial institutions offer collateral-based loans where you can pledge an asset, such as property, fixed deposit, or insurance policy, as security for the loan. The collateral provides assurance to the lender, and they may be more willing to grant you a loan even if you are unemployed.

Government Schemes: In some countries, governments have initiated schemes to support education financing. These schemes may provide loans or scholarships to deserving students, including those who are unemployed. Research and inquire about such government schemes or scholarships in your country.

Non-traditional Lenders: Explore options beyond traditional banks, such as credit unions, microfinance institutions, or online lending platforms. Some of these lenders may have more flexible criteria or specialized loan programs for unemployed individuals or students.

Skill Development Programs: Consider enrolling in skill development programs or vocational courses that have tie-ups with financial institutions or government schemes. Some programs offer financial assistance or loans specifically for students pursuing skill development courses.

Seek Part-time Employment: If possible, try to secure part-time employment or freelance work to demonstrate some form of income. Having a part-time job, even if it is not directly related to your field of study, can improve your chances of getting a loan.

Improve Your Credit Score: Work on improving your credit score by maintaining a good credit history, paying bills on time, and minimizing debts. A higher credit score can make you a more favorable candidate for a loan, even if you are currently unemployed.

It is crucial to carefully assess the terms and conditions of any loan you consider and ensure you can meet the repayment obligations once you secure employment. It's advisable to consult with financial advisors or loan counselors who can provide personalized guidance based on your specific circumstances and local regulations.