Education and Career Forum

Is it possible to get the education loan if I am from a poor family? Will they give loan to me with trust? What should I do for that? I just wanted to get a job abroad once after I complete my graduation and repay all the loan. Will that be possible to do?

Yes, you can definitely get education loan even though you belong to a poor family. Education loan is for the students who are financially unstable. However, the maximum loan amount which you can opt for depends on your fulfillment of bank norms and complying with the terms and conditions of the bank. You can take education loan upto 7.5 lakhs without mortgage of property. You need to approach a bank close to your residence after you get admission call. Take prospectus of the concerned college along with you and your previous academic records. Approach the branch manager and have a discussion with him/her. Get to know all the details of education loan and follow the instructions given the bank manager to get your education loan sanctioned.

To get education loan for pursuing your higher studies in Abroad, you need to provide any property worth equal to bank loan amount as a Collateral Security. In case, if you need Rs.4 lakhs amount only then, there is no need to provide any security for getting education loan. If you need amount more than Rs.4 lakhs and less than Rs.7.5 lakhs, you need to provide any third party guarantee as a Collateral Security. So, as you mentioned that you belong to poor family, you can get education loan amount of Rs.4 lakhs without any security for pursuing your higher studies in Abroad.