Which collateral is accepted for education loan?

Collateral of suitable value is required for all education loans exceeding Rs. 7.5 Lakh. Tangible Assets – House, Apartment, Bungalow, Shop, Non-agricultural Land, Vehicle etc. Intangible Assets – Fixed Deposit, Life Insurance, Stocks etc.

Is collateral security needed for education loan?

Collateral Required for Education Loan Guidelines show that loan taken up to Rs. 4 lakhs does not require collateral security. It is only when the loan exceeds a specified amount as set by the bank that collateral will be required as well as third-party guarantee.

What is collateral security in education loan?

An education loan with collateral is a loan where the applicant attaches security along with the loan application. This security can be movable (FDs, LIC Insurance, etc.) or immovable assets (non-agricultural land, house, etc.).

Can a salaried person apply for education loan?

Documents for Education Loan for salaried individuals: Bank Statement / Pass Book of last 6 months. Optional – Guarantor Form. Copy of admission letter of the Institute along with fees schedule. Mark sheets / passing certificates of S.S.C., H.S.C, Degree courses.

Is collateral required for education loan in SBI bank?

Collateral security has to be provided by the borrower, equal to the loan amount availed. State Bank of India offers a moratorium period of up to 6 months to begin the repayment of the education loan.

Is collateral required for education loan SBI?

SBI Bank Education Loan: An Overview SBI generally offers upto 7.5 lakhs for SBI education loan without collateral. SBI also grants subsidies on interest rates for female candidates as well as a 0.5\% discount on Rinn Raksha Credit Life Insurance policyholders.

Can I get 30 lakhs education loan without collateral?

Public banks – Public banks like SBI, BOB, etc according to their policies can only provide up to 7.5 lakhs student loan without collateral irrespective of the course and country. But for some top-tier institutes in India, you can avail up to 40 lakhs of unsecured education loans from SBI.

Which loans are not required to provide any security?

An unsecured loan is a loan that doesn’t require any type of collateral. Instead of relying on a borrower’s assets as security, lenders approve unsecured loans based on a borrower’s creditworthiness. Examples of unsecured loans include personal loans, student loans, and credit cards.