Lenders you can approach for an 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.
Besides, can I get 40 lakhs education loan without collateral?
How is an education loan beneficial? Amount: You can borrow any amount as per your need. The maximum loan amount will vary depending on several factors such as the college, the course, collateral, etc. … Axis Bank, for instance, offers up to Rs 40 lakh without any collateral security.
Beside above, can I get 60 lakhs education loan without collateral?
The security pledged against a loan is termed as collateral. However, you can get an education loan without pledging any security. … But, if you take a loan of more than Rs 7.5 lakh, the bank may ask for collateral for the loan amount. The bank may also ask you to deposit margin money and seek third-party guarantee.
Can I get education loan 1 crore?
The private sector lender ICICI Bank today launched ‘Insta Education Loan‘ where customers will get an instant approval of education loans of up to ₹1 crore. This first-of-its-kind facility will enable thousands of customers to take education loans in a fully digital process against their fixed deposits with the bank.
For overseas education, SBI primarily offers education loan with collateral. Unsecured loans, i.e. loans without collateral are available only for the best of the best colleges, and that too up to ₹ 7.5 lakhs only. … Besides this, as a scheduled commercial bank, SBI also provides government schemes such as Dr.
|Expected Personal Loan Amount
|Rs. 5.40 lakhs
|Rs. 8.10 lakhs
|Rs. 10.80 lakhs
|Rs. 13.50 lakhs
For education loan of Rs 4 lakh to Rs 7.5 lakh, students are also required to bring a guarantor. … For this, the government will set up a fund to provide surety to the banks for the amount of loan to be sanctioned by them to students. The credit guarantee fund, which will have a corpus of Rs.
CREDIT GUARANTEE FUND SCHEME FOR EDUCATIONAL LOANS (CGFSEL)
The Ministry of HRD has launched Central Government scheme of Interest Subsidy on educational loans for economically weaker sections of the society.
A collateral free loan is a loan provided to the borrower without any guarantee. In simple terms, this means, you can approach a lender and borrow money from him at a certain rate of interest even if you have nothing to pledge or invest.
CIBIL Score is a 3-digit numeric summary of your credit history, rating and report, and ranges from 300 to 900. The closer your score is to 900, the better your credit rating is.
Top Education Loans Providers in India for Study Abroad
- HDFC Bank. HDFC Bank offers education loans with preferential interest rates for reputed universities. …
- State Bank of India. …
- Axis Bank. …
- Punjab National Bank. …
- Bank of Baroda. …
- Canara Bank. …
- IDBI Bank. …
- Avanse Financial Services.
Banks offering Education Loans and Collaterals Required
|Loan Amount and Collateral Required
|Domestic Education – Up to Rs.15 lakhs Foreign Education – Up to Rs.20 lakhs For loans up to Rs.7.5 lakhs no collateral is required
|Loan up to Rs.5 lakhs do not require collateral