Get a loan easily
Usually, collateral is not required for a loan up to Rs 7.5 lakh. In some cases, if you get admission into a reputed institution, say one of the IIMs, banks may not ask for collateral even for loans of higher amounts.
Simply so, can FD be used as collateral?
FD as Collateral/Security
When availing loan against fixed deposit, banks keep customer’s FD as the collateral. … Since it’s a secured loan, interest charged for the same is cut short. In case the loanee is not able to repay the loan amount, the bank can easily procure it from the FD amount.
20 lakhs. 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.
In this regard, can I get 50 lakhs education loan without collateral?
30-50 lakh. For any loans up to Rs. 4 lakh you will not be required to provide any collateral or third-party guarantee.
Can I get a education loan without collateral?
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.
Can we take 2 education loans?
Well, the answer to the above question is – Yes, a student can be eligible for a second education loan. For this, they can either apply for a second education loan from the bank they already have taken their first loan from or they can apply to a different bank.
Do I need property for education loan?
Generally, education loans are unsecured in nature.It means you do not have to pledge any asset as collateral. However, education loans with loan amount of Rs. 7.5 lakh or higher, may require collateral. … The repayment period for education loans are shorter compared to loans against property.
Does SBI education loan require collateral?
An SBI education loan is the first option considered by most candidates who wish to fund their higher education abroad and their co-applicants. It is common knowledge that in order to borrow an SBI education loan, candidates are required to pledge some kind of collateral.
Is education loan required for cibil?
provide secured education loans to loan applicants who have a CIBIL score of 650 and above. To get an abroad education loan from SBI which is one of the most prominent government banks functioning in India, it is mandatory for loan applicants as well as their co-applicants to have a CIBIL score of 650 and above.
Is land accepted as collateral for education loan?
You can definitely use agricultural land as collateral for availing an education loan. … If the value of the asset is at par with or exceeds the amount of the loan, then you can use it as collateral.
What if I don’t have collateral for a loan?
Putting up collateral may make it easier to obtain a loan than if you don’t put up collateral, particularly if you have a damaged credit history or no credit history at all. … Secured loans typically offer lower interest rates and longer repayment periods than unsecured loans. A secured loan may help boost your credit.
What is collateral free loan?
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.
What is the value of collateral for education loan?
The amount of Collateral education loan you could get is in the range of Rs. 10 lakhs to Rs. 1.5 crores. The interest rate on Collateral Education loan is usually between 9.4% to 10.3%.
Which bank provide education loan easily?
Axis Bank provides Education Loans for students looking to pursue higher education in India or abroad, at attractive interest rates. With an Axis Bank Education Loan, you can avail a loan amount upto Rs. 75 Lakhs along with speedy disbursals and easy repayment options for effective loan servicing.