What type of collateral is needed 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.
Can I get education loan with 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.
What are the documents required for collateral loan?
An address proof is an essential document required for availinga loan against property. You need to submit a valid address proof like passport, ration card, utility bill, bank account statement, voter card, LIC receipt, letter from a recognized public authority, 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.
Does student loan need collateral in India?
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.
Is collateral required for education loan SBI?
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.
Does HDFC credila need collateral?
4 Lakhs and Rs. 7.5 Lakhs without collateral security for studies in India and Abroad respectively. However, HDFC Credila can offer up to Rs. 20 Lakhs without surety for talented and deserving applicants.
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.
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.
What are collateral documents?
Also known as security documents. … Collateral documents include any documents granting a security interest in collateral by the borrower, parent or subsidiary in favor of the lender and all other documents required to be executed or delivered pursuant to those documents. Collateral documents do not include guaranties.
Can I get loan against property without income proof?
Keep the following list of documents handy to avail a mortgage loan against property without income proof: Duly filled application form. Proof of identity like PAN Card, Voter ID Card, Aadhaar Card, Driving License, etc. Proof of address like Aadhaar Card, Voter ID Card, Ration Card, Passport, Utility Bills, etc.
What are the property documents required for loan against property?
Documents Required for Property Loan
- Application form with a recent photograph.
- Proof of Identity (Passport Copy /Voter ID card /Driving License /PAN Card)
- Address Proof (Ration card /Telephone Bill /Electricity Bill /Rental agreement /Passport copy /Bank Passbook or Statement /Driving License)