Can we get student loan without security?

How can I get a student loan without security?

However, you can get an education loan without pledging any security. The Credit Guarantee Fund for Education Loans (CGFEL) Scheme provides a guarantee for education loan dispersed by banks under the Model Education Loan Scheme of Indian Banks’ Association (IBA).

Do we need security 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.

Is student loan secured or unsecured?

So, are federal student loans secured or unsecured debt? The simple answer is that they are unsecured; you do not have to surrender any type of collateral to take out a federal student loan.

Can I get 15 lakhs education loan without collateral?

In general, you can get up to 4 lakhs of educational loan for higher studies without any collateral. Under education loan scheme, you can get a maximum of 15 lakhs for studies in India and more 25 lakhs for abroad studies. … If the loan is above 7.5 lakhs, you will have to furnish the bank with collateral documents.

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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.

Does HDFC credila require 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 a student loan without my parents in India?

The education loan policies of most lenders in India mention that only an individual who is a parent or a nearby relative can be named as an education loan co applicant. Very few of them even consider the possibility of providing an education loan without co applicant.

Which bank provide education loan easily?

Compare Top Education Loan Offers 2021

Name of Bank Interest Rate (p.a.) Loan Amount
Axis 13.70% to 15.20% Up to 75 Lakh
Bank of Baroda 6.75% to 9.85% Up to 4 Lakh and above
HDFC 9.45% to 13.34% Max Apr
Tata Capital 10.99% onwards Up to 30 Lakh

How much percentage is required for education loan?

popular from india

The bank filed the present appeal saying candidates who have secured 60% marks and above alone are eligible to get education loan as they alone can be treated as meritorious candidates.

How is a student loan secured?

Secured loans are loans that require the borrower to provide an asset or collateral in exchange for the loan money. If the borrower fails to pay their loan, the bank can keep or sell the provided asset or collateral to satisfy the debt.

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Is a student loan a consumer loan?

Consumer debt consists of personal debts that are owed as a result of purchasing goods that are used for individual or household consumption. Credit card debt, student loans, auto loans, mortgages, and payday loans are all examples of consumer debt.