Education loan - My father has bought a land
1 year ago
My father has bought a land recently and the value of that land is apporx 13 LAKH rupee but its on power of attorny the land is on my fathers name ans I want to take education loan of 10 lakh and I want to give the land as a collateral to bank so will bank give me loan against that I am in very much pressure as my whole career will be destroyed if I do nt get the loan as that is the last option for me as my father is not finanically strong and I am working now with 40k salary monthly Please suggest or guide me.
A.Dear Client,
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). Under this scheme, you can get a collateral-free loan amount for up to Rs 7.5 lakh without providing any third-party guarantee.
If your education loan requirement is more than Rs 7.5 lakh or even more than Rs 10 lakh, you can reach out to other lenders to get a collateral-free loan. Non-banking financial companies (NBFCs) and private lenders can provide you collateral-free loans for a higher amount, but these collateral-free loans are sanctioned at a slightly higher interest rate as compared to education loan taken with collateral.
In your case, if you want to go with a slightly lower interest rate, please consult the bank and they will give you the approval for the loan with the concerned property as collateral.
Thank you so much, I hope this answer helped you.
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). Under this scheme, you can get a collateral-free loan amount for up to Rs 7.5 lakh without providing any third-party guarantee.
If your education loan requirement is more than Rs 7.5 lakh or even more than Rs 10 lakh, you can reach out to other lenders to get a collateral-free loan. Non-banking financial companies (NBFCs) and private lenders can provide you collateral-free loans for a higher amount, but these collateral-free loans are sanctioned at a slightly higher interest rate as compared to education loan taken with collateral.
In your case, if you want to go with a slightly lower interest rate, please consult the bank and they will give you the approval for the loan with the concerned property as collateral.
Thank you so much, I hope this answer helped you.
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