A.Dear client,
If you want to inquire about the mandate by RBI regarding buying insurance with an education loan then there is no mandate or law by RBI or any regulatory body for buying an insurance policy with an education loan. However, it is advised to buy the insurance with an education loan for safety and precautionary measures. Also, many private banks have insurance as a condition to be filled for giving education loans.
If you do not want to buy the insurance and your bank is making it a mandatory condition to grant loan you can reach out to another bank which doesn't have that mandate.
Thank You
If you want to inquire about the mandate by RBI regarding buying insurance with an education loan then there is no mandate or law by RBI or any regulatory body for buying an insurance policy with an education loan. However, it is advised to buy the insurance with an education loan for safety and precautionary measures. Also, many private banks have insurance as a condition to be filled for giving education loans.
If you do not want to buy the insurance and your bank is making it a mandatory condition to grant loan you can reach out to another bank which doesn't have that mandate.
Thank You
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A.Dear Client,
It is not compulsory to opt for education loan insurance as the requirement to do so varies from one lender to another. For loans taken from govt banks, it is not necessary for you to get insurance. However, for some private banks or organizations, you may have to get insurance as a condition to take out the education loan. However, it is highly recommended because it provides a safety net in case of unforeseen circumstances, such as death, disability, or loss of income of the borrower.
It is not compulsory to opt for education loan insurance as the requirement to do so varies from one lender to another. For loans taken from govt banks, it is not necessary for you to get insurance. However, for some private banks or organizations, you may have to get insurance as a condition to take out the education loan. However, it is highly recommended because it provides a safety net in case of unforeseen circumstances, such as death, disability, or loss of income of the borrower.
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