Can you take education loan against property?

Yes, you can co-apply for an education loan on property.

Can I get education loan on land?

The answer to the above question, in a nutshell, would be yes. 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.

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.

What is education loan against property?

Loan Against Property for higher education is a secured loan availed against the property. The disbursal process of LAP for higher education is simple and hassle-free. The loan amount is based on the market value of the property. Loan against property for education helps in unlocking the hidden value of the property.

Can I take home loan and education loan together?

Aspirants can apply at both private and nationalized banks to avail secured education loan on a home loan property. Hence, they divert for unsecured education loan and end up paying a higher rate of interest to the bank.

Does education loan require collateral?

All banks and NBFCs require parents to be join-borrowers on an education loan. For loans up to Rs. 4 Lakh, no collateral is required.

Can I take personal loan after education loan?

The answer to the question, ‘can students get Personal Loan’ is yes, you can. You can apply for a personal loan and use the money to finance your education.

What happens if I don’t pay my education loan in India?

– If you do not pay your education loan in India, the lender will start sending notices to you and your guarantor, if there is one. If you fail to comply with the warnings, you will default on your loan, and your credit score will take a huge hit. You would not be able to secure any loan in the future for a long time.

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 take education loan from 2 different banks?

No, it is not possible to get an education loan from two different banks to study for the same course in India. There are many banks that provide a large loan amount for domestic education. For example, ICICI Bank offers up to Rs. 50 lakhs for education within India.

Are education loans secured or unsecured?

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. Though there is no cap on the disbursed loan amount, the loan amount can range anywhere between Rs 20-50 lakhs.

What is the difference between a loan against property and education loans?

Both, loans against property and education loans are prudent modes of finance for your education needs. While a high loan amount and flexible tenor are the highlights of a Loan Against Property, education loans serve the needs of those who are unable to pledge a property as collateral.

Can a lender seize my property if I defaulted on student loans?

If a defaulted student loan is unsecured, like all federal student loans and most private student loans, the lender must sue the borrower and get a court judgment against the borrower before they can seize the borrower’s property. Some states exempt a specific dollar amount of personal property and certain types of personal property from seizure.

What is the tenor of an education loan?

The tenor for loans against property are also longer than that of education loans and can last up to 20 years. In case of an Education Loan, the tenor can range from 5-7 years. A long tenor lowers the monthly EMIs, and vice versa.