Possible to take education loan from multiple banks for the same course?

Possible to take education loan from multiple banks for the same course?

  • Yes

    Votes: 3 37.5%
  • No

    Votes: 5 62.5%

  • Total voters
    8
#1
Am gonna go for MBA in a few months. Can I take education loan of 40 lakh from multiple banks (4 lakh each from 10 banks, because banks provide education loan up to 4 lakh without a collateral)?
 
#3
Am gonna go for MBA in a few months. Can I take education loan of 40 lakh from multiple banks (4 lakh each from 10 banks, because banks provide education loan up to 4 lakh without a collateral)?

I think you can take loan like that. But you have an MBA from an institute where your expenses are around 40 Lacs? You have to satisfy each bank the genuineness of your purpose and lack of availability of collateral for taking loan from one single bank.
 

rsingh2005

Well-Known Member
#4
No... You can take education loan through single bank only......there are few bank like IDBI, Bank of Maharashtra, where you can get loan more than 4 lacks without security.... depending upon your family profile.
 

rajeabc

Well-Known Member
#5
Am gonna go for MBA in a few months. Can I take education loan of 40 lakh from multiple banks (4 lakh each from 10 banks, because banks provide education loan up to 4 lakh without a collateral)?
I don't think you can do it. limits are defined keeping Individuals limit and paying capacity in mind not based on banks lending capacity.Also ,I guess max cap is 15 lakhs for International MBA so you can not get more than that.

BUT I know few of my friends got 40 lakhs from Indian bank for their MBA but they had family term with Bank Manager and provided guarantee.

Best deal for you would be to try to get the loan through that Institute and in that country. In europe it would cost you around 2+ above base rate..that will come to 7.25-7.5.. If you are getting admission in any premium school then admission offer letter is more than enough to get the loan.
 

aryan.

Active Member
#6
There is a centralized database called CIBIL, which has our credit card, loan etc records.

The second bank will check this database and reject your application because you already have a edu loan from some other bank.
 

sumeetsj

Well-Known Member
#9
Is'nt it a sad/bad thing to do ?
you will have to have a super great repayment plan,
which might not allow you to work too well(if you plant to work and repay after studies)
 
#10
Firstly, the Banks are not that lame.

With the advent of CIBIL, Credit check has become more stringent.

When you apply for a Education Loan in one Bank, various details are captured by the bank and forwarded to CIBIL.

If you try to avail another Education loan from other bank, then will come to know about your existing loan and will turn down the application. If you have collateral, there is no problem.
 

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