FAQs about Secured Overseas Education Loans

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FAQs about Secured Overseas Education Loans
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• An insight about secured overseas education loan
  is given as many countries prefer secured loan as
  compared to unsecured loan. Again, it all depends
  upon the type of course, the duration of course,
  University and country.

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Types of Collateral that can be offered?

• Any one of the following assists must be
• the collateral
• Moveable Collateral Fixed Deposit,
• LIC Policies, Govt. Bonds, Postal
• deposits etc.
• Immoveable Collateral Independent
• house, apartment, a bungalow, shop or
• open plot.

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Why collateral is required when my co-borrower
has a very good income?

• The risk involved in the credit is mitigated by
  the Collateral. The future of the student is not
  forecasted as the students has not started
  earning yet, hence the collateral. The collateral
  enables the students to get a better interest
  rates on overseas education loan, thus it
  entirely depends on the students and parents to
  show the required collateral.

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What if a student has no support system or
surety?
As explained earlier, we do give weightage to the
student's past academic track record, entrance
test scores, future school, institute,
university's reputation and employability.
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My collateral is mortgaged with another bank and
is of a high value. Can I give the same property
as collateral?

• No, you cannot take loan against the same
  property in a different bank. But there are 2
  options available.

• You can either transfer the existing loan to the
  new desired bank and also apply for education
  loan
• Or else you can take up a Top Up Loan in the
  existing bank itself.
•  

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