rashi (analyst) 18 August 2013
I have an education loan for amount 4 Lakhs that I took in 2007. I have started paying EMI and its been a year now. I want to go for MS and for that I need a loan for 15 lakhs . So can I take loan from different bank as for 4 lakhs I hadnt need to show any security however for the newone I have to deposit the security.
Please advice
Kolla Gangadhar (Practicing Advocate since 1986) 18 August 2013
As per R.B.I. circular issued to Nationalized Banks Education loan for students studies abroad loan amount is 15 lacs. Education loan repayment period 5 to 7 years grace period of one year after studies and you have to mortgage immovable property for getting education loan of 15 lacs.
rashi (analyst) 19 August 2013
Ok..Thanks
So it is possible to take an education loan for further studies.
Do I need to tell this information to the new bank(Corporation bank) that I have an ongoing education loan fron(PNB) of amount 4 lakhs.
If I already have a loan . does this will create any issue for getting a new education loan
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