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Can I get a loan on the basis of my marks?

Harsh Roongta, CEO,, answers loan queries

education Updated: May 22, 2012 18:47 IST

Hindustan Times

Can I get a loan on the basis of my mark sheet? And how much loan can I get and what will be the loan amount?
You can get an education loan for pursuing your education in India based on a host of factors such as the kind of course, academic record, institute, guarantor’s income, etc.

There are several steps in an education loan process. The bank will process an education loan only if you have confirmed admission to the course. Thus just on the basis of the mark sheet, you will not get a loan. The loan amount will depend on the course to be pursued; whether the course is to be pursued in India or abroad.

In case the amount is more than Rs. 4 lakh, the income of parents is also taken into account.

You may approach a public-sector bank for a loan, as they are active in this field. You can get a loan up to Rs. 4 lakh without any collateral security but with a guarantor who may or may not have sufficient income to justify the loan amount.

For a Rs. 3 lakh education loan, Bharat Co-op Bank is asking for a security. Is it right?
As per the guidelines issued by Indian Bankers’ Association (IBA), the banks are asked to grant an education loan up to Rs. 4 lakh without asking for any collateral or income proof. Thus Bharat Co-op bank can ask for a security. We advise you to approach PSU banks, which follow the IBA guidelines. As per our information Bharat Co-op Bank is not a member of IBA.

First Published: May 22, 2012 18:44 IST

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