Are there any banks in India that give educational loans above 50 lakhs without collateral and if yes then what interest rate?
Asked by Krishav almost 2 years ago
Well, it will be a little tough to find these banks but they are not really rare. In fact, just on this point, many banks advertise their plans to attract students. However I would not recommend it. Going directly to a bank for above 50 lakhs education loan without collateral is not something you do everyday.
However, these types of loans are not very common. Basically, the bank is not the only issue here. Government rules and regulations also dictate to private organizations functioning properly. You can’t just give out offers and plans as you see fit. Doing this leads to fluctuation in the market because if one bank starts offering big loans without collateral, the others will too. And I as well as you know that this is not how a stable economy works.
So in order to get good loans without collateral, you should get some help. Because banks can often present desirable offers but the real deals are hidden in their terms and conditions. Basically, there will be tons of situations that will make you pay a big interest later on. Charges like security, collateral, interests can be a real pain if not calculated in an early stage. Your higher education is critical and you don’t want any complications during the process.
The interest rates for these kinds of loans generally goes from 5-10 percentile depending on the bank. Like promotional banks may offer a little less interest because they are mainly attracting customers. On the other hand, some standard banks offer medium and big interest rates as they are already affiliated with these loans and are a very secure option.
But if you think you are still not sure, I can suggest some other options. Just let me know what are your thoughts on this. I would still not recommend just going for banks directly based on offers and advertisements. Because these are the promotional things, not the actual stuff. Let me know how I can help out.
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