Education Loan - University in Australia

Hi All,

I am Amit. Just passed my graduation exam. I want to take admission abroad and I looking to take an eductional loan of around 7 lac. for my diploma course from one of the university in Australia.

My parents are retired and they are not working anymore but they are getting pension and some house rent. I have no option for third party guarantee. I am trying this option but no positive result till now. :mad:

1. I want to know whether I will get this loan amount without third party gurantee or not?
2. Is there any option for getting educational loan only on the basis of my house and FD?

Quote:

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Originally Posted by amit27

Hi All,

I am Amit. Just passed my graduation exam. I want to take admission abroad and I looking to take an eductional loan of around 7 lac. for my diploma course from one of the university in Australia.

My parents are retired and they are not working anymore but they are getting pension and some house rent. I have no option for third party guarantee. I am trying this option but no positive result till now. :mad:

1. I want to know whether I will get this loan amount without third party gurantee or not?
2. Is there any option for getting educational loan only on the basis of my house and FD?

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You have not provided income of your parents (which they are mentioning in IT Return)
For Loan, you need a guarantor like a parent to be a co-signatory to the loan; sometimes a security might also be needed. loan eligibility is dependent upon the co-applicant’s income.

If you do have above option (Guarantor), you can take personal loan for this. But it is very expensive in the 18% per annum range.

Quote:

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Originally Posted by MTG

You have not provided income of your parents (which they are mentioning in IT Return)
For Loan, you need a guarantor like a parent to be a co-signatory to the loan; sometimes a security might also be needed. loan eligibility is dependent upon the co-applicant’s income.

If you do have above option (Guarantor), you can take personal loan for this. But it is very expensive in the 18% per annum range.

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Thanks MTG for answering my questions.

My Parents income is 3.5 lacs from pension, for which they file income tax.
Other income is 4.5 lacs from home rent.

Please guide me.

Quote:

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Originally Posted by amit27

Thanks MTG for answering my questions.

My Parents income is 3.5 lacs from pension, for which they file income tax.
Other income is 4.5 lacs from home rent.

Please guide me.

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Amit,

Please add the house rent income of your parents with their pension income. It will boost your chances without any problem.

Is there any bank that provides education loan for autonomous management programme?

Educational loans are available for higher education (full-time graduate or post-graduate course) in technology, engineering, architecture, medicine, management and applied or pure sciences, including mathematics and statistics.
It is best to check with the bank you are interested in getting the loan from, if the course you are going in for is covered under their educational loans

.