can i get loan without security, provided that i could keep my certificates.

Asked by nuthana choudary on 14 November 2007 at 6:42 PM.

Answered by Studyplaces Counsellor Student Loan

Educational certificates are not considered as security to secure educational loan. You can take loan against insurance policy, FDRs etc.
You have to keep some co-lateral security if you are taking loan above Rs.4 lac. You don’t need to keep any security if you are applying for a loan of Rs.4 lac or less than that but banks normally expect that borrowers have some minimum financial ability (i.e., regular income, fixed assets etc.), to secure a minimum loan amount.
PUNJAB NATIONAL BANK Educational Loan Scheme:
Security:
i) Upto Rs 4.00lac: No security.
ii) Above Rs4lac and Upto Rs 7.5 lacs: Collateral in the form of a suitable 3rd party guarantee.
iii) Above Rs 7.5 lacs: Collateral Security of Suitable value or suitable 3rd party guarantee.
Loans can be provided against non-encumbered residential house/flat or commercial or industrial property (in the shape of building/industrial shed) self occupied or vacant.