vikram (engineer) 17 October 2014

Agricultural land as collateral security for education loan

hello

my name is vikram pal, my state is haryana

I want to know about collateral security for education loan

Can we use agricultural land as collateral security ?

How much value of the property that we can use to take loan?

My father agricultural land government value is near about 1.3 crore rupees , But the bank said that you can take Education loan only 10% of your property .

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3 Replies

Kumar Doab (FIN) 17 October 2014

Ask for printed version of T&C of the loan or Brochure or refer to website of the bank. Don’t go by verbal transactions. There may not be any requirement of collateral in case of amount of loan desired by you. Don’t put property of such huge value as collateral for a petty amount of loan.

vikram (engineer) 17 October 2014

sir

actually I need loan near about 25 to 30 lakh in that condition bank will ask me for collateral security

Kumar Doab (FIN) 18 October 2014

Obtain everything in printed version and do not go by verbal transactions.

Ask the bank/banker/BM to certify each document under original seal and signature with date.

Secured loans are preferred by each bank and each banker has a target to achieve......................................hence you shall have no derth of bankers willing to process loan.

Don't settle for anything<80% of the market value.