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mani singh (proprieter)     14 January 2011

Can i take education loan from two banks ?

Sir, I had taken education loan from one bank in July 2010.Due to more money required i am taking more amount from another bank without telling about 1st loan.Is it crime?What action can bank taken?From Nitin jit roy .



Learning

 5 Replies

A V Vishal (Advocate)     14 January 2011

IF THE LOAN IS ABOVE 4 LAKHS YOU HAVE TO DEPOSIT TITLE DEEDS OF PROPERTY WITH THE BANK, SO THERE IS NO BAR ON TAKING EDUCATION LOANS FROM 2 DIFFERENT BANKS FOR THE SAME COURSE BUT YOU NEED TO DEPOSIT THE ORIGINAL DEED OF TWO SEPARATE PROPERTY  WITH THE TWO BANKS.

phaneendra (Advocate)     14 January 2011

i think it wont be  a crime if you are going for a loan from other bank by keeping other propertey as security but if yuou are going to take loan on same property you have to inform the bankers and should get NOC from bank instead of going to the other bank ask the earlier bank for additional Topup by providing some more security for the extra amount  ieTopup .....

phaneendra (Advocate)     14 January 2011

but now a days it is not possible to hide such things from the bankers because while taking the loan in most of the cases you have to produce your PAN card  and it is enough for the bankers to Know that you have alraedy taken the loan from other ,  so i think it wont work even you are not willing to disclose that you have already taken a loan.

Sunny (Trader)     26 April 2012

Sir, 

what if one is taking 4 lakhs each from 2 different bank, upto 4 lakhs there is no security needed, so it would be fair as per the rules rite?? without letting the other bank know??

Waiting for the replay

RAJU O.F., (Advocate)     03 May 2012

You cannot take two educational loans from two banks.  You may take another loan from the second bank, not under the educational loan scheme.


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