Please recommend me the bank be contacted in India for an Education loan against Property having less hassle. As I went to Bank Of Baroda and they wasted my full day just kept me wait as in the end asked me to arrange documents as per the checklist which i had arranged already. I need a 30 Lakhs INR loan and do not have much time for Sep intake. However, the course is online mode but have to submit the fees latest by month end. Thanking in advance.
Loan
- Thread starter SMIKA
- Start date
Education loan will take minimum 10 days to maximum 30 working days in whatever bank you select. After which you need to pay GIC which will take 3 to 10 days for receipt , and visa processing will take 30days to 8 weeks as of now . As of now it is better you differ your course to Jan 22 intake and get new LOA. Else you will be really stressed
Do I need to make the ECA done for the same beforehand as I did not found any instruction for the same.
It depends on your college you select , did they asked you to do ECA? , because some colleges don't ask for ECA
Usually, banks hold you because they are trying to see if your monthly income will be enough to pay for the debt. Some problems should have appeared in the process, that's why they kept you all day. But, honestly, I suggest you take a mortgage instead of a loan. I took one from Mortgage Advice Cambridge for my new car. Technically, you still lend money with interest. The difference is if something happens, the loaner will ask your number one person to pay for it. But with a mortgage, the broker was the owner of my car until I paid the money back.
The first and most sensible option is to pay the entire sum, or at least a substantial portion of it. Because there is no other legal way out of this scenario if the bank provides you no other option. A microloan is an extra option to explore if you can afford it. I'm not suggesting you have to respond in this manner in this case, but it's an option you may consider in the future. When I needed a rapid loan with a cheap interest rate, I went straight to uk payday loans affiliate programs. This method is more of a safety net, but it's worth considering in emergency scenarios.