Soon you will able to secure an education loan easily. In spite of the rising defaults on education loans, The Government has instructed banks to offer increased share of such loans in their portfolios.
After the govt instruction it is seen that banks are willing to offer more education loan to families, and they have even increased the credit tenure. They also have decided to fund more than one person per family for loans up to 4 lakh. As of now, to avoid risk, banks don't give loans to more than one member of a family. Currently, banks do not want any collateral on education loans up to 4 lakh, but look for joint application and collateral, when someone applied for education loan of above 4 lakh.
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