RBI Guidelines on Collateral Free Education Loans in 2024

As per the guidelines by the RBI, the bank shall not demand any kind of security or collateral for education loans up to INR 4 lakhs

If the availing loan amount is above INR 4 lakhs and below INR 7.5 lakhs, a guarantor will be required for the education loan

Any amount above INR 7.5 lakh will require tangible collateral to be pledged with the bank.

The interest rate on unsecured education loans must be set considering the base rate and the spread.

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