Question
What is the maximum loan amount for education loans that
can be obtained from banks as collateral-free loans?Solution
As per RBI circular on Collateral Free Loans - Educational Loan Scheme, it is mandatory that banks should not obtain collateral security in the case of education loans up to ₹4 lakh. According to RBI guidelines under Model Education Loan Scheme (MELS) set by the Indian Banks’ Association (IBA): • Loans of up to INR 4 lakhs are entirely collateral-free. • For loans between INR 4 lakhs and INR 7.5 lakhs, students need to provide a guarantor. • Loans exceeding INR 7.5 lakhs require tangible collateral.
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