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For loans upto Rs. 4.00 lakh- Co obligation of parents . No security
For loans above Rs. 4.00 lakh and up to Rs.7.50 lakh - Co obligation of parents together with collateral security in the form of suitable third party guarantee.
For loans above Rs.7.50 lakh - Co obligation of parents together with tangible collateral security .Collateral security in the form of NSC /KVP/ LIC Policy/ Gold/ Shares/Debentures or immovable properties Bank Deposits in the name of student/Parent/Guardian or any other third party with suitable margin. Wherever the land/ building is already mortgaged the unencumbered portion can be taken as security on second charge basis provided it covers the required loan amount. In case the loan is given for the purchase of computer , the computer has to be hypothecated to the bank.. |
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