Question { 5257 }

I have taken an Education Loan of Rs.4.00 lacs from a
Nationalised Bank for Higher of my son during last year,
Now I again want an Education Loan for my daughter for
Rs.3.00 lacs from the same Bank. Now Bank is asking for
additional security By way of guarantee or mortgage of
House.Please tell me whether it is necessary to give
guarantee or collateral security for taking Education loan
for my second child?

Answer

it may or may not be neccessary to give new security ...
if the old securities that has been given covers the
additional loan then you need not to give new securities
but it does not cover in that case you have to provide with
the additional securities