In educational loans, is there any need for collateral security?
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Yes, there is a need for collateral security if you apply for an education loan specifically in a commercial bank! You need a plethora of documents, including your college details, certificates, etc. to get the approval. But, if you do not have a collateral to pledge, you can go for unsecured loans and get instant cash for covering your educational expenses. Check these few simple steps to get a personal loan without pledging any collateral:
Try getting a loan from the NBFC that you find the best for availing unsecured loans in India. You can explore your options with the personal loan mobile applications.
You will need a PAN card and Aadhar card as the major documents needed for the purpose. Download the app and provide the required details to register yourself as an interested borrower.
You will need to offer your contact details, name and address, and employment status, etc. Be accurate with this information and cross-verify every detail before making the application for unsecured loans.
If you need instant cash, I recommend you to download Navi, one of the best collateral free loan apps available. I got the loan approval in just 20 minutes.