More than one member of same family can avail education loan upto Rs.4 lac and each applicant will be treated as individual loan without clubbing/insisting the income of the family and the security.
RBI has clarified that education loan is given for an individual and the limit of Rs.4 lakhs is also for an individual and not a loan for family as a unit and that any number of applicants belonging to the family may be sanctioned loans upto Rs.4 [four] lacs individually, with insisting any security”.
Ref No. CHO/Retail Bkg Dept/14/2009-10 dtd 6.9.2010.