What do you need to obtain an education loan? : - If you are the student then you would need a co-applicant, preferably one of your parents, spouse or siblings. 2. If you are taking a loan of up to 7.5 lacs then you would need a third party guarantor. 3. If the loan is more than 7.5 lacs then the bank would ask for collateral as security. 4. After the successful completion of the course, the repayment installments have to be paid every month along with the interest rate. 5. It is mandatory to take up required insurances if you are enrolling for a course overseas. Apart from these, the banks have their own set of regulations and all you need to do is follow them in order to get a loan for the studies.