No property, no MBA abroad?

[coolr]

I thought getting an admit was the tough part, but after visiting banks for loan, I believe admission was the easier part!

The problem is, we don't have our own house, and banks need a property to secure the loan. Banks told they don't mind if the property is in someone else's name. So I thought I could use my uncle's house as collateral, but no. Now they say he is approaching 70 and is on pension so he can't act as guarantor. I have no one else who could risk his/her house for me.

Anyone been through this? What are the options I have?

Banks don't need a security for loan < 4 lacs so a weird idea came to my mind. What if I take a loan of 4 lacs from 4 banks? I know this is sounds ridiculous but is this possible?

[coolr]

Ok, I came to know that I can't take loan from more than one bank. Now any options? Please help!

[gangurulz]

Bhai Coolr, If my memory serves me right, you are joining Kenan-Flagler aren't you? I thought that KFBS has a loan option.

[coolr]

Good memory! Yes, I'm joining KFBS (hopefully!!!), but KFBS has tie-up for loan only for tuition fees. Living expenses (I'm expecting at least 50K as I am going with family) are to be borne by oneself. I need a loan for around 15 lakhs from India just to cover living expenses!

[stereobag]

Coolr,
I presume you would have stayed in the US for more than 2 yrs. Did you also try with other lenders say Sallie Mae, bank of America etc . They would offer loans based on your credit history itself. Did you try contacting the Indian students in KFBS also??