For a collateral, they often ask for property papers or fixed deposits, and a co-applicant with a steady income is almost mandatory. The interest rates are high, turning a dream into a heavy monthly *aasan* even before you start. My own application was paused because, on my salary, the only collateral I could offer was our small flat in Ranchi, and I cannot risk my daughter's roof for my MBA. The bank manager, a decent fellow, softly said, "Amit ji, without a stronger co-applicant, the *chanda* is too tight." So I keep adding small amounts to my daughter's college box instead.
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