@ignorant and all fellow puys
OK puys! Before you hit the panic button! There is such a thing as a low level contact mode of communication like e-mail and phone calls and then a high level contact mode of communication as in face-to-face conversation. Then there are also individual negotiation skills which most of us will have a class in MBA. Anyway, for something like a loan NEVER NEVER just call someone as they will give canned answers to get rid of you. Furthermore, go to the nodal branch where the college is situated. For IIFT Delhi that will be the SIB branch in Connaught Place. I am not guaranteeing that you will walk out with a loan with a huge grin on your face, but I honestly believe your chances of success are better! Having said that, my personal plan is to approach the branches near IIFT of the banks I have mentioned AFTER I enrol, since I have some savings and do not need the entire amount. This also sits well with a bank manager when he/she sees that the student is in earnest, and less likely to default since now the student has personal money already invested. It is sort of like business: if you can put up some of your own money then you can approach potential investors for more funds. Thats just my 2 cents, so take it or leave it! Consider this also a test of perseverance - how badly do you want something!!! In life you will face many such times when you will get a NO. WILL YOU TAKE NO FOR AN ANSWER OR WILL YOU CONVERT THAT NO TO A MAYBE AND FINALLY A YES!!!!!!!!!!!!!!!
Cephas75 here is absolutely spot on!! Believe me.. there is lot of scope of negotiation in private banks.. Lot of things are @ discretion of the branch manager.. It helps: If u hv a strong family background (Govt/PSU service, monetary assets ..etc), have been an old/loyal customer of the bank, someone who has a good credit record with the bank can provide reference.. etc/... try to explore options..
Also there is news that the PLR(Prime Lending rate) is going to be cut by 25-50 bps.. this will definitely affect the lending rates of canara and SBI..