Quote:
Originally Posted by Rustam
And if you have enough spare money, then all your help is welcome by poor souls like me.
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Arrey sarkaar spare money nahi hai...aise mazak na karo
I have found out about educational loan from SBI.
1. Any loan applied for which is less than 4 lakh rupees does not require a guarantor nor collateral. Rate of interest = 12.25%.
2. Documents required:
All marksheets copies, class 10 onwards.
Admission proof (letter sent by NITIE).
Estimate of charges (Should be in letter).
2 photographs.
Guardian should provide:
Last 3 IT returns.
Copy of bank pass book.
PAN
ID proof.
Residence proof.
2 photographs.
3. Holiday period: No repayments need to be made for the course duration + 6 months. Till that period, interest will be levied as Simple Interest.
4. However, if interest is paid during this time, then rate of interest will become 11.25%.
5. Loans are sanctioned at 20% margin. i.e. if applied amount is 4 lakhs, loan disbursed will be 3.2 lakhs.
6. Loan disbursed in 7-10 days on an average.
7. Covers tuition fees, Hostel fees, Laptop, monthly expenditure et al.
Loans are available at many other public banks. I have my mind set on SBI.
Rustam Bhai, what i meant was ki if you're taking up NITIE, the loan amount will be less than 4 lakhs. Otherwise for other colleges (apart from FMS and IIFT

) the loan would exceed 4 lakhs, that would mean submission of collateral and rate of interest would become 13.25%.