educational loan

[chekidu]

Hi,
The 2008 admission season is now in the final lap. Congrats to all those who have cleared.

This thread is meant for those who are planning to apply for a educational loan.

@ seniors.. those who have already taken a loan please share ur thoughts.like pyaback period. should we go for 4 year/ 6 year etc

@ mods, i know that the following threads exist but they are really old( 2004-2005).
if u still think the thread aint relevant..... please close this one.

http://www.pagalguy.com/forum/chit-c...tion-loan.html (Education Loan)
http://www.pagalguy.com/forum/life-b...ent-blues.html (Educational loan and repayment blues.)

[chekidu]

Hi,

please check out the links.They have detailed procedure on How to proceed.
Please read such that we have a better understanding on rates/ emi/ payback time period etc.You can also talk to concerned branch manager and get all the final info.regarding how/which branch to apply. He will also tell u about co applicant/guarantee/collateral etc.
If the bank with which XYZ college is having tie up is giving a better deal...... go for it....else....

but first pls go through this one...
Can you afford an education loan?

STATE BANK OF INDIA
STATE BANK OF INDIA :: INDIA's LARGEST BANK
ICICI BANK
http://campaigns.communicate2-personalloans.com/personalloan.html?gclid=CIqj-9ygr5ICFRIYewodcgafNA
PUNJAB NATIONAL BANK
http://www.pnbindia.com/c_vidya.htm
BANK OF BARODA
http://www.bankofbaroda.com/pfs/eduloans.asp
CANARA BANK
http://www.canarabank.com/English/scripts/CanEduLoan.aspx
HDFC BANK
http://www.hdfcbank.com/personal/loans/educational_loans_faqs.htm
BANK OF INDIA
http://www.bankofindia.com/Home/productsservices/eduloans1.asp
UNION BANK OF INDIA
http://www.unionbankofindia.co.in/ln_Union_Education.aspx

The following links gives detailed lists on schemes
http://www.moneycontrol.com/loans/snapshot.php?sch_code=PB012
http://www.hindustanlink.com/careertex/educational-loans-india.htm
http://www.indiaedu.com/education-loans-india/index.html
http://www.successcds.net/Educationloan/Education_loan_Banks.htm
http://educationandhra.com/educationalloans.htm

A good article on fundaas abt loan taking
http://www.apnaloan.com/education-loan-india/index.html
http://www.loanraja.com/
http://www.loanindia.in/
http://www.eduloaninfo.com/

ciao,

[targetcat2008]

Hi Puys

This link provides information on Educational loans in India.

Education Loans India, Loans by Banks in India, Bank information providing loan to students in India, Student Loans, Personal, Educational Loans details

Hope this helps. The data might have changed since publication of the article.

[get_amazed]

Originally Posted by chekidu

Hi,
The 2008 admission season is now in the final lap. Congrats to all those who have cleared.

This thread is meant for those who are planning to apply for a educational loan.

@ seniors.. those who have already taken a loan please share ur thoughts.like pyaback period. should we go for 4 year/ 6 year etc

@ mods, i know that the following threads exist but they are really old( 2004-2005).
if u still think the thread aint relevant..... please close this one.

http://www.pagalguy.com/forum/chit-c...tion-loan.html (Education Loan)
http://www.pagalguy.com/forum/life-b...ent-blues.html (Educational loan and repayment blues.)

love your "Proposed and ..." Style. cool dude.
guess since we both would be pretty nearby (moa joining IIFT, you to IMI), so would meet.

am definitely feeling MBA is gonna be a lot of fun with you guys around. cheerio bro.

[get_amazed]

A little bit of info from my side.

went to quite a few banks for my loan. choosing SBI.

Steps to follow:-
1.) either visit branch website and call them up. have a little idea about rates so you know which ones you can skip.

2.) visit the branch in your city. in case branch not present, see tie-ups of the banks by calling them up.

3.) calculate EMI that you would have to pay later on. and also check total requirements. like in some banks while you are studying if your parents keep paying interest, you get 1% off. etc.

right now, i feel for people whose college figures on SBI scholar loan scheme (check SBI website as given in above posts), i feel thats the best deal in the market right now. 10.75% interest-no collateral upto 7.5L and no interest payment. time period 7 yrs-emi aroudn 14k pm (for 7 yrs). I think this is a pretty good deal.

it would help if other peple could post details of their loans as then people wouldnt have to wander for deatils.

[shek]

Originally Posted by get_amazed

A little bit of info from my side.

went to quite a few banks for my loan. choosing SBI.

Steps to follow:-
1.) either visit branch website and call them up. have a little idea about rates so you know which ones you can skip.

2.) visit the branch in your city. in case branch not present, see tie-ups of the banks by calling them up.

3.) calculate EMI that you would have to pay later on. and also check total requirements. like in some banks while you are studying if your parents keep paying interest, you get 1% off. etc.

right now, i feel for people whose college figures on SBI scholar loan scheme (check SBI website as given in above posts), i feel thats the best deal in the market right now. 10.75% interest-no collateral upto 7.5L and no interest payment. time period 7 yrs-emi aroudn 14k pm (for 7 yrs). I think this is a pretty good deal.

it would help if other peple could post details of their loans as then people wouldnt have to wander for deatils.

Its a very relevent info, but I have slight diff info abt sbi loan, sbi interest rate is 12.25% pa and third party guarnty is neede for loan above 4 lac.

Please clarify.

[hiteshchadha]

Hey Guys...nice theread. Thought why not to share my experience of getting a loan.

Got a loan santioned from PNB today. Few pointers:
1. There is a term called BPLR(Basic prime lending rate) which is fixed by RBI at 13.25% for all banks.
2. For any loan upto 4 lacs there is no gurantee required and no margin money to be payed.
3. For loans above 4 lacs there has to be a third party guarantee holder and you have to declare his/her assests and liabilities.Also you have to pay a margin money which is 5% of the total amount of loan you have requested for.
4. There will be a coborrower along with you as the borower. Mostly they are the parents. Now the most important point is that your co-borrower cannot be a gurantee holder. So you need to have another person to sign the gurantee.
5. Both the co-borower and the gurantee holder should have PAN cards and should be tax payers. They should have filed there income tax returns a copy of which has to be submitted.
6. All banks have devised there methods and categories. For example in PNB for institutes like IIMs and XLRI there is no gurantee required for any amount of loan. Also the rate is fixed at 1 % less than the BPLR.
7. For other institutes they have a list approved by there governing body. The basci this they look at is if the institute is AICTE approved or not.
8. If you have a relative in a nationalised bank then you will get a relaxation of 1 % if he/she is the coborower. I got one since my mom is in PNB.
9. Also there is a trmendous amount of papers to be signed if the loan amount is above 4 lacs. . You can check wth your respective banks of other documents requirements.

I will mention more info if I remember anything else.

Cheers
Hitesh

[shek]

Originally Posted by hiteshchadha

Hey Guys...nice theread. Thought why not to share my experience of getting a loan.

Got a loan santioned from PNB today. Few pointers:
1. There is a term called BPLR(Basic prime lending rate) which is fixed by RBI at 13.25% for all banks.
2. For any loan upto 4 lacs there is no gurantee required and no margin money to be payed.
3. For loans above 4 lacs there has to be a third party guarantee holder and you have to declare his/her assests and liabilities.Also you have to pay a margin money which is 5% of the total amount of loan you have requested for.
4. There will be a coborrower along with you as the borower. Mostly they are the parents. Now the most important point is that your co-borrower cannot be a gurantee holder. So you need to have another person to sign the gurantee.
5. Both the co-borower and the gurantee holder should have PAN cards and should be tax payers. They should have filed there income tax returns a copy of which has to be submitted.
6. All banks have devised there methods and categories. For example in PNB for institutes like IIMs and XLRI there is no gurantee required for any amount of loan. Also the rate is fixed at 1 % less than the BPLR.
7. For other institutes they have a list approved by there governing body. The basci this they look at is if the institute is AICTE approved or not.
8. If you have a relative in a nationalised bank then you will get a relaxation of 1 % if he/she is the coborower. I got one since my mom is in PNB.
9. Also there is a trmendous amount of papers to be signed if the loan amount is above 4 lacs. . You can check wth your respective banks of other documents requirements.

I will mention more info if I remember anything else.

Cheers
Hitesh

hE hITESH EVEN i AM GOING TO APPLY FOR A LOAN OF 4 LAC TO pnb, PLZ LET ME KNOW HOW MUCH TIME DID THEY TAKE TO SANCTION THE LOAN.

Regards
Shekhar

[nihit]

I took loan from OBC.

In our case IPMG had a collaboration with OBC and thus the loan was sanctioned just in 2 hours. As the amount was below 4 Lakhs, only parents signature was needed, no other guarantee had been asked.

Lending rate was Floating, it started with 9.5 and now its 12.5

Payback period would start after completion of course though its in our hand ki we need to start immediately after MBA or after few months but it should be before 6months of course completion.

Interest rate starts from the point when fund is used. We can pay the interest charges during the course of study so as to reduce the burden in future but if not paid than the interest is accumulated along with interest on interest.

Regarding pay back period, It depends on us how many year we would like to take.

[sb29]

Originally Posted by shek

Its a very relevent info, but I have slight diff info abt sbi loan, sbi interest rate is 12.25% pa and third party guarnty is neede for loan above 4 lac.

Please clarify.

He was talking of the scholar scheme of SBI applicable to certain elite institutes.

Does anyone have the list of institutes covered under this scheme...the sbi website is returning a blank page.