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Originally Posted by Dexterlab Hello PGites
Since many of us are about to reap the fruits of their labour,I find this moment suitable enough to start this thread.
I'm suprised if not shocked to see there is hardly anything i could find regarding 'Education Loans'on this website
I've been to several banks and their representatives succeded only to confuse me (SBI,UTI,United Western,Allahabad bank)
For example,
At SBI in Pune
Me-Do my co-borrower(father) has to pay the interest during moratorium period
Ans-Yes monthly, it would be simple innterest you need not worry (Weird logic isn't it)
Me-Alright if i prefer to pay the interest afterwards (after moratorium period) is it possible?
Ans-Yes but you have to pay it before repayment starts
Me-But according to your website I can have Principal+simple interest to calculate EMI when repayment starts.Is there any way I can do that
Ans-It can be done i think
ME-Is there any exception made to the rules in case of student admitted to professional course in reputed institute
Well this is only a hint,It seemed that if you choose about this business without any insider advice you will be totally lost in the process
Intention is to use this thread to get proper insight in these matters from our seniors who had been through this and anybody who is willing to help for that matter.
You may share your experiences and Tips.
My querries
I'm looking forward to get in to JB this year since the merit list is up.
1.Is there any way I can apply for the loan well in excess of Tution+Hostel fees to cover food+daily expences
2.Banks require schedule of expenses from concerned institute,does that mean they draw their checks in favour of the institute,if yes do they charge interest for the checks due for the next year?
3.Apart from tution fees,Hostel charges,stationary,books,computer what else can be included in the expenses
4.For students admitted to institute outside their home city is there any exception made coz there is extra burden for funds especially in metros whre cost of living is high.
Hopefully this isn't waste of space and time for you guys,coz this is very important for me as i cannot expect my parents to pay for my post garduation.
P.S.-Details will be appreciated |
hmm.. i am not sure of all the particulars for applying loan here in india cos i too am going to take a loan for overseas education.... i think the cap for Indian education loan amount is 7.5 lakhs... so if ur college fee is considerably lower than this, u can apply for this loan which should suffice everything... coming back to banks, i am not sure how the interest rate varies but this is the info i got here in chennai...
SBI - 10.5%
Indian Bank- 11.5%
Andhra Bank- 11.75%
Syndicate Bank - 9.5%(this was not from chennai but thro a friend from AP)
Canara Bank - 10%
For loans exceeding 4.5 lakhs, u need security/collateral or show property equivalent amount.. even though banks may not agree, it is the fundamental right of every Indian Citizen to claim 4.5 lakhs without any security/collateral for higher education if they have an appointment order.
Banks usually ask for security even in this case but it is not necessary legally...
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