[abhijitc]

Originally Posted by amitkr

Well Allahabad Bank gives Education Loan(EL) @ PLR-(1/2)%. Their current PLR is 11 %.

They have a list of institutes which comes under the -2% category of EL. So the students there gets loan @ 9% p.a. Other get @ 10% p.a.

Check their site www.allahabadbank.com for the list of institutes. I think JB is covered in that.

Cheers
Amit

Hi folks...

I am surprised to know that...SBI, Churchgate is offering loan
at 10.25 %...there is something wrong somewhere...SBI has
something called as Scholar Loan scheme under which a few
B schools get a discount of around 1 to 2 %(from standard
10.25 %)...eg. when I applied for a Loan for my NMIMS
fee...I got it at 9.25 %...and now the revised rate is 8.75 %
...May be we should all go and speak to the manager at
SBI, Churchgate...because this policy will be for all the branches
of SBI...

I plan to go to SBI, Churchgate tommorow, will post here
whatever I can gather there...

[tirajat]

Originally Posted by shivamhdave

hi rajat sice there is so much confusion prevailing wat u can do is call up jb at the foll nos.

22024133 / 22024118 / 22025153 and speak 2 mr. kamble on the 2nd floor he has all the info.

even i might go 2 jb 2 day so if i go i will definately ask this 4 u.


shivam

thnx shivam..just update me if u get 2 know somethin..

Rajat..

[tirajat]

Originally Posted by amitkr

Well Allahabad Bank gives Education Loan(EL) @ PLR-(1/2)%. Their current PLR is 11 %.

They have a list of institutes which comes under the -2% category of EL. So the students there gets loan @ 9% p.a. Other get @ 10% p.a.

Check their site www.allahabadbank.com for the list of institutes. I think JB is covered in that.

Cheers
Amit

thnx for the info amit..i checked the same...JB is there on allahanad bank's list...so ppl at mum can check out this option..their branch is at fort,mumbai..

Rajat..

[sun-god]

Dear fellow JBites,
I have spoken to the Branch Manager of SBI,Churchgate regarding this loan scheme. Here are the details i gathered:
Interest Rate : 9.25% p.a. for loans upto Rs.4 Lakhs, 9.75%p.a. for loans above Rs.4 lakhs
Processing fees : Nil
Margin : Nil upto Rs. 4 lakhs , 5% above Rs. 4 Lakhs
Security : No Co-borrower, no security/collateral or guarantee
Repayment : Moratorium granted upto course duration + 6 months, Flexible repayment upto 7 years and Simple Interest applicable in the moratorium period
Documentation Reqd. :

1. Letter of admission
2. 2 passport size photographs
3. Proof of identity
4. Proof of residence
5. Statement of expenses

This is the "SBI Scholar Loans" scheme in which edu. loans are given to students joining premier institutes (41 colleges listed in the SBI pamphlet).

I don't know whether we can negotiate the interest rate from the above coz my friends in NITIE have also availed of this loan at the above mentioned rate. Abhijit, u were saying that we get the loan at a lower rate. Buddy, if that is so...then i suggest that we(all those needing an edu. loan) meet up tomm. or day after, and meet the Branch manager in a group. Even if we have a rough list of all those students availing the loan, i think we stand a better chance to negotiate the rate.
Please mail your replies and confirm whether we guys wud be meeting before 25th.

Regards,
Sooraj Arur

[shivamhdave]

Originally Posted by sun-god

Dear fellow JBites,
I have spoken to the Branch Manager of SBI,Churchgate regarding this loan scheme. Here are the details i gathered:
Interest Rate : 9.25% p.a. for loans upto Rs.4 Lakhs, 9.75%p.a. for loans above Rs.4 lakhs
Processing fees : Nil
Margin : Nil upto Rs. 4 lakhs , 5% above Rs. 4 Lakhs
Security : No Co-borrower, no security/collateral or guarantee
Repayment : Moratorium granted upto course duration + 6 months, Flexible repayment upto 7 years and Simple Interest applicable in the moratorium period
Documentation Reqd. :

1. Letter of admission
2. 2 passport size photographs
3. Proof of identity
4. Proof of residence
5. Statement of expenses

This is the "SBI Scholar Loans" scheme in which edu. loans are given to students joining premier institutes (41 colleges listed in the SBI pamphlet).

I don't know whether we can negotiate the interest rate from the above coz my friends in NITIE have also availed of this loan at the above mentioned rate. Abhijit, u were saying that we get the loan at a lower rate. Buddy, if that is so...then i suggest that we(all those needing an edu. loan) meet up tomm. or day after, and meet the Branch manager in a group. Even if we have a rough list of all those students availing the loan, i think we stand a better chance to negotiate the rate.
Please mail your replies and confirm whether we guys wud be meeting before 25th.

Regards,
Sooraj Arur

hi sooraj,
thnx 4 the info but mate yesterday i spoke 2 mr. vaidya of sbi, churchgate and he told me tht jb is not in the list and the list onli includes iims and the iits. so please check up again and let us no however, u r info is very valuable.


shivam

[shivamhdave]

hi sooraj,

just now spoke 2 agm of sbi, churchgate mr. pimpalia and he told me the rate 4 jb is 10% but told me 2 call up tom and confirm again.

shivam

[jamilzz]

Well Shivam,

I have that "SBI Scholar Loan" Pamphlet and JBIMS is definitely there, just below IIM ABCL XL and then JB

I actually thought for sometime that it is some form of a ranking

Anyways i went to college today and even there, there's a poster of SBI loan scholar scheme

with the normal rate mentioned as 9.25% and i think for JB its further slashed to 8.75% (not very sure just gave a look)

Also there was mention of a specific persons contact numbers whom u need to conarc for the loan

I have spent the last three months in SBI and atleast know this much that they deignate specific branches for specific schemes and maybe the Churchgate branch is not meant for loans to JBIMS students thats y Mr. Vaidya gave u that info

I suggest once u all are here on the 25th call this person mentioned in the poster and stike a deal with him

Regards,
Jamil

[sun-god]

Hi,
Thanks, Jamil, for the Info regarding the loans. But if we go to SBI on 25th for the loan, will it disburse the loan withing the fee payment days is the BIG question! Though the Branch Mgr has said that the loan can be disbursed within 3 days, i am a li'l sceptical about that. Coz then we may have to shell out the 1st yr fees which wud then be re-imbursed by them!
regards,
Sooraj Arur

[sun-god]

Hey guys,

Spoke to Mr. Karandikar, Branch Mgr, SBI, Personal Banking Branch, Churchgate. He has said that his team from SBI, PBB will be putting up a stall in the JB campus on 25th who would be giving us the reqd documents to be filled up. Mr. Karandikar has assured that the loan wud be disbursed before 29th directly to the college. So we need not worry. Another thing, the rate of interest on the loan is 8.75%p.a. for the JB/NM guys which he confirmed from the main branch.
I guess thats all the info i cud gather frm him today.

Regards,
Sooraj Arur

[shivamhdave]

Originally Posted by sun-god

Hey guys,

Spoke to Mr. Karandikar, Branch Mgr, SBI, Personal Banking Branch, Churchgate. He has said that his team from SBI, PBB will be putting up a stall in the JB campus on 25th who would be giving us the reqd documents to be filled up. Mr. Karandikar has assured that the loan wud be disbursed before 29th directly to the college. So we need not worry. Another thing, the rate of interest on the loan is 8.75%p.a. for the JB/NM guys which he confirmed from the main branch.
I guess thats all the info i cud gather frm him today.

Regards,
Sooraj Arur

hi sooraj thx a lot mate 4 the info. and dude u gave done a gr8 job and the info u hav given is invaluable.