[tirajat]

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!!
If u cud plz contact Mr.Karandikar again, can u ask what is d procedure if i deposit the fee initially and later take the loan...how wud i get the refund in that case....why i'm askin this is because i wud reach mum on 27th...i called JB for the same but din get ne concrete info..

Rajat..

[shivamhdave]

Originally Posted by tirajat

Hi sooraj!!
If u cud plz contact Mr.Karandikar again, can u ask what is d procedure if i deposit the fee initially and later take the loan...how wud i get the refund in that case....why i'm askin this is because i wud reach mum on 27th...i called JB for the same but din get ne concrete info..

Rajat..

hi sooraj, the procedure is tht u need 2 pay in u r fees and then u can apply 4 the loan with all the documents and when the loan is cleared the first sem fees wont go 2 the coll but will b credited 2 u e account.


u dont need 2 do anythin special just the same procedures eed 2 b followed.


shivam

[harshv_r]

hi soooraj

first of all a big thanks for the all the info posted . iam also interested in availing the bank loan , but i will be reporting on 25th morning . I can come along with u only after 25th and i suggest that we go to the bank manager as a group after 25th as we will have statement of expenses given from jb as well as more peole in the group interested in availing the loan .
thanks again
harsh

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

[kettanpatel]

hey u jbites ....congrats to u all....
but wht abt the loans for the other institues ....can u share u knowledge if u got ny....i visited allahabad branch in my locality....the manager there was skeptic abt giving loans for somaiya...
then wht is the option left for getting loans for colleges other than jbs....
and wht is that time required in completing the formalities i.e applying for the loans and gettin it done..and how do we prove the bank that we are the reliable candidate ......

also one more thing...as we all know we can avail loan upto 4 lcs widout ny collaterals....then how much are we suppose to take ....shud we take a loan rite now only that wud suffice for the currrent yr and then go for loan again in the nex yr...and how is that alloted.....like rite now can we jus take the amount which is required for the fees and then later as an when required for the other expenses(say for the laptop or books or other extra college fees)...can ny one jus share if u got some info regding this....wud b really helpful...

thnks ,
ketan..

[amitkr]

Originally Posted by kettanpatel

hey u jbites ....congrats to u all....
but wht abt the loans for the other institues ....can u share u knowledge if u got ny....i visited allahabad branch in my locality....the manager there was skeptic abt giving loans for somaiya...
then wht is the option left for getting loans for colleges other than jbs....
and wht is that time required in completing the formalities i.e applying for the loans and gettin it done..and how do we prove the bank that we are the reliable candidate ......

also one more thing...as we all know we can avail loan upto 4 lcs widout ny collaterals....then how much are we suppose to take ....shud we take a loan rite now only that wud suffice for the currrent yr and then go for loan again in the nex yr...and how is that alloted.....like rite now can we jus take the amount which is required for the fees and then later as an when required for the other expenses(say for the laptop or books or other extra college fees)...can ny one jus share if u got some info regding this....wud b really helpful...

thnks ,
ketan..

Well Fren,

Seem to me u need an insight into what education loan is all about.

To start with U take a loan once only. I mean u dont apply for the loan for first and second year seperately. Its not like that if u take a loan of 4lakh all the money will be given in your hand on the first day.

The procedure goes something like this:
1. A statement covering all your study related expenses during the course need to be prepared. This mainly covers your tution fee, computer, hostel, mess charges and books. Once you prepare this statement u will be having an idea of what the total expenses will be like and that will be the amount u will be getting sanctioned by a bank. Make sure u take necessary cushion so that u dont have to get ur loan amount revised later. I think now ur confusion regarding current year and next year loan will be cleared.

2. Once a loan is sanctioned to u, an account in ur name is created in that bank. As and when during the duration of ur course u have to meet the expenses, a cheque/draft in the name of institue/vendor is generated by the bank. Remember, no cash is ever given by any bank directly to the student. Few banks may give some cash for say book purchase , but to my knowledge there are not too many bank like that. Throughout the duration of ur course bank will keep paying in this manner until the total amount bank has payed for u reaches the amount sanctioned by the bank in the beginning. If u need anything more than what u got sanctioned u need to get ur loan amount revised.

3. Any bank is not having a personal relationship with one institue that it will favor student of that institue. They are there to do business and more the areas where they can invest their money better it is for them. So whether its JB or IIM or Somaiya, students of all the institues are welcomed. Ya few banks have policy where in they give loans to students of few identified colleges at lower rate than to others. Like Allahabad Bank gives education loan to students of IITs at 1% less than what they ask from students of other institutes. But that doesnt mean that the students of other institutes cant avail that loan. Its only that they get it at a slightly higher rate. There is much confusion here about SBI. Let me clear that. SBI gives education loan at some specific rate(10.25%) which is same for all colleges. They are having another scheme "Scholar Loan" under which they give loans to few identified colleges @8.75%(sooraj has already mentined this b4). You can check whether Somaiya comes under its purview or not. Amity i think is covered in that list and if it can be covered I think Somaiya definately can. No further slashing in the interest rate is done for any specific institute as mentioned in one of the post earlier.

4. Why exactly u need to prove any body that u are reliable candidate. Ur admission letter from the institue is enough for anybody to give u a loan. If a manger is skeptic about giving u a loan, ask his name and contact the highest authority in that bank .

I think by now many of ur doubts are clarified. Any other query feel free to ask.

Cheers
Amit

[pritpankaj]

hi guys

i am also interested in availing loan facility from SBI...

want to know when are u all meeting on 25th...

[kettanpatel]

hey amit thnks a lot ....never expected ny one wud write so much....thnks for the great efforts....i really appreciate it...
and its all u have typed dude..unbelieveable ....firstly , i thot u must have copy pasted from somewhere looking at the size of ur reply....lol........
Hey thnks once gain....and congrats !!!!!!
and be in touch dude........it wud by my pleasure.......







it

Originally Posted by amitkr

Well Fren,

Seem to me u need an insight into what education loan is all about.

To start with U take a loan once only. I mean u dont apply for the loan for first and second year seperately. Its not like that if u take a loan of 4lakh all the money will be given in your hand on the first day.

The procedure goes something like this:
1. A statement covering all your study related expenses during the course need to be prepared. This mainly covers your tution fee, computer, hostel, mess charges and books. Once you prepare this statement u will be having an idea of what the total expenses will be like and that will be the amount u will be getting sanctioned by a bank. Make sure u take necessary cushion so that u dont have to get ur loan amount revised later. I think now ur confusion regarding current year and next year loan will be cleared.

2. Once a loan is sanctioned to u, an account in ur name is created in that bank. As and when during the duration of ur course u have to meet the expenses, a cheque/draft in the name of institue/vendor is generated by the bank. Remember, no cash is ever given by any bank directly to the student. Few banks may give some cash for say book purchase , but to my knowledge there are not too many bank like that. Throughout the duration of ur course bank will keep paying in this manner until the total amount bank has payed for u reaches the amount sanctioned by the bank in the beginning. If u need anything more than what u got sanctioned u need to get ur loan amount revised.

3. Any bank is not having a personal relationship with one institue that it will favor student of that institue. They are there to do business and more the areas where they can invest their money better it is for them. So whether its JB or IIM or Somaiya, students of all the institues are welcomed. Ya few banks have policy where in they give loans to students of few identified colleges at lower rate than to others. Like Allahabad Bank gives education loan to students of IITs at 1% less than what they ask from students of other institutes. But that doesnt mean that the students of other institutes cant avail that loan. Its only that they get it at a slightly higher rate. There is much confusion here about SBI. Let me clear that. SBI gives education loan at some specific rate(10.25%) which is same for all colleges. They are having another scheme "Scholar Loan" under which they give loans to few identified colleges @8.75%(sooraj has already mentined this b4). You can check whether Somaiya comes under its purview or not. Amity i think is covered in that list and if it can be covered I think Somaiya definately can. No further slashing in the interest rate is done for any specific institute as mentioned in one of the post earlier.

4. Why exactly u need to prove any body that u are reliable candidate. Ur admission letter from the institue is enough for anybody to give u a loan. If a manger is skeptic about giving u a loan, ask his name and contact the highest authority in that bank .

I think by now many of ur doubts are clarified. Any other query feel free to ask.

Cheers
Amit

[munna1981]

Originally Posted by kettanpatel

hey amit thnks a lot ....never expected ny one wud write so much....thnks for the great efforts....i really appreciate it...
and its all u have typed dude..unbelieveable ....firstly , i thot u must have copy pasted from somewhere looking at the size of ur reply....lol........
Hey thnks once gain....and congrats !!!!!!
and be in touch dude........it wud by my pleasure.......







it

hi ketan,
if i am not making mistake, r u thro for Sydenham - PGDBM ?
r u joining ?
just want 2 know............

[abhijitc]

Does anyone of you have contact number
of SBI, Churchgate...

Thanks

[VIPLAV]

halo every one,
Can anibody tell wat exactly one has to do after the dte site or the institute cinfirms ur admission, i.e u know u have been alloted the seat.

Does one need to go immediately to bank for loan or he shld go to instt n first confirm his seat. If u wanna confirm ur seat do u have to pay some part of fees or some assurance to the instt n then go t bank coz loan processing i think it will take time.Nu have to show proof of ur admission wat kindof proof does bank need, which is to be acquired by the instt or some thing else.
Coz u have limited time to pay ur fees to the insst how is one gonna manage all this stuff????

Junta plssssss help on this.