1 year PGDGM program at XLRI - GMP

[catNewBee]

Originally Posted by deepak_ntpc

hi friends
please tell me that anybody is at waiting list thru GMAT. i am rather confused whether they have issued the wait list separately or common. any news regarding this plz share

Hey deepak .....I have been waitlisted thru the GMAT

[MK2008]

Originally Posted by STORM.RIDER553

Hi everybody,

Back from an extended trip to XLRI..

Anybody having any querries can shoot it (Try to keep ur qerries small) on my mail id as specified in my orkut profile- i am not so regular on pagalguy so excuse me....

Please exclude any querries about the program (As u must get it from more reliable sources- like current students- and be ur best judge, any offence regretted)

so all those GMP participants - intending to join me on 12th june go ahead and clarify ur doubts on Campus/Loans/Facilities/Kid Schools/Amusements/Jharkhand/......

(Except NOS. of Selected candidates!!!! I could not get the info even with lots of effort!!!! ha ha ha )

Kunal

Hi Kunal,
Your email id is not available on ur Orkut profile and neither in the Google groups spreadsheet.
Can you please elaborate on the loan process from SBI@ XLRI. How much times it takes to complete the formalities? Are assest proofs mandatory?
Anything else we should bear in mind. I am planning to go there on 22nd April. Are 4 days good enough.

[sameer_iitr2003]

Hi guys,
Received mine too through Reg post. Immensely relieved! What bout laptops guys, are u buying one or letting XL to do the honors. Any idea which one would be a better option??
Any idea about 2008 palcement stats,plz share..
Sameer

[BallisticMeteor]

Hello,

I am planning to go to Jamshedpur for doing the loan formalities. I did not get a very good experience in Pune SBI and Canara Bank . I am planning to leave on 14th Apr.It would be great if anybody who has completed the loan formalities would shed some light on the process.( time required, documents for self and guarantor etc.)

Also, it would be great if somebody can suggest a reasonable and good hotel to stay for two days.Also let me know if accomodation can be booked in the campus itself. Any inputs are greatly appreciated .This will help me to plan accordingly.

Thanks a ton.

[rishi79]

Hi Guys

I am an admitted candidate from Mumbai and thought I should share my loan experience on this forum. SBI branch manager at Jamshedpur asked me to travel down to the branch along with my guarantor and put up camp for 3-4 days while the formalities were being completed. I found this utterly unbelievable as a bank with core banking should not have to do things locally. So I approached my local branch and the branch manager there mentioned that he could not give me the special loan scheme but if I wanted I could execute the documents in front of him and he would forward it to the Jamshedpur branch. This seemed more logical but there is a catch. This process could take well over 15-20 days which would go past the 26 april deadline.
Now for the good news. I found canara bank to be surprisingly customer focussed. The guys at Ranchi said they would forward my details to the mumbai circle and that I would be able to get a loan from my local branch. When I visited the nearest branch the scene was a bit different and the chief manager there was initially reluctant and not aware of the special scheme. A few hours of investigation later it turned out that canara bank has a special scheme circular floated across all its regions. So no matter where you are in India you should be able to get the special rate quoted for XLRI. (The circular number is 243/07 and 48/08.) So most probably I will be going with Canara bank only. The negative here is that loan eligibiliy is 50k less than SBI if you do not wish to keep any collateral. I am not rejoicing yet though...because with PSU banks it aint over til the fat lady sings !!

BTW on a different note, any other candidates from Mumbai? It would be nice to meet up and get to know each other before we travel to Jamshedpur.

Cheers
Rishi.

[STORM.RIDER553]

Hi everybody,

Looks like Everybody is concerned about loan formalities:

My feedback:

On XLRI (SBI branch)

It is just outside the XLRI gate,NEXT to sports AREA..So must be esiest for follow through:

I talked to Manager,and he is quite supportive of the process..and He gave me following list of DOX (Original and Copy) to bring along with my Father (who will be my co-borrower)

For Candidate:

photo-2
PAN
Admission Letter
XAT/GMAT Score Card
Certificates from 10th onwards
Asset Proof- If Any

For Parents:

Photo-1
PAN
Address Proof- (Like Tel/Elec Bill)
IT return 2 yrs
Bank Statement- 6 months
Asset Proof ( Like FD/LIC/Land/MF/PF sttement)

Both student and his parent will have to come for thie initial documentation-
it will take 2-5 days to process the loan- however it is advised that avoid dates closer to the deadlnes so as to avoid general rush- as the manager has no assistance and he has to do everything himself

Rate of interest will be 10.75 pct

and if u have a job by end april and your payments start by 1st nov2009 then as per my calculation the EMI for loan of 5 lakhs will be Rs 12000 approx for a 5 month repayment plan (provided u ask for the last 3 installments- 2/2/1 on reqired dates aug 2008/nov2008/feb 2009 respectively)

For canara bank at 10.25 pct , this amont gets reduced to Rs 11835

So the call is yours

My experience to Canara bank/circle office/ the nos specified in XL letter

They say that the payments will be released on getting a letter from u...they need a third party guarantee- other than parent--with similar dox list as above..

So basically u have to see if the bank can be pursued during the course of ur studies..If u feel it is possible,then go for it..Or else my advise will be stick to XL-SBI..it has the same serivces (no additional charges/ no prepayment fine etc) and SBI will be within your reach..

I am from ranchi..The Canara bank circle office is abt 1 km from me still I have decided to stick to XL-SBI as it will be within my reach- why give my parents the trouble to chase Canara bank circle office in ranchi while I an in XLRi..

rest is all your decision..

Go ahead and decide

regards to all

kunal

[STORM.RIDER553]

Hi folks,

one more comaprision for assistance..

here is my estimated EMI calclation for a loan of 7.25 lakhs (provided they give u on respective dates 3.25/2/2 on april2008/aug2008/nov2008 respectively)- and u start paying 1 yr after course completion- say april 2010

SBI- XL (10.75 pct)

5 yr plan- Rs 18680
7 yr plan- Rs 14690

Canarabank- (10.25 pct)

5 yr plan- Rs 18378
7 Yr plan- rs 14387

Hope it helps....
Regards

kunal

[STORM.RIDER553]

Originally Posted by MK2008

Hi Kunal,
Your email id is not available on ur Orkut profile and neither in the Google groups spreadsheet.
Can you please elaborate on the loan process from SBI@ XLRI. How much times it takes to complete the formalities? Are assest proofs mandatory?
Anything else we should bear in mind. I am planning to go there on 22nd April. Are 4 days good enough.

Hi MK..i have answered ur querry in previous post..As regrds ur arriving on 22nd april it only depends how many guys turn up there during end dates...



regards
kunal

[magnus1]

Hi Guys,
I am also going to Jamshedpur on 16th for loan formalities at SBI.
( I will have 16th, 17th and 19th - Saturday for bank, hopefully the bank can complete its formalities in that span..)

So like BallisticMeteor I would also request all to suggest a reasonable and good hotel to stay for 3-4 days. Also let me know if accommodation can be booked in the campus itself. Any inputs are greatly appreciated.

As for documents required, I have already mentioned the list given by the Manager on the Google Group.

Important points about loan from SBI@XLRI:
1) The biggest attraction for me is "No Collateral" (what abt you guys)
2) Margin Money: 5% of installment - that means SBI will provide loan of 95% of 8.25 L
3) Laptop - loan can be only availed for it if one buy laptop from
XLRI or anyone else in Jamshedpur
4) Hostel fee and Food charges not covered in Loan
5) There is no concession on ROI for servicing interest in moratorium period - although SBI in general ( on website etc) mentions that.

Rough estimate on EMI - for a period of 5 years and EMI starting 6 months after job commencement i.e. Oct 09 - would be around 18K.

Questions to all:
1) How many of you are willing to take loans from banks which ask fro collateral but give lesser ROI
2) How many of you are willing to forgo the lona-on-laptop means buying laptop before joining.
3)

Any other thoughts guys, please fee free to comment.

Thanks
Nishant

[The River Card]

Originally Posted by rishi79

Hi Guys

I am an admitted candidate from Mumbai and thought I should share my loan experience on this forum. SBI branch manager at Jamshedpur asked me to travel down to the branch along with my guarantor and put up camp for 3-4 days while the formalities were being completed. I found this utterly unbelievable as a bank with core banking should not have to do things locally. So I approached my local branch and the branch manager there mentioned that he could not give me the special loan scheme but if I wanted I could execute the documents in front of him and he would forward it to the Jamshedpur branch. This seemed more logical but there is a catch. This process could take well over 15-20 days which would go past the 26 april deadline.
Now for the good news. I found canara bank to be surprisingly customer focussed. The guys at Ranchi said they would forward my details to the mumbai circle and that I would be able to get a loan from my local branch. When I visited the nearest branch the scene was a bit different and the chief manager there was initially reluctant and not aware of the special scheme. A few hours of investigation later it turned out that canara bank has a special scheme circular floated across all its regions. So no matter where you are in India you should be able to get the special rate quoted for XLRI. (The circular number is 243/07 and 48/08.) So most probably I will be going with Canara bank only. The negative here is that loan eligibiliy is 50k less than SBI if you do not wish to keep any collateral. I am not rejoicing yet though...because with PSU banks it aint over til the fat lady sings !!

BTW on a different note, any other candidates from Mumbai? It would be nice to meet up and get to know each other before we travel to Jamshedpur.

Cheers
Rishi.

What about the loan processing time? How many days they are gonna take?