Hi,
Guys if anyone can provide me any info in this regard plz spare some time & rply.
Thanks
Hi,
Anything above 7.5 would require a collateral in almost all banks. SBI is the most trusted one and requires the same. Even i wanted to take loan of complete 9 lacs, but we did not wanted to do the collateral also. So have not taken loan of such amount that requires collateral.
Now, 'Credila' a private company(constituent of HDFC limited) gives loan and i think one can avail loan without a collateral, i may not be sure of that. When i spoke to them , they were ready to give loan without a collateral.
But at the same time rate of interest also matters the most. SBI rate of interest on loan is nominal and i think the least, and other govt banks also have the same or almost the same rate of interest. Whereas in case of Credila, rate of interest differs by 1 to 2 % on the higher side, if my memory serves me well.
Higher rate of interest means higher expenditure on MBA in long run, plus higher EMI's . Taking loan is alright, most of us do that, but at the same time you should consider the other aspects of taking loan, like the long term payment compatibility, total final expenditure, emi's u will have to pay once u are employed etc etc. One request just do not blindly take a loan without prior deep investigation from your side about the in's and out's .
Be clear with the bank representative about the hidden interests rates. Some banks may boast that they have the least rate of interest , but later might take out some hidden roi's . Please do not fall in any trap.
You have to be clear about how much money you can drain out of your pocket at max each month in EMI's once you get employed after MBA. And this would continue for the number of years you think will take to payback the loan. Just a rough example , when i went for the loan of 7.5 lacs @ SBI, the EMI's were coming out to be 20k + per month for 5 to 7 years. This is just an example. i may be wrong. This is through my interaction @ sbi bank.
But at times if luck favours, you may be able to payback loan through other measures.
But if your pocket is tight, you may have to check all sectors of loan taking.
These are my personal thoughts. Personally i would suggest you to go for Govt banks. Loan is very important for most of us. Glad that such system exists to help the needy.
Thanks.
Sunny KauL | Batch 2012-14 | SITM Pune | Admissions