Bangalore Puys,
Now that I am free and enjoying my break, I would definately be available for any Bangalore meet. Can we plan another at Forum Mall, Kormangla??

I am interested too. when shall we meet?. what about other fellow bangaloreans?

Vijay

Hi fellow GMP puys

I have submitted the first installment at XLRI for GMP yesterday :cheerio:

I went to Jamshedpur day before yesterday with my father and got the loan processed in just 2 days !! .. SBI at XLRI is excellent..especially Rajesh who is the loan co-ordinator .. Few tips for those who are yet to apply for the loan :

1. Bring you father/spouse positively for the loan processing .. Else it would take at least a month for the loan to process.

2. Its better if you can get the educational loan form at your nearest branch for a faster processing.. By doing so you will be completely ready with all documents before reaching Jampot.

3.Few things which were new to me :

a. You need to provide approxinate value of all your assets and liabilities. Obviuosly the more you can show your assets/ your father's the lesser number of questions you are going to face from the SBI Bistupur guys.

Property value, Ornaments, NSC,LIC,shares, cash in bank including FDs,PPF

b. I had only one IT return as against 2 required. Form-16s saved me.
c. Its always better if you have an already existing bank account with SBI.. They get the confidence in that case.
d. For laptop you need to submit quotation. I have taken one from one shop at Sanchi... Later I will submit one from a better shop at Bistupur and collect the cheque from SBI and submit and collect the laptop from the shop. All this needs to be done on 10th June !!!

Can any senior suggest a good laptop shop in Bistupur ?

e. Its better that you carry all the important documents that you have with you so that you are able to submit any document which might be asked from you
f. Please carry a copy of your resignation mail , without which you will not be given the loan.
g. Dont forget to carry the PAN of both u and ur dad

4. First you will be required to fill up the form and submit all necessary papers to Rajesh at XLRI SBI branch . You will be required to sign each and every page of the docs bunch !! He will validate all the documents on that day itself and handover the total bunch of documents on that day itself.
5. You will be required to carry the same and submit the same to someone at SBI Bistupur branch, 2nd floor , RACPC dept.
6. The guy at Bistupur branch will grill you and do the data entry into computer , make an agreement and attach the same with the initial bunch of docs. This is a time consuming activity.
7. Next u and ur guarantor will be asked to sign at least 10-15 places , fill up certain information in 2 pages and submit Rs 120 in cash.
8. The next phase is really boring and will eat away your time unneccesarily becoz of some very sluggish SBI offcials. This is just the step to create the cheque and getting it signed by Branch managers. You need to litearlly ask for update else you can land up wasting one day in getting it done !!

I guess this will help people who are getting ready for loan processing.

By the by I am really interested to get some news about the placements of the last batch. I am really worried as around 28K is going to go from my pocket towards loan reimbursement every month !!

IIMC results are already out.. when will GMP results be out ??

Regards
Sujoy

Hi Sujoy,

I am planning to travel along with my wife to jampot next week to process the loan. I am yet to get the form 16 for FY 2010-2011 from my employer.I ll get it only in the beginning of next month. I have the form 16 and IT returns for 2 years prior to it. Anyways i am providing the latest salary slips. will it suffice?.

Also i would like to know how many days it takes to get the cheque in hand as i plan to book the return tickets before starting.

Regards,
Vijay Pitchai

Bangalore Puys,

I am planning to take my bike to the campus. If you are also planning to transport your items to Jampot pl. do include me too.

Regards,
Vijay Pitchai

Guys, those who have received loans, i have a query. I have TDS for last year and form 16 for all previous years. As last year was digital i could save it. Now will my Form 16's are good enough for loan.
2. My Wife is a house wife, is she authorized to be a co-borrower
3. What will be additional money we need to pay in terms of Interest and what is the difference between SBI and UBI.


Your info will help me to start my processes.

Hi Epitome4,

I too dont have the IT returns for the FY 2008 -2009. When i called up SBI branch XLRI Jampot one Mr. Rajesh Sinha informed that Form 16 is sufficient. But i m not sure what will happen once i go thr for processing the loan. It will be good if you can either call them up or better email them and confirm before proceeding.

As your wife is not working she need not submit IT returns.

@UBI , it is not providing loans for GMP

Hi Vijay/
Jagadeesh,

Did you guys get anywhere with the UBI folks regarding the special loan scheme? I got the same reply from UBI Delhi that 1 year courses are short duration courses and not included in the special scheme. The person was willing to help but required confirmation that any of the other students have processed loan from UBI special scheme.

UBI loan option could have been the easiest for some of us as it had no collateral nor requirement of visiting the Jamshedpur branch for loan processing.

I called up UBI mumbai too and got the same reply. The special education loan is only for the 2 yr program from XLRI and not for the GMP. So i have decided to apply for the SBI loan from Jampot.

Vijay

Hi Vikas,
Can you provide me the details like if this was approved under the special education loans for XLRI/IIMs or as part of the regular education loan? I went to the bank in Hyderabad yesterday but they told me that the special scheme is only applicable for 2 year courses with the exception of ISB. If you PM me any details regarding this, I can forward the same to manager in Hyderabad and update him. He was very much willing to help but was stating that the special scheme was only for 2 year courses.

Regards,
Jagadeesh

Hi,

I too got the same reply from UBI, Trichy Branch which is my native.You can call this number (022-22896545 - Ms Richa) . She is the incharge for Education loan in head office UBI Mumbai. If that is the case, we can ask them to include GMP program also in the special loan scheme if it is possible. I dont see any reason why GMP cannot be part of the special Education loan scheme. I am having some problem in my mobile. Hence asking you guys to call .

Best Regards,
Vijay Pitchai

sachincherry Says

Yes, but RTGS facility is used only in cases where you have to transfer funds from one bank to some different bank, if u have a/c with Axis or HDFC bank you can get the online trasfer done.

In SBI we can do the direct online RTGS transfer if you have the internet banking facility. No need to go to the branch.

Regards,
Vijay Pitchai

Union Bank of India also seems to be a good option. For IIMs/XLRI they are offering upto 15 Laks loan at 10.5% (Less than SBI). The other advantage I see is loan can be processed either at Institute's location or at Students location.

I am looking to contact them for more details, but seems like its worth giving a try than making my father to travel for 3 days to Jamshedpur and back.

Hi yaramada123,

How is the processing of loan happening at Union Bank of India?. I too dont want my mother to travel such a long distance. It will be very useful if you can share the information here.

Regards,
Vijay Pitchai

Hi guys,

Need help!.

How do you ppl intend to pay the first installment. The maximum limit for online bank transfer is Rs. 5 Lakh for RTGS/NEFT transaction in SBI. But we need to transfer Rs. 5.14 Lakh ( 4.64 + .50) as the first instalment. Is sending a Demand draft the only other option then?

Best regards,
Vijay Pitchai

Hi All,

Need help.

As it is difficult to process the loan from here(Blore), i am planning to travel to Jampot for the same. But i m not taking my spouse who is going to be the co-borrower.
Seniors let me know if it will take more time to process the loan in such a situation as you know that 30th april is the deadline. Also it will be useful if you can give a checklist of documents i need to carry along with me. How about the accomodation available for a short stay there?

anyone else planning to go there for loans?

Regards,
Vijay Pitchai