I got pgdm marketing in Imt Ghaziabad. I want to avail the education loan but i do not have any collateral. Moreover I lost my father last year and my mother is a house wife. So do not have a co applicant as such. Please help me if there is any way to avail the loan.
Education loan plays a critical role in the lives of meritorious students who aspire to study at a premier institute but lack the required financial resources.
Competitive interest rates, longer moratorium periods and repayment terms also enable the students to take responsibility of their higher education. Selecting the best bank for your Overseas Education Loan requires extensive research and deep analysis of your financial standing and requirement.
I got admission in Amrita School of Business at Coimbatore. So, the total fees payable is 8.41 lakhs and the first installment is rs 2.87 lakhs. From which bank can i avail educational loan at cheapest rate?
rameez.raza SaysI see this is a very old and therefore inactive thread. Any active thread where education-loan queries are taken up?
Found some relevant info in this comparatively newer thread..might help..
I see this is a very old and therefore inactive thread. Any active thread where education-loan queries are taken up?
Thanks a lot "coolie".
This was very much helpful.
Please post ur other mails. will be helpful to all
specially nitin and asper.... please don't get dishearten.. i have all the limitations
mentioned here in this post for the loan except that i heading towards iim .i was so worried that i wouldn't even start my cat preparation 2years back .so much so that biggest issue for me was loan rather than cat score ..eventually everything gets settled.. i would love to share my experience and may be able to answer your queries regarding loan...
here goes somethings i learned.
1.) never ever take words of any bank manger as final..it all changes according to location and institute
2.) in sbi scholar loan . u only require parent /guardian sign . no annual income and stuff... so people with low annual income shouldn't worry.
3.) if your parent does not have sufficient income then any friend or relative who pays income tax will do in Pnb
4.) pnb even gives loan for your personal spendings (clothes ,movies )
5.) you can buy your laptop .. only take care date of purchase of laptop is after your admission
6.) loan can be sanctioned in 20 mins from bank in city where your are going to study.if you have any problem or limitation always prefer to take loan from the city of institution.
even if you don't have sufficient document banks sanction loan and give to get those documents from you home.....
All depends on the bank manager from where you are taking loan
here i am also posting some of the mail correspondence with sbi Lucknow bank manger ...it may be helpful to you.you can clarify your queries with him on the email given.
"BEHTA SABOLI BRANCH (08351) LUCKNOW (LHOLUC)"
> Thanks for your letter. The replies to your queries are given
> 1) At the time of sanction of your loan, we would be obtaining a
statement of expenses in which all details of your requirement would
be added up to arrive at the sanctioned loan amount.The mess bills
will be reimbursed on basis of the mess receipts. The tickets for
travel to Lucknow are also reimbursable. Other personal expenses can
be mentioned in the application form as " Sundries"
> 2) Your Loan A/c & Saving Bank A/c will be opened at the branch
and you can withdraw money transferred to the saving bank A/c from
the loan A/c by means of ATM card from the ATM installed at the IIM
> 3) The branch is situated 14 kms away from the campus. However our
staff will be available on Mondays & at the time of disbursements at
the students mess in the IIM premises. Besides, our branch is on the
core banking platform & your Saving/ Loan A/c can be assessed from
other core banking State Bank branches at Delhi & other places.
> 4) You can come to Lucknow on 27th & avail of the loan facility on
the same day. Parents signatures are not required.
> 5) The cheque would be given to you after the loan agreement is
signed. You will have to get any identification proof in the form of
Driving Licence or Voters I Card or Passport.& address proof in the
form of a copy of Telephone Bill or Electricity Bill.
> 6) I will be sending the application form for your information.
> 7) We will be reimbursing your laptop bill as it is dated after
the date of your letter of admission.
> Branch Manager
Thanks for your letter. The replies to your queries are given below.
1) The disbursement for the loan is need-based.The payment to the
Institute is done by means of a banker's cheque fvg M/S IIM on basis
of your request letter. Mess bills are also paid in the same manner.
2) During moratorium period simple interest is calculated on the
outstanding balance (on a daily reducing balance in case of any
deposits in the loan account.)
3) The floating interest rate is linked to our SBAR.( State Bank
Advance Rate )
i.e. For loans upto Rs 4 lacs : 125 bps below SBAR. In our pamphlets
we have mentioned 9%. However this has changed wef 1/05/2006 as our
SBAR has been revised to 10.75 wef 1/05/2006 and the present
effective rate would be 9.50% ( 10.75 - 1.25) as of date. This is
subject to further change only when SBAR is changed again,
my suggestion and comments above are with respect to iim admit. it may differ with other institutes
i will some other mail corresponce with bank mangar later . will have search mails
can someone plz tell ..
1)if i pay the initial aomount of fees on my own then will that amount be re imbursed to me
2)and one more if i buy a lappy on my own then also will the amount be given by the bank later wen i apply for loan ??
3) say i get my lappy from US of A ,in that case will the bank pay me later...if yes then wat documents i will need to show......bill (shud it be on my name?) ?