Hey, the best u can do is (only regarding GL)
1. go to HDFC bank, state ur situation and ask what can be done/what else can suffice???
2. call the no given in the mail from GL about loan query. ask if they can assist in your situation.
and of course do it fast.
hey ... I have enquired as even i am selected and facing the same problem.. GLIM is not AICTE approved nor affiliated by any Indian University so no PSU will grant loan.. GL has tie up wid Indian bank which has a limit of 7.5 lacs and some floating interest rate.. HDFC is offering a better deal .. YOu can take loan till 10 lacs without collateral but you need to show that ur any relative or relatives are drawing approx 30000 in hand salary from last 3 months.. this is for 10 lacs amount... if u need any more help Please PM me... good luck 😃
As a banker working with the largest PSB in India, I can tell the following things
1.Upto 4 lakhs, no collateral is needed ( educational loans taken by siblings will be consolidated)
2. Greater that 4, less that 7.5, a third party Guarentee is needed (Guarantor can be any body, even his neighbour, relative, anybody with a good financial stand)
3. Greater that 7.5, Collateral is needed. In this case, if the loan already taken is lesser than the cost of the property, the same property can be used to extend the collateral and the loan can be given to your friend too. (But this loan too has to be in the bank where the previous loan is taken)
4. Last, but most important, the course has to be approved by AICTE. I dono whether GLIM PGDM is accredited by AICTE. If not accredited, no loan is possible.
PM me if anything more is needed. I have quite a long expi in sanctioning loans.
I know that UBI and SBI can lend you much without mortgaging and also has lower interest rates compared to other banks. Ask her to check out the educational loan section of both their websites.
i will check with a friend's father who holds a leading position in a bank.but i can only call them 2moro.not sure whether he holds any access on loans or edu loans but still worth a try.wats the last date for her to pay?
I checked with her and she says the problem is one of the "Primary co-applicant"
1. Her dad is in between jobs and not earning currently
2. Her younger brother has just started in his job and has not been given "permanent status" yet
Any thoughts on how to resolve this ?
Her profile: She has an engineering degree from College of engineering Pune & has worked for 3 years with Infosys.
this is very sad my friend.has your friend tried contacting great lakes as i guess they must be having collaborations with banks.i checked the gl website and found that they assist students through indian bank.
here is the statement on their website in their fees section.
Great Lakes will assist students in obtaining educational loans, if required, through Indian Bank. Great Lakes is also trying to tie up with PNB & HDFC for 2010-11.
here is the link Great Lakes Institute of Management, Chennai (India)
scroll down to last line
Plz try to approach Indian bank..they are giving loans upto 7.5 lakhs without any collateral. You can also try HDFC as they are giving a max collateral free loan of upto 10 lakhs. Great Lakes has a tie up with these banks..
In case ur friend has an admit, she will be getting some mails from the adcom reg the tie ups with the aforementioned banks. Kindly follow up with the same, along with ur other docs, and things should be done..
A friend of mine has got into Great lakes 2011 batch but she is facing big problems with her Loan.
Her father has already mortgaged the flat to pay for her brother's education loan.
She is contemplating giving up her dreams & her seat just because she cannot get a measly 7 lakh loan from any bank
I wanted to know if the banks that have tied up with Great lakes are also demanding collateral.
At ISB , Andhra bank was happy with a cosigner and no collateral.
Is there any such provision at Great lakes ?
In your loan hunt did you come across banks that were willing to give a loan based on Great lakes recognition or keeping the degree as collateral or some such alternate method ?
Pls do let me know !