Education Loan and Fee Concessions
NITIE doesn't have any official tie-up with any bank, but there are quite a few banks which offer education loans for NITIE students at a lower interest rate:
Canara Bank @ 10.2% is the lowest of the lot. You can find the contact of IIT,Powai branch from internet, it's the nearest branch.
BOI offers loan @ 10.7% under Star-Vidya scheme. The nearest branch in North Mumbai Branch at Chandivili. (3 KMs from NITIE)
You can directly talk to the branch manager Mr. Balraj Tandon, he is a friendly guy, you can use my reference too. His contact number is 09819125259 or you can reach the branch at 022-28581469 / 1470.
There is a SBI branch just outside NITIE. This year most probably they too are offering loan at rate around 10.5%. Find the contact info on internet. The branch name is Vihar Lake Branch.
Many times government banks don't process the loans just on basis of convert until you join the college and also the loan takes time to get processed. So, if you are caught in such a situation you can avail loan from HDFC-Credila, albeit at a slightly higher interest rate, their Mumbai office has devised a special plan for NITIE students at around 11.6%.
Contact Info: Onkar - 09167980603. If you call him, you can use my reference
You can also pay the initial 4.19 lakhs from your own pocket and then get it reimbursed through bank loan once you join the college.
>> If you are from SC/ST category, your annual family income is less than 4.5 lakhs and you have shown the income proof during GD-PI verification process, then you need not pay 4.19 lakhs right now. The amount for you is considerably lesser (I forgot the exact amount).
>> For other students, there is a need based fee rebate. The circular for this is generally floated around July-August. Anyone with low family income can apply for it with sufficient proof of low income. The fee concession is normally 15 to 80% of the second year fee based on need and available funds.