guys i am a bit confused regarding the fee. is it 4.5 L or more.
as it is written in mail that 10,000 will be adjusted against partial fee of 4.5L.
guys please check and reply
If you check the 2nd para it says "Programme is specially-designed and conducted in collaboration with ICICI Bank, and the Bank subsidises Programme fees and offers all students a loan, monthly stipend and guaranteed career opportunity on successful completion of the MBA."
So what i feel is the actual cost of the MBA program from NIIT is more than 4.5 lakhs and ICICI is providing it to us in a subsidized rate. Thats why they have mentioned it as partial program fee of 4.5 lakhs. So this means that our investment in this program is 4.5 lakhs.
Even in my mail the address is not complete.I tried calling the HR but as usual no one picked up.So I sent an email to ICICI careers as well as NIIT. But i feel according to the mail they would have already despatched the forms today.
Hi guys........ have mailed ICICI at [email protected] to provide the soft copy of the terms and conditions and also mailed them to change my address which is mentioned in the call letter... I think they will provide the soft copy of the terms & conditions at our e-mail address..
puys, congrats for the letters, it's a gr8 offer and good to have it. :cheers::cheers: bt m surprised to see no body is bothered to dig about the subjects and structure of the program that we are going to go under and which is going to shape our next 5yrs or probably more yrs of our life. Hope they send it across..:)
I just received a soft copy of the Terms and Conditions letter by ICICI Bank.
The letter mentions the Fee to be paid, loan agreement to be signed, stipend amount (10k and 50k) , placement after MBA at M2 role and the CTC component. It also says that decisions related to salary and placement are sole discretion of ICICI Bank. It mentions the address as well on which we need to send our offer acceptance.
The letter also mentions an email id on which we can send all our queries: [email protected] @ashishst, if you see the letter by NIIT Univ, it mentions that once we pay the processing fee of 10k, they will later send us further details on the program and joining formalities. I am planning to drop a mail to [email protected]tomorrow for information on the course structure and curriculum.
Guys, check your inbox..... there is a mail from ICICI mentioning all the terms & conditions....Only thing which didnt like in that, is they have mentioned CTC to be "around" 15 Lacs..... Whereas on the website, it was mentioned "more than" 15 Lacs......
Yeah Rahul, in the email sent to me it says it is "ABOUT 15 LACS" . Is it wat all of u have in ur letter as well ??
Also with respect to specialization, the website talks of 4 specializations ... "Students joining will be trained in the areas depending on the their electives including Corporate Banking, International Finance, Risk Management and Information Technology." but the email mentions that "currently available specialisations are in Corporate Banking, Risk Management or Information Technology". has somebody checked this ??
Clause 9 is a killer....if i quit in between....then i have to pay the loan amount at 15% p.a. for the period ( join date to the date i quit) ...which makes sense...but it also says "and thereafter interest at the rate of 24% p.a till repayment of the Loan in full" i dont know what does it mean???? Clause 14 also the loan term is for 60 months post MBA? and if i decide to quit ICICI after 3 years(36 months- after completing all their contracts)then still i wont be able to because it says that if i chose to quit ICICI before the repayment of the loan which is 60 months (5 years) then i have to pay interest at mentioend in clause 9 i.e 24%...then why are they spreading the loan for 60 months????????????? 4.5 lacs we can pay within 3 years....
this is a trap! we should check this....accccoridng to me... if i choose to quit in between MBA then i should only be liable to pay the loan for 15% PA for the period the loan was issued. And also i should be able to close the loan within 3 years of working with ICICI bank not more than that!
and also "about 15 lacs" is not clear....and we need to go if placed outside india...what if that outside is in srilanka...or africa?......where do they have branches? does anyone has any idea?
Clause 9 is a killer....if i quit in between....then i have to pay the loan amount at 15% p.a. for the period ( join date to the date i quit) ...which makes sense...but it also says "and thereafter interest at the rate of 24% p.a till repayment of the Loan in full" i dont know what does it mean???? Clause 14 also the loan term is for 60 months post MBA? and if i decide to quit ICICI after 3 years(36 months- after completing all their contracts)then still i wont be able to because it says that if i chose to quit ICICI before the repayment of the loan which is 60 months (5 years) then i have to pay interest at mentioend in clause 9 i.e 24%...then why are they spreading the loan for 60 months????????????? 4.5 lacs we can pay within 3 years....
this is a trap! we should check this....accccoridng to me... if i choose to quit in between MBA then i should only be liable to pay the loan for 15% PA for the period the loan was issued. And also i should be able to close the loan within 3 years of working with ICICI bank not more than that!
and also "about 15 lacs" is not clear....and we need to go if placed outside india...what if that outside is in srilanka...or africa?......where do they have branches? does anyone has any idea?
@ Rajesh these things r nt new, they have mentioned it all earlier also but in different way, intelligent writing you know .
Regarding out of India posting, they will definetely compensate accordingly for any abroad location, its a good company with good & efficient HR. Final decision is still on you, you have time till 18th March.
Please check this link, you can see that average package offered by Indian Fin. inst is of 12.53....i hope that will make something clear. At this package if you consider 10% of inflation for coming two years....you will get aprrox 15.1 lacs after two year.....its a fair deal...
Clause 9 is a killer....if i quit in between....then i have to pay the loan amount at 15% p.a. for the period ( join date to the date i quit) ...which makes sense...but it also says "and thereafter interest at the rate of 24% p.a till repayment of the Loan in full" i dont know what does it mean???? Clause 14 also the loan term is for 60 months post MBA? and if i decide to quit ICICI after 3 years(36 months- after completing all their contracts)then still i wont be able to because it says that if i chose to quit ICICI before the repayment of the loan which is 60 months (5 years) then i have to pay interest at mentioend in clause 9 i.e 24%...then why are they spreading the loan for 60 months????????????? 4.5 lacs we can pay within 3 years....
this is a trap! we should check this....accccoridng to me... if i choose to quit in between MBA then i should only be liable to pay the loan for 15% PA for the period the loan was issued. And also i should be able to close the loan within 3 years of working with ICICI bank not more than that!
and also "about 15 lacs" is not clear....and we need to go if placed outside india...what if that outside is in srilanka...or africa?......where do they have branches? does anyone has any idea?
Puys,
5 Years/60 Months = 2 Years/24 Months of Education + 3 Years/36 Months of Bond. Guys I feel we should not doubt each and every word. ICICI is India's 2nd largest bank. I more thing, let's say bank offer us 25 LPA post course completion, will you return 10L?
Even if we read the T&C; of our current employers, we might also find lots of doubtful clause.
Bank will decide everything depending upon situation after 2 years and cannot make any 'financial commitments' today.
I think whatever we have we should take it in constructive manner and look forward.
Just called NIIT University to clarify about fee structure if this program with ICICI and I got a reply that 4.5L is only the tuition fee and there will be an additional fee:
1) 100000*2(Hostel charges for 2 years but i asked them that we'll be using hostel for only 1 year but they said we'll have to pay for both years)
2) Food charges=36000*2=72000 for 2 terms of six months each.
SO total fee he said would be 4.5L+2L+72000 for this program.
and its written that loan repayment will start after course completion and we cannot repay it in one shot(before 60 months) and so we'll be stuck with ICICI for 5 years.
the letter also does not mentions that if we are posted outside India then compensation will be same or change.
and letter also says that we may be absorbed in any of the ICICI group companies and not necessarily ICICI bank(Prudential,ICICI home loans,etc).
As per their website in Placement@ICICI Bank it is mentioned that "For the purpose of grant of subsidized loan, academic certificates of such students will be retained by ICICI Bank for the period of loan as a security. "
As we are unable to foreclose the loan of 4.5 lacs so effectively we have to serve ICICI bank for 5 years and all our acadeic certificates will be with them for 7 years.
Comments are welcome as I am confused about this clause. Moreove it has not been mentioned in the terms and conditions issued by them.
Take a conscious decision and dont rely on speculations in PG. Get everything cleared directly from HR only...dont rely on people working there.
MBA shouldnt become a ABM ( A Big Mistake).
ATB to all who are selected.
Regards Vijay
All, i would suggest that please do not rely on any telephonic conversation with HR...seen enough cases in my work experience where HR has mentioned something and that didnt happen. PLease email them and get a writen response clause 9 and 14 as i mentioned are tricky ones - I have mortgage banking exp for 7 years now and trust me every single word there can be held against you if you opt out...very very crtitical!!! Also why i am ephasizing on this discussion is -we are the first batch and if we want any modifications then ICICI should be/Ought to be helpful in amending few clauses there, ofcourse if all the students have the same concren ( like loan for 60 months post MBA and breakup of the 15 lacs package ) i understand that bank cannot decide right now on specialization..location...interneship roles etc etc...but there are few things which are crystal clear and we can change them in their offer letter. why the dubious langauage for 3 years or 5 years post MBA?
Clause 09- "and thereafter interest at the rate of 24% p.a till repayment of the Loan in full. - " can anyone interpret this for me? Clause 14 - Please note that if you leave the service of ICICI Bank before repayment of the Loan, you will have to pay interest as applicable under Clause 9 above. taht clearly means that you will have to be in ICICI for 5 years or pay the remaining amount at 24% per annum
The detailed compensation structure in the grade, exact location of posting, date of joining, etc. will be informed by ICICI Bank at the appropriate time. Please note that all decisions with regard to your placement, compensation and ancillary issues will be in the sole discretion of ICICI Bank.
Atleast they can answer what would be the variable component here? if suppose they mentioned the 3 lacs as variable pay which is target based and relocation pay of 1 lac...you wouldnt get that in your next year salary...
I had a discussion with a friend on mine in ICICI bank & he told that sometimes MG-II level guys are posted in small towns too..... In the terms & conditions, they have mentioned "anywhere" in India, which really means anywhere.... Would that really be the case??? PLEASE COMMENT
They neither reply the mails nor the calls..... Dont know what else can be done?????
Hey the accomadation and the mess should be charged for a year only as one year we will be on internship............
Have just spoken to NIIT University's rep over toll free no: 1800-300-25454. That person told that hostel accm charges for current batch will be 100000/annum, but the same will not apply to students of ICICI bank , exact charges will be decided within two days by NIIT & ICICI Bank. So we can wait till monday to have confirmation on same. I have also written to ICICI Bank & NIIT team for the same doubt (what are the extra charges we need to take care), will update you accordingly.
And yes that person said we can take loan for that also. :thumbsup:
to dig about the subjects and structure of the program that we are going to go under and which is going to shape our next 5yrs or probably more yrs of our life.
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