IDBI has structured a loan facility for Professional / Management / Foreign University education.
Education loans from IDBI Bank aim at providing financial support to deserving/ meritorious students for pursuing higher education in India and abroad. With an array of courses to choose from and easy repayment options, IDBI Bank makes sure you get complete financial backing.
Courses approved
Indian Universities
For Professional Courses i.e. B.E., B.Tech., M.B.B.S. Post Graduate Courses i.e. M.E., M.Tech., M.S., M.D., M.B.A., M.C.A., etc. recognized by AICTE For part time / on-line distance learning courses (subject to terms & conditions)
Foreign Universities
For Graduate/Post Graduate/Research/Doctorate studies that insist on TOEFL, GRE, GMAT scores.
Eligibility
Indian Universities
For Graduate courses : at least 75% in the +2 stage.
For Post Graduate Courses : first class graduates.
Foreign Universities
Proof of TOEFL, GMAT, GRE score card, and 1-20 admit card.
Age of the applicant should not be more than 30 years for Indian Universities and 35 for Foreign Universities. Age of the parent / Guarantors should be below 55 Years. The annual income of the family should not be less than Rs. 3 lakhs.
Amount of loan
For Indian Universities, actual tuition and other fees, but not exceeding Rs. 10 Lakh for the entire duration of the course.
For Foreign Universities, considering that in addition to fees, there are travel / preparatory expenses, the loan amount shall not exceed Rs. 20 Lakh, in all.
Interest rates
Interest rates are always changing visit your nearest IDBI branch
Period of loans
Graduate Studies: Maximum moratorium period of 5 years including the actual duration of the course. After which the loan should be repaid within the next 3 years.
Post Graduate Studies: Moratorium period of 2 years i.e. the course duration. Loan repayment within the next 3 years.
For more information on education loan visit-: http://www.idbi.com/
Showing posts with label mba loan. Show all posts
Showing posts with label mba loan. Show all posts
Thursday, June 11, 2009
Monday, February 23, 2009
Concessional rates education loans for girls
Government-owned banks have decided to provide cheaper education loans to girls by extending a special interest rate discount of at least 0.5 percentage points on the card rate.
The Indian Banks’ Association on February 4 asked its members to make available new loans to girls at concessional rates, setting a borrowing limit of Rs 10 lakh for studies in India and Rs 20 lakh for education overseas.
The finance ministry initiated the move to set up the model educational loan scheme on the basis of observations by a parliamentary panel, an official in the ministry said.
At present, the interest rate on education loans is between 11% and 13%. Public sector banks cannot charge more than their benchmark prime lending rate (PLR) for education loans up to Rs 4 lakh. For loans over Rs 4 lakh and up to Rs 20 lakh, the maximum rate of interest cannot be more than one percentage point above PLR.
Loans for education are classed as priority sector advances by the Reserve Bank of India. According to rules, at least 40% of bank loans should be to priority sectors such as agriculture, small enterprises, education and housing.
The Indian Banks’ Association on February 4 asked its members to make available new loans to girls at concessional rates, setting a borrowing limit of Rs 10 lakh for studies in India and Rs 20 lakh for education overseas.
The finance ministry initiated the move to set up the model educational loan scheme on the basis of observations by a parliamentary panel, an official in the ministry said.
At present, the interest rate on education loans is between 11% and 13%. Public sector banks cannot charge more than their benchmark prime lending rate (PLR) for education loans up to Rs 4 lakh. For loans over Rs 4 lakh and up to Rs 20 lakh, the maximum rate of interest cannot be more than one percentage point above PLR.
Loans for education are classed as priority sector advances by the Reserve Bank of India. According to rules, at least 40% of bank loans should be to priority sectors such as agriculture, small enterprises, education and housing.
Tuesday, January 6, 2009
Axis Bank's Study Power Education Loan
Axis Bank's Study Power aims to provide financial support to deserving students for pursuing higher professional or technical education in India and abroad.
The loan would be provided to students who have obtained admission to career-oriented courses eg, medicine, engineering, management etc., either at the graduate or post-graduate level.
Loan Details
Quantum:
The quantum of finance under the scheme is capped at Rs 7.5 lacs for studies in India and Rs 15 lacs for studies abroad, which would cover tuition fees, hostel charges (if any), cost of books, etc. The minimum amount of loan would be Rs 50,000.
Margin:
No margin for loans up to Rs 4 lacs.
For loans above Rs 4 lacs,
5% margin for studies within India &
15% for higher studies overseas.
Documents Required
The following papers/documents should accompany the Application Form to be executed by both the students and the parents/guardians.
Documents Required from both the student / co-applicant.
Identity Proof : Copy of Passport / Driving Licence / Voters Identity Card / Income Tax Pan Card.
Residence Proof : Copy of Passport / Driving Licence / Voters Identity Card / Utility Bills
Age Proof : Copy of Passport / Driving Licence / Income Tax Pan Card / Birth Certificate.
Signature Verification.
One Singed Photograph ( On the face).
Documents required from students for studies abroad
Offer / Admission / Bonafide student letter from the university / college in India or Abroad.
Cost of the Course ( including living).
Copy of last examination passed result.
Copy of Passport in case of study abroad.
Documents required from the co-applicant
Income Proof : Form 16 or Income tax returns for the last two years.
Collateral Security Papers ( if any).
Any other document / information as needed by Bank, depending upon the case and purpose of loan.
Role of the Guardian:
The parent(s) or guardian of the student would be treated as a co-applicant of the loan. His or her role would be, necessarily, like the primary debtor.
Security:
Third party guarantee and/or collateral security may be asked for in appropriate cases.
Additional Security:
Assignment of LIC policy in favour of the Bank for the sum assured being at least 100% of the loan amount. The policy is kept alive during the currency of the loan. To ensure this, the annual premium may be included in the computation of the loan requirement, along with the tuition fees and other recurring charges. Further, the future income of the student needs to be assigned in favour of the Bank for meeting the installment obligations.
Disbursement
The loan will be disbursed in full or in suitable installments taking into account the requirement of funds and/or fee schedule as assessed by the Bank directly to the educational institution or vendor of books or equipment or instruments.
Registered Office - Axis Bank
"TRISHUL",Third Floor, Opp. Samartheshwar Temple, Nr.Law Garden, Ellisbridge, Ahmedabad - 380 006.
Phone : (079) 26409322
Fax: (079) 26409321
Central Offices:
13th Floor, Maker Tower - F, Cuffe Parade, Colaba, Mumbai - 400 005.
Phone : (022) 6707 4407
Fax : (022) 2218 6944, 2218 1429
http://www.axisbank.com/
The loan would be provided to students who have obtained admission to career-oriented courses eg, medicine, engineering, management etc., either at the graduate or post-graduate level.
Loan Details
Quantum:
The quantum of finance under the scheme is capped at Rs 7.5 lacs for studies in India and Rs 15 lacs for studies abroad, which would cover tuition fees, hostel charges (if any), cost of books, etc. The minimum amount of loan would be Rs 50,000.
Margin:
No margin for loans up to Rs 4 lacs.
For loans above Rs 4 lacs,
5% margin for studies within India &
15% for higher studies overseas.
Documents Required
The following papers/documents should accompany the Application Form to be executed by both the students and the parents/guardians.
Documents Required from both the student / co-applicant.
Identity Proof : Copy of Passport / Driving Licence / Voters Identity Card / Income Tax Pan Card.
Residence Proof : Copy of Passport / Driving Licence / Voters Identity Card / Utility Bills
Age Proof : Copy of Passport / Driving Licence / Income Tax Pan Card / Birth Certificate.
Signature Verification.
One Singed Photograph ( On the face).
Documents required from students for studies abroad
Offer / Admission / Bonafide student letter from the university / college in India or Abroad.
Cost of the Course ( including living).
Copy of last examination passed result.
Copy of Passport in case of study abroad.
Documents required from the co-applicant
Income Proof : Form 16 or Income tax returns for the last two years.
Collateral Security Papers ( if any).
Any other document / information as needed by Bank, depending upon the case and purpose of loan.
Role of the Guardian:
The parent(s) or guardian of the student would be treated as a co-applicant of the loan. His or her role would be, necessarily, like the primary debtor.
Security:
Third party guarantee and/or collateral security may be asked for in appropriate cases.
Additional Security:
Assignment of LIC policy in favour of the Bank for the sum assured being at least 100% of the loan amount. The policy is kept alive during the currency of the loan. To ensure this, the annual premium may be included in the computation of the loan requirement, along with the tuition fees and other recurring charges. Further, the future income of the student needs to be assigned in favour of the Bank for meeting the installment obligations.
Disbursement
The loan will be disbursed in full or in suitable installments taking into account the requirement of funds and/or fee schedule as assessed by the Bank directly to the educational institution or vendor of books or equipment or instruments.
Registered Office - Axis Bank
"TRISHUL",Third Floor, Opp. Samartheshwar Temple, Nr.Law Garden, Ellisbridge, Ahmedabad - 380 006.
Phone : (079) 26409322
Fax: (079) 26409321
Central Offices:
13th Floor, Maker Tower - F, Cuffe Parade, Colaba, Mumbai - 400 005.
Phone : (022) 6707 4407
Fax : (022) 2218 6944, 2218 1429
http://www.axisbank.com/
Friday, January 2, 2009
Education Loan Mela for studies abroad
GeeBee Education ,one of the leading overseas education consultants is organising an Education Loan Mela for studies abroad on Jan 10,2009.
The venue for the Education Loan Mela -:
Yogi Hall,Ground Floor
Near Swaminarayn Temple
opp.Dadar station
Dadar east
Mumbai
this mela can be apt opportunity for students who intend to persue studies abroad.
They can meet 7 leading banks under one roof.
Parents are also invited.
The entry is free for all but prior registration, kindly call-:
GeeBee Education Churchgate-22826667 Andheri-26287727 Borivali-28954545
Students will be given free counselling on higher studies in USA,UK,AUSTRALIA,NEWZEALAND,CANADA,SWITZERLAND.
Indian banks provide educational loan for diplomas,bachelor and masters degree programs for subject areas including business,engineering,hotel management,architecture,biotechnology,arts,design,science etc.
Indian banks can provide educational loans upto RS 20 lakhs for studies abroad at concessional interest rates .
For more info contact-:
GeeBee Education
27 Vaswani Mansions, 5th Floor,
Opp. K. C. College, Dinshaw Vachha Road,
Churchgate, Mumbai - 400 020. India.
Tel: 91 - 022 - 2282 6667 / 8
Fax: 91 - 022 - 2285 4453
Email: info@geebeeworld.com
http://www.geebeeworld.com/
The venue for the Education Loan Mela -:
Yogi Hall,Ground Floor
Near Swaminarayn Temple
opp.Dadar station
Dadar east
Mumbai
this mela can be apt opportunity for students who intend to persue studies abroad.
They can meet 7 leading banks under one roof.
Parents are also invited.
The entry is free for all but prior registration, kindly call-:
GeeBee Education Churchgate-22826667 Andheri-26287727 Borivali-28954545
Students will be given free counselling on higher studies in USA,UK,AUSTRALIA,NEWZEALAND,CANADA,SWITZERLAND.
Indian banks provide educational loan for diplomas,bachelor and masters degree programs for subject areas including business,engineering,hotel management,architecture,biotechnology,arts,design,science etc.
Indian banks can provide educational loans upto RS 20 lakhs for studies abroad at concessional interest rates .
For more info contact-:
GeeBee Education
27 Vaswani Mansions, 5th Floor,
Opp. K. C. College, Dinshaw Vachha Road,
Churchgate, Mumbai - 400 020. India.
Tel: 91 - 022 - 2282 6667 / 8
Fax: 91 - 022 - 2285 4453
Email: info@geebeeworld.com
http://www.geebeeworld.com/
Tuesday, December 23, 2008
Check this when applying for education loan
Along with growing awareness about the importance of education to succeed in the knowledge economy, the cost of quality education too is growing fast. Parents too are willing to bear that extra cost to fund their child's higher education. Education loan is the most cost effective means to fund your education if you are unable to get a full scholarship or do not have a generous aunt or uncle willing to sponsor your education.
Though most banks do provide educational loans, it is the public sector banks that are in the forefront in providing education loans.
In recent years, a large number of students, especially those pursuing professional courses in India or abroad, are availing of education loans.
According to latest data from the Reserve Bank of India, education loans disbursed by Indian banks rose 51% to Rs 15,000 crore for the financial year ending March 2007 from Rs 9,962 crore at the end of March 2006.
Following are a few points you need to check while applying for an education loan.
Repayment Options
Like for all other loans, you have to pay interest on education loan too. But unlike other loans, education loan provides the option of a moratorium period or a repayment holiday, which means, the borrower can suspend repayment of the loan till the education course for which the loan was taken is completed.
An education loan typically has three repayment options:
Education loan with repayment moratorium. Many banks stipulate repayment within 1 year after completing the course or 6 months after getting a job, which ever is earlier.
Interest alone is paid during the period of course. After the course completion, you start paying the actual EMI (principle and interest)
You start repaying the loan through EMI immediately after loan disbursement, in which case you could get the loan at an interest rate lower by about 1 per cent.
The repayment conditions vary from bank to bank. So, talk with as many banks as possible to get the repayment option that suits your requirements.
Interest Rates
Interest rate on education loan is usually lower than a personal loan but slightly higher than a home loan.
Some banks offer a fixed rate of interest while others offer floating rate of interest on education loan. If the difference between fixed and floating rate is only about 1%, it is advisable to opt for fixed rate as education loans have shorter repayment tenures of 5-7 years. Many banks do not offer genuine fixed interest rate where the interest rate remains fixed for the full tenure of the loan. They, typically offer a fixed rate loan with a reset clause. This means the bank will have the right to revise interest rate after 2 or 3 years or whenever the bank feels it necessary to increase interest rate. So make sure that you take a genuine fixed rate loan. If it is a fixed rate with reset clause, a floating rate may be a better option.
Finally, the choice between a fixed and floating rate is dependent on the risk appetite of a loan taker. If you are totally risk averse and do not want to face the prospect of your EMI or repayment tenure shooting up in the event of an upward movement of interest rate, then you should definitely go for a genuine fixed rate education loan. However, if you strongly feel interest rate will go down during the loan tenure and is willing to take a risk on that count, you can perhaps opt for a floating rate loan.
Many banks, especially public sector ones, have special schemes for girl students. Some banks offer 1% lower interest rate for girl students. So check with your bank about al special schemes.
Processing Fee
Many banks do not charge a processing fee for education loan. So if your bank asks for a processing fee, you might be able to persuade the bank to waive it.
Prepayment Fee
Again, in almost all cases, banks allow foreclosure or pre-payment of the education loan without charging a penalty if the borrower makes the payment from his own sources. Banks charge a pre-payment penalty (usually up to 2 per cent of the loan amount) if the loan is transferred to another bank.
Expenses covered by education loan
The definition of expenses, which education loan covers differ from bank to bank. The amount of education loan sanctioned is in relation to the expenses that you will incur wile pursuing the course. The most common expenses covered include:
* Fees payable to college/school/hostel
* Examination/Library/Laboratory fees
* Purchase of Books/Uniforms
* Caution Deposit/Building Fund/Refundable Deposit
* Travel Expenses/Passage money for studies abroad
Besides the above mentioned, there may be other costs incurred for the completion of the course. Like the cost of instruments, lap-top and other aids necessary for completion of the course. Some banks like SBI also offer loans up to Rs 50,000 for two-wheelers as part of education loan. Banks provide about 80% to 90% of the cost of education as education loan. But the important factor to check here is the education expenses that are recognized by your lender.
If part of your education (course fee, for example) is funded through a scholarship, you could still get a loan to cover the balance expenditure. In such cases, most banks include the scholarship amount as part of the total cost of education. This way you could end up financing the entire cost of your education through loans and scholarships.
Lastly, it is always advisable to check with as many banks as possible before finalizing your lender to get the best deal.
Though most banks do provide educational loans, it is the public sector banks that are in the forefront in providing education loans.
In recent years, a large number of students, especially those pursuing professional courses in India or abroad, are availing of education loans.
According to latest data from the Reserve Bank of India, education loans disbursed by Indian banks rose 51% to Rs 15,000 crore for the financial year ending March 2007 from Rs 9,962 crore at the end of March 2006.
Following are a few points you need to check while applying for an education loan.
Repayment Options
Like for all other loans, you have to pay interest on education loan too. But unlike other loans, education loan provides the option of a moratorium period or a repayment holiday, which means, the borrower can suspend repayment of the loan till the education course for which the loan was taken is completed.
An education loan typically has three repayment options:
Education loan with repayment moratorium. Many banks stipulate repayment within 1 year after completing the course or 6 months after getting a job, which ever is earlier.
Interest alone is paid during the period of course. After the course completion, you start paying the actual EMI (principle and interest)
You start repaying the loan through EMI immediately after loan disbursement, in which case you could get the loan at an interest rate lower by about 1 per cent.
The repayment conditions vary from bank to bank. So, talk with as many banks as possible to get the repayment option that suits your requirements.
Interest Rates
Interest rate on education loan is usually lower than a personal loan but slightly higher than a home loan.
Some banks offer a fixed rate of interest while others offer floating rate of interest on education loan. If the difference between fixed and floating rate is only about 1%, it is advisable to opt for fixed rate as education loans have shorter repayment tenures of 5-7 years. Many banks do not offer genuine fixed interest rate where the interest rate remains fixed for the full tenure of the loan. They, typically offer a fixed rate loan with a reset clause. This means the bank will have the right to revise interest rate after 2 or 3 years or whenever the bank feels it necessary to increase interest rate. So make sure that you take a genuine fixed rate loan. If it is a fixed rate with reset clause, a floating rate may be a better option.
Finally, the choice between a fixed and floating rate is dependent on the risk appetite of a loan taker. If you are totally risk averse and do not want to face the prospect of your EMI or repayment tenure shooting up in the event of an upward movement of interest rate, then you should definitely go for a genuine fixed rate education loan. However, if you strongly feel interest rate will go down during the loan tenure and is willing to take a risk on that count, you can perhaps opt for a floating rate loan.
Many banks, especially public sector ones, have special schemes for girl students. Some banks offer 1% lower interest rate for girl students. So check with your bank about al special schemes.
Processing Fee
Many banks do not charge a processing fee for education loan. So if your bank asks for a processing fee, you might be able to persuade the bank to waive it.
Prepayment Fee
Again, in almost all cases, banks allow foreclosure or pre-payment of the education loan without charging a penalty if the borrower makes the payment from his own sources. Banks charge a pre-payment penalty (usually up to 2 per cent of the loan amount) if the loan is transferred to another bank.
Expenses covered by education loan
The definition of expenses, which education loan covers differ from bank to bank. The amount of education loan sanctioned is in relation to the expenses that you will incur wile pursuing the course. The most common expenses covered include:
* Fees payable to college/school/hostel
* Examination/Library/Laboratory fees
* Purchase of Books/Uniforms
* Caution Deposit/Building Fund/Refundable Deposit
* Travel Expenses/Passage money for studies abroad
Besides the above mentioned, there may be other costs incurred for the completion of the course. Like the cost of instruments, lap-top and other aids necessary for completion of the course. Some banks like SBI also offer loans up to Rs 50,000 for two-wheelers as part of education loan. Banks provide about 80% to 90% of the cost of education as education loan. But the important factor to check here is the education expenses that are recognized by your lender.
If part of your education (course fee, for example) is funded through a scholarship, you could still get a loan to cover the balance expenditure. In such cases, most banks include the scholarship amount as part of the total cost of education. This way you could end up financing the entire cost of your education through loans and scholarships.
Lastly, it is always advisable to check with as many banks as possible before finalizing your lender to get the best deal.
Friday, December 12, 2008
Education Loan from United Bank of India
United Bank of India now at your doorstep to support your pursuit for excellence. Our Educational Loan Scheme has been designed to meet your expenses for higher studies in India and abroad.
You may avail upto Rs. 7.5 Lacs for study in India and upto Rs. 15.00 Lacs for studying abroad. If you are an Indian National and secured an admission to any of the following academic/ professional/ technical courses through Entrance Test/ Selection process in a Board/ Institution/ University.
Courses Eligible for Study in India:
Graduation Courses : B.A., B.Com, B.Sc., etc.
Post Graduation Courses : Masters and Ph.D.
Professional Courses : Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer, etc.
Computer Certificate Courses of reputed Institutes accredited to Dept. of Electronics or Institutes affiliated to University.
Courses like ICWA, CA, CFA, etc.
Courses conducted by IIM, IIT, IISC, XLRI, NIFT, etc.
Courses offered in India by reputed foreign Universities.
Evening Courses of approved Institutes.
Other Courses leading to Diploma/ Degree, etc. conducted by Colleges/ Universities approves by UGC/ Govt./ AICTE/ AIBMS/ ICMS, etc.
Courses Eligible for Study Abroad:
Graduation : For job-oriented professional/ technical courses offered by reputed Universities.
Post Graduation : MCA, MBA, MS, etc.
Courses conducted by CIMA - London, CPA in USA etc.
Other Rules :
Expenses covered by the Loan :
Fees payable to College/ School/ Hostel.
Examination/ Library/ Laboratory Fee.
Purchase of Books/ Equipments/ Instruments/ Uniforms.
Caution Deposit/ Building Fund/ Refundable Deposit supported by Institution Bills/ Receipts.
Travel Expenses/ Passage Money for studies abroad.
Purchase of Computers : Essential for completion of the Course.
Any other expenses required to complete the Course like study tours, project work, thesis, etc.
Rate of Interest : Click here to view http://www.unitedbankofindia.com/
Repayment of Loan:
The loan is to be repaid in 5 to 7 years after commencement of repayment. The repayment will commence after a moratorium/ repayment holiday which is Course period plus 1 year or 6 months after getting job whichever is earlier.
Life Insurance Coverage:
To ensure security to student's and borrower's life and against their loan liability and additional loan componant for payment of one-time premium for such insurance coverage my be sanctioned by bank on request from the customer.
For further details contact your nearest branch
You may avail upto Rs. 7.5 Lacs for study in India and upto Rs. 15.00 Lacs for studying abroad. If you are an Indian National and secured an admission to any of the following academic/ professional/ technical courses through Entrance Test/ Selection process in a Board/ Institution/ University.
Courses Eligible for Study in India:
Graduation Courses : B.A., B.Com, B.Sc., etc.
Post Graduation Courses : Masters and Ph.D.
Professional Courses : Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer, etc.
Computer Certificate Courses of reputed Institutes accredited to Dept. of Electronics or Institutes affiliated to University.
Courses like ICWA, CA, CFA, etc.
Courses conducted by IIM, IIT, IISC, XLRI, NIFT, etc.
Courses offered in India by reputed foreign Universities.
Evening Courses of approved Institutes.
Other Courses leading to Diploma/ Degree, etc. conducted by Colleges/ Universities approves by UGC/ Govt./ AICTE/ AIBMS/ ICMS, etc.
Courses Eligible for Study Abroad:
Graduation : For job-oriented professional/ technical courses offered by reputed Universities.
Post Graduation : MCA, MBA, MS, etc.
Courses conducted by CIMA - London, CPA in USA etc.
Other Rules :
Expenses covered by the Loan :
Fees payable to College/ School/ Hostel.
Examination/ Library/ Laboratory Fee.
Purchase of Books/ Equipments/ Instruments/ Uniforms.
Caution Deposit/ Building Fund/ Refundable Deposit supported by Institution Bills/ Receipts.
Travel Expenses/ Passage Money for studies abroad.
Purchase of Computers : Essential for completion of the Course.
Any other expenses required to complete the Course like study tours, project work, thesis, etc.
Rate of Interest : Click here to view http://www.unitedbankofindia.com/
Repayment of Loan:
The loan is to be repaid in 5 to 7 years after commencement of repayment. The repayment will commence after a moratorium/ repayment holiday which is Course period plus 1 year or 6 months after getting job whichever is earlier.
Life Insurance Coverage:
To ensure security to student's and borrower's life and against their loan liability and additional loan componant for payment of one-time premium for such insurance coverage my be sanctioned by bank on request from the customer.
For further details contact your nearest branch
Monday, December 8, 2008
Bank of India's Star Educational Loan
Bank of India has education loan named Star Educational Loan on offer for the students willing to pursue higher education. Meritorious students are offered Bank of India Education Loan so that they can study a graduate, computer certificate, diploma, postgraduate, specialized or professional course in India or abroad.
Courses
Bank of India Education Loan is offered for studying several kinds of programs.
You can apply for an educational loan from Bank of India if you want to pursue a graduate, postgraduate and doctoral program.
A student can also obtain this loan if he plans to study a professional program including Engineering, Law and Medical programs.
Even students willing to study computer certificate courses of recognized institutes or specialized programs like CFA, ICWA and CA can apply for the loan.
An applicant, planning to pursue programs from institutes recognized by government, UGC, AICTE, a national body or a recognized foreign university in Indian, is also considered eligible for the loan.
For pursuing PG programs such as MS or MBA, employment-oriented programs from recognized universities or courses by CPA in the US and CIMA - London in abroad, you can also apply for the educational loan.
Eligibility
Education Loans of Bank of India are offered to Indian nationals, who have no outstanding loan taken for education from any other body.The parent of the student should also act as a co-borrower.
A student will be considered eligible for the loan if he has good academic record and gets admitted to a professional or technical course in India or abroad through a selection procedure based on merit or entrance test.
Expenses taken into account
The educational loan covers college, school or hostel fee as well as that of exam, laboratory or library. Even the expenses of books, instruments and uniforms are also taken into account. The caution deposit, refundable deposit or building fund is also considered. The student’s travel expenses as well as other necessary costs related with the program are covered by the loan.
Amount of Loan, Margin & Security
For studying in India, you can apply for a maximum loan of Rs 10 lacs and Rs 20 lacs for studying abroad.
There is also a margin of 5% and 15% for studying in India and abroad respectively and it is applicable for a loan amount above Rs 4 lacs.
The borrower needs to keep a guarantee of a 3rd party if a loan amount is above Rs 4 lacs. If the amount exceeds Rs 7.5 lacs, then a collateral security or a third party (if allowed by the bank) should be kept as a guarantee.
In addition, the student should assign his future income for paying the installments.
Repayment procedure
The loan can be repaid in 5 to 7 years after the repayment is commenced. The moratorium period is considered till 6 months after employment or the period of study plus 1 year, whichever is earlier.
For More Information Logon to-:www.bankofindia.com
Courses
Bank of India Education Loan is offered for studying several kinds of programs.
You can apply for an educational loan from Bank of India if you want to pursue a graduate, postgraduate and doctoral program.
A student can also obtain this loan if he plans to study a professional program including Engineering, Law and Medical programs.
Even students willing to study computer certificate courses of recognized institutes or specialized programs like CFA, ICWA and CA can apply for the loan.
An applicant, planning to pursue programs from institutes recognized by government, UGC, AICTE, a national body or a recognized foreign university in Indian, is also considered eligible for the loan.
For pursuing PG programs such as MS or MBA, employment-oriented programs from recognized universities or courses by CPA in the US and CIMA - London in abroad, you can also apply for the educational loan.
Eligibility
Education Loans of Bank of India are offered to Indian nationals, who have no outstanding loan taken for education from any other body.The parent of the student should also act as a co-borrower.
A student will be considered eligible for the loan if he has good academic record and gets admitted to a professional or technical course in India or abroad through a selection procedure based on merit or entrance test.
Expenses taken into account
The educational loan covers college, school or hostel fee as well as that of exam, laboratory or library. Even the expenses of books, instruments and uniforms are also taken into account. The caution deposit, refundable deposit or building fund is also considered. The student’s travel expenses as well as other necessary costs related with the program are covered by the loan.
Amount of Loan, Margin & Security
For studying in India, you can apply for a maximum loan of Rs 10 lacs and Rs 20 lacs for studying abroad.
There is also a margin of 5% and 15% for studying in India and abroad respectively and it is applicable for a loan amount above Rs 4 lacs.
The borrower needs to keep a guarantee of a 3rd party if a loan amount is above Rs 4 lacs. If the amount exceeds Rs 7.5 lacs, then a collateral security or a third party (if allowed by the bank) should be kept as a guarantee.
In addition, the student should assign his future income for paying the installments.
Repayment procedure
The loan can be repaid in 5 to 7 years after the repayment is commenced. The moratorium period is considered till 6 months after employment or the period of study plus 1 year, whichever is earlier.
For More Information Logon to-:www.bankofindia.com
Friday, December 5, 2008
Documents requirements for education loans in India
Different banks have different document requirements for granting education loans. But here are some of the documents you will typically have to submit along with your loan application:
1. Mark sheets of the last qualifying examination.
2. Proof of admission/ scholarship.
3. Schedule of expenses for the specified course.
4. Bank account statement for the last six months.
5. An income tax assessment order for the previous two years.
6. A brief statement of assets and liabilities of the co-borrower, which is usually the parent or guardian, and proof of income, if any.
Some banks require all or any of the following as pre-sanction documents for an education loan. These should be furnished along with the completed application form. The relevant information of both the guardian and the student should be given when the student loan is jointly taken:
1. Mark sheets of the qualifying examinations for school and graduate studies in India.
2. Proof of admission to the course.
3. Schedule of expenses for the course.
4. Copies of letters confirming scholarship, etc.
5. Copies of foreign exchange permits, if applicable.
6. Passport-size photographs.
7. Statement of the borrower's bank account for the past six months.
8. Income-tax assessment order not more than two years old.
9. Brief statement of the borrower's assets and liabilities.
10. If you are not an existing bank customer, you will also need to give proof of identity and residence.
1. Mark sheets of the last qualifying examination.
2. Proof of admission/ scholarship.
3. Schedule of expenses for the specified course.
4. Bank account statement for the last six months.
5. An income tax assessment order for the previous two years.
6. A brief statement of assets and liabilities of the co-borrower, which is usually the parent or guardian, and proof of income, if any.
Some banks require all or any of the following as pre-sanction documents for an education loan. These should be furnished along with the completed application form. The relevant information of both the guardian and the student should be given when the student loan is jointly taken:
1. Mark sheets of the qualifying examinations for school and graduate studies in India.
2. Proof of admission to the course.
3. Schedule of expenses for the course.
4. Copies of letters confirming scholarship, etc.
5. Copies of foreign exchange permits, if applicable.
6. Passport-size photographs.
7. Statement of the borrower's bank account for the past six months.
8. Income-tax assessment order not more than two years old.
9. Brief statement of the borrower's assets and liabilities.
10. If you are not an existing bank customer, you will also need to give proof of identity and residence.
Sunday, October 26, 2008
HDFC Bank education loan
Features & Benefits
*Loans upto Rs.15 Lakhs for Education in India and upto Rs.20 Lakhs for Education abroad#
*Attractive interest rates.
*Repayment to start 1 year after course completion / 6 months after obtaining employment (whichever is earlier)
*Loan available upto tenure of 7 years including moratorium period.
*Tax Benefits availaible under Section 80E of the IT Act *
*Hassle free loans and speedy approvals.
*Convenience of service at your doorstep.
*Loans available for other course related expenses also!
Special privileges
*Loans disbursed directly to the educational institution.
*Loan to be released as per fee schedules of institutes.
*Exclusive Telegraphic Transfer facility availaible for courses abroad.
*Loans available for short duration/ job oriented courses also.
Credit Shield-Payment Protection Insurance
In case of death or total permanent disability of the loanee,the loanee/nominee can avail of the Payment Protection Insurance (Credit Shield) which insures the principle outstandings on the loan upto a maximum of the loan amount.Principle outsatnding is defined as the amount of loan outstanding (not including any arrears in payment or interest thereon) at the Date of Loss,having accounted for paymetns made and interest accruing as determined in the Policy.Hence,the amount covered does not include any principal added because of non - payment of EMI and also will not include interest/ accrued charges.**
Eligibility
*You need to be an Indian National.
*You should be aged between 16 - 35 yrs.
*Collateral is required for all loans greater than Rs. 7.5 Lakhs.
*All Loans require a co-applicant.
*For complete details on eligible courses,co-applicant, FAQs,complete documentation visit-:http://www.hdfcbank.com/personal/loans/educational_loan
For more information visit-: www.hdfcbank.com
*Loans upto Rs.15 Lakhs for Education in India and upto Rs.20 Lakhs for Education abroad#
*Attractive interest rates.
*Repayment to start 1 year after course completion / 6 months after obtaining employment (whichever is earlier)
*Loan available upto tenure of 7 years including moratorium period.
*Tax Benefits availaible under Section 80E of the IT Act *
*Hassle free loans and speedy approvals.
*Convenience of service at your doorstep.
*Loans available for other course related expenses also!
Special privileges
*Loans disbursed directly to the educational institution.
*Loan to be released as per fee schedules of institutes.
*Exclusive Telegraphic Transfer facility availaible for courses abroad.
*Loans available for short duration/ job oriented courses also.
Credit Shield-Payment Protection Insurance
In case of death or total permanent disability of the loanee,the loanee/nominee can avail of the Payment Protection Insurance (Credit Shield) which insures the principle outstandings on the loan upto a maximum of the loan amount.Principle outsatnding is defined as the amount of loan outstanding (not including any arrears in payment or interest thereon) at the Date of Loss,having accounted for paymetns made and interest accruing as determined in the Policy.Hence,the amount covered does not include any principal added because of non - payment of EMI and also will not include interest/ accrued charges.**
Eligibility
*You need to be an Indian National.
*You should be aged between 16 - 35 yrs.
*Collateral is required for all loans greater than Rs. 7.5 Lakhs.
*All Loans require a co-applicant.
*For complete details on eligible courses,co-applicant, FAQs,complete documentation visit-:http://www.hdfcbank.com/personal/loans/educational_loan
For more information visit-: www.hdfcbank.com
Saturday, October 18, 2008
Reserve Bank of India (RBI) & Indian Banker's Association (IBA) associates Education loan scheme
Government of India in consultation with Reserve Bank of India (RBI) and Indian Banker's Association (IBA) has framed a Comprehensive Educational Loan Scheme to ensure that no deserving student in the Country is deprived of higher education for want of finances. The new scheme covers all type of courses including professional courses in schools and colleges in India and abroad.
The Salient features of the scheme are as under:
The scheme envisages loans up to Rs.7.5 lakh for studies in India and up to Rs. 15 lakh for studies abroad.
For loans up to Rs. 4 lakh no collateral or margin is required and the interest rate is not to exceed the Prime Lending Rates (PLR). For loans above Rs. 4 lakh the interest rate will not exceed PLR plus 1 percent.
The loans are to be repaid over a period of 5 to 7 years with provision of grace period of one year after completion of studies
Tax Benefit
Repayment of an education loan is deductible under section 80E of the Income Tax Act. The yearly limit for deduction is Rs. 40,000 (for both the principal and the interest). Only loans taken for higher education - fulltime studies in any graduate or post-graduate, professional, and pure and applied science courses - may claim deduction. The deduction will be available for a maximum of eight years starting from the day you start repaying.
Equitable Access to quality higher education has been a concern of the University Grants Commission. To this purpose the Commission, besides encouraging colleges and universities to provide for liberal financial support to the meritorious but needy students, has also been instrumental in educational loan scheme. The Reserve Bank of India (RBI) has issued guidelines in this regard to all commercial banks. A large number of banks have already launched educational loan schemes. Provided below are links to the respective website of individual banks offering such facilities.
Allahabad Bank
Educational Loan Scheme
Andhra Bank
Educational Loan Scheme
Bank of Baroda
BOB Scholar
Bank of India
Vidya Vardhini
Bank of Maharashtra
Educational Loan
Canara Bank
Vidyasagar Loan
Central Bank of India
Centvidhyarathi
Corporation Bank
Educational Loan Scheme
Dena Bank
Dena Vidya Laxmi
Indian Bank
Educational Loan Scheme
Indian Overseas Bank
Vidya Jothi
Oriental bank of Commerce
Educational Loan Scheme
Panjab and Sindh Bank
Educational Loan Scheme
Panjab National Bank
Vidyalaksyapurti
State Bank of India
Educational Loan Scheme
State Bank of Bikaner and Jaipur
Educational Loan Scheme
State Bank of Hyderabad
Educational Loan Scheme
State Bank of Indore
State Bank of Mysore
Educational Loan Scheme
State Bank of Saurashatra
Educational Loan Scheme
State Bank of Travancore
Gyan Jyothi
Syndicate Bank
SyndVidya
UCO Bank
Educational loan Scheme
Union Bank of India
SyndVidya
United Bank of India
Educational loan Scheme
Vijaya Bank
Education Loan Scheme
The Salient features of the scheme are as under:
The scheme envisages loans up to Rs.7.5 lakh for studies in India and up to Rs. 15 lakh for studies abroad.
For loans up to Rs. 4 lakh no collateral or margin is required and the interest rate is not to exceed the Prime Lending Rates (PLR). For loans above Rs. 4 lakh the interest rate will not exceed PLR plus 1 percent.
The loans are to be repaid over a period of 5 to 7 years with provision of grace period of one year after completion of studies
Tax Benefit
Repayment of an education loan is deductible under section 80E of the Income Tax Act. The yearly limit for deduction is Rs. 40,000 (for both the principal and the interest). Only loans taken for higher education - fulltime studies in any graduate or post-graduate, professional, and pure and applied science courses - may claim deduction. The deduction will be available for a maximum of eight years starting from the day you start repaying.
Equitable Access to quality higher education has been a concern of the University Grants Commission. To this purpose the Commission, besides encouraging colleges and universities to provide for liberal financial support to the meritorious but needy students, has also been instrumental in educational loan scheme. The Reserve Bank of India (RBI) has issued guidelines in this regard to all commercial banks. A large number of banks have already launched educational loan schemes. Provided below are links to the respective website of individual banks offering such facilities.
Allahabad Bank
Educational Loan Scheme
Andhra Bank
Educational Loan Scheme
Bank of Baroda
BOB Scholar
Bank of India
Vidya Vardhini
Bank of Maharashtra
Educational Loan
Canara Bank
Vidyasagar Loan
Central Bank of India
Centvidhyarathi
Corporation Bank
Educational Loan Scheme
Dena Bank
Dena Vidya Laxmi
Indian Bank
Educational Loan Scheme
Indian Overseas Bank
Vidya Jothi
Oriental bank of Commerce
Educational Loan Scheme
Panjab and Sindh Bank
Educational Loan Scheme
Panjab National Bank
Vidyalaksyapurti
State Bank of India
Educational Loan Scheme
State Bank of Bikaner and Jaipur
Educational Loan Scheme
State Bank of Hyderabad
Educational Loan Scheme
State Bank of Indore
State Bank of Mysore
Educational Loan Scheme
State Bank of Saurashatra
Educational Loan Scheme
State Bank of Travancore
Gyan Jyothi
Syndicate Bank
SyndVidya
UCO Bank
Educational loan Scheme
Union Bank of India
SyndVidya
United Bank of India
Educational loan Scheme
Vijaya Bank
Education Loan Scheme
Friday, June 20, 2008
Indian Banks offering Educational Loan
Indian Banks offering Educational Loan
Andhra Bank
HDFC
State Bank of Mysore
Allahabad Bank
Indian Overseas Bank
Syndicate Bank
Bank of Baroda
Indian Bank
Bank of Maharashtra
IDBI Money Scholar
State Bank Of Saurashtra
Bank of India
Karnataka Bank
United Bank Of India
Bank of Rajasthan
Mysore Bank
UCO Bank
Canara Bank
Oriental Bank of Commerce
United Western Bank
Central Bank
Punjab & Sind Bank
Vijaya Bank
Catholic Syrian Bank
Punjab National
Bank Vysya Bank
Development Credit Bank Limited
State Bank of Hyderabad
Dena Bank
State Bank of India
Federal Bank Ltd.
State Bank of Indore
Andhra Bank
HDFC
State Bank of Mysore
Allahabad Bank
Indian Overseas Bank
Syndicate Bank
Bank of Baroda
Indian Bank
Bank of Maharashtra
IDBI Money Scholar
State Bank Of Saurashtra
Bank of India
Karnataka Bank
United Bank Of India
Bank of Rajasthan
Mysore Bank
UCO Bank
Canara Bank
Oriental Bank of Commerce
United Western Bank
Central Bank
Punjab & Sind Bank
Vijaya Bank
Catholic Syrian Bank
Punjab National
Bank Vysya Bank
Development Credit Bank Limited
State Bank of Hyderabad
Dena Bank
State Bank of India
Federal Bank Ltd.
State Bank of Indore
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