Eduaction loan related experience--share here please

[sani014]

Hi guys,please share your experiences in getting an education loan so others, like me, can benefit from them.

also post all your loan related questions here, so all answers are available in a single thread

INDIA specific thread,but all comments are welcome

Can you please post which bank approved your loan and how much loan did you take?
How much time did the bank take to process your loan and other details?

 

[mayank_6]

Yes, That would be helpful as I will be applying for Edu Loan for Sep'13 intake from SBI

 

[sani014]

@mayank_6
I am going for a loan from SBT.
are you going for a diploma course.When I asked SBI they said they do not issue loan for diploma courses.

 

[mayank_6]

For Masters

 

[sani014]

For Masters

What did the bank say when you approached them?what are you giving as collateral.
when i asked the bank said they need collateral for loans above 7.5lacs.

 

[mayank_6]

I have not approached yet but yes they are saying correct and for Diploma they are reluctant to issue Loan.

I will be showing property , I suppose. lets c how it goes

 

[sani014]

I have not approached yet but yes they are saying correct and for Diploma they are reluctant to issue Loan.

I will be showing property , I suppose. lets c how it goes

I am also giving property as collateral.
Praying to god that they will issue loan to diploma course

Does anyone know a bank that will issue the loan easily.my whole dream of going to Canada depends on me getting the loan.
please help......

 

[enfield]

Hi,

@ mayank_6
I am going for a loan from SBT.
are you going for a diploma course.When I asked SBI they said they do not issue loan for diploma courses.

1. You won't get study loan for diploma courses from SBI and PNB (Not sure about other leading public sector banks).

 

[sani014]

@enfield
is it possible to create a list of all the banks who have given loans-to know the bank most probable to give a loan?
It may make it easier for others to know which bank to approach.

 

[student99]

i applied on 27 feb for may intake . i got loan letter from Karnataka bank , i made 6 lakhs fixed deposit in the bank for 6 lakhs loan which made process easy and fast to get a loan letter


( banks have annual targets FD in their banks , will make our process easy and fast )

some banks dont give loan for diplomo courses , but not all

2) And its not compulsory to avail loan if u dont want u can reject it . :

 

[krishnanrao21]

HI,
when I approached SBI they said the will provide 100% loan without margin , is this possible.

 

[student99]

HI,
when I approached SBI they said the will provide 100% loan without margin , is this possible.

it is possible but not many banks do that . please be very careful about the interest rate , ie check whether it is simple or compound. Will it change once you start repayment?

 

[amarnadh007]

Loans are providing based on your present education. If you need loan for Diploma with HSE they will provide. But if you apply with Diploma for diploma they will not provide. Loans are available for Further Studies or advanced studies

 

[sani014]

HI,
when I approached SBI they said the will provide 100% loan without margin , is this possible.

which course are you applying for??

 

[enfield]

Hi,

HI,
when I approached SBI they said the will provide 100% loan without margin , is this possible.

1. With PNB, you will have to pay 15% margin.