Loan Denied

[makz]

Hi everyone,

I was denied an Education Loan from Indian Bank, because I have a Distance Education degree from University of Madras in B.Com.

Is there any other bank that will give an educational loan to a student who has a Distance Education degree.

Please help me out here guys.

 

[hardeep_chandigarh]

try HDFC

 

[lovepreet]

Hi everyone,

I was denied an Education Loan from Indian Bank, because I have a Distance Education degree from University of Madras in B.Com.

Is there any other bank that will give an educational loan to a student who has a Distance Education degree.

Please help me out here guys.

Hey Makz

I guess we have had a bit of chat before..haven't we ? So buddy u've been denied a loan huh ? lets see what we can do - first Answer a couple of questions for me

1) what session are you planning to applying for or want to get loan for ? - If for sep,don't bother- its too late now - try for JAN session

2) what state are you currently living in ? (guess somewhere in south,maybe chennai) - but If in Punjab,I know for sure that many banks won't have any problem,they wont even see certificates if u wil be taking loan against FD's

3) Were you trying to get it against the FD's as collateral security or General one (against the property,land etc) ?

4) Does it say on your DMC (not degree certificate,if you know the diffrence) that it is done through correspondence ? (am sure distance education must be mentioned on your degree certificate - if yes, but not mentioned on your final year DMC then next time you go to bank show them DMC's only,not degree cetificate, tell them you ain't got degree certificate yet)

5) In the End,if running out of breath then visit HDFC- get an FD done -they issue OD limit against FD (as per their policy they dont issue loans against FD's) - though thats not education loan but still i've heard that works - they don;t see any cetificates or anything for OD. - THINKS OF IT AS YOUR LAST WAY OUT/OPTION

All the very best

 

[vibez_well]

I know that State Bank of Travancore grants loans to students who graduated from Sikkim Manipal University.

SMU can also be considered distance education. The classes are held in 'study centers' / tie ups with other institutions.

 

[makz]

Hey Makz

I guess we have had a bit of chat before..haven't we ? So buddy u've been denied a loan huh ? lets see what we can do - first Answer a couple of questions for me

1) what session are you planning to applying for or want to get loan for ? - If for sep,don't bother- its too late now - try for JAN session

2) what state are you currently living in ? (guess somewhere in south,maybe chennai) - but If in Punjab,I know for sure that many banks won't have any problem,they wont even see certificates if u wil be taking loan against FD's

3) Were you trying to get it against the FD's as collateral security or General one (against the property,land etc) ?

4) Does it say on your DMC (not degree certificate,if you know the diffrence) that it is done through correspondence ? (am sure distance education must be mentioned on your degree certificate - if yes, but not mentioned on your final year DMC then next time you go to bank show them DMC's only,not degree cetificate, tell them you ain't got degree certificate yet)

5) In the End,if running out of breath then visit HDFC- get an FD done -they issue OD limit against FD (as per their policy they dont issue loans against FD's) - though thats not education loan but still i've heard that works - they don;t see any cetificates or anything for OD. - THINKS OF IT AS YOUR LAST WAY OUT/OPTION

All the very best

Thanks for your detailed answer bro.

Ans 1) I think you are right I am too late for the Sept. Session. I'll try for the Jan. intake now.

Ans 2) I am in Andhra Pradesh - Hyderabad.

Ans 3) It was against our property.

Ans 4) I will try to approach the bank manager once more.

Thank you all for your kind replies.

Get back to you guys tomorrow and let you know

 

[makz]

I am using your 5th idea lovepreet i.e. opening up a HDFC account then transferring some FDs to that account then applying a student loan from them.

BTW I will go for the Jan. intake. But I still have 4-5 months, so in the meantime I was wondering if I could do a Accounting package program (Tally, peachtree, etc) that can help me once I got to Canada.

Thanks for you advice.

 

[lovepreet]

I am using your 5th idea lovepreet i.e. opening up a HDFC account then transferring some FDs to that account then applying a student loan from them.

BTW I will go for the Jan. intake. But I still have 4-5 months, so in the meantime I was wondering if I could do a Accounting package program (Tally, peachtree, etc) that can help me once I got to Canada.

Thanks for you advice.

Hey makz

Have you considered all the other options I mentioned ? HDFC won't issue education loan against FD's but OD (overdraft limit) only which may or may not be accepted/approved by the Visa officer (though i've heard from some that works) but still involves risk - your decision man !

Yes If you want to make better use of time then go for those courses + they will help you as they are related to your education.

All the best