Education loan....INDIA
- Thread starter nagdewani
- Start date
hi
i am applying for fall 2017 mba programs. i have been researching from 2 years. i have contacted banks since i know some friends who work there. this is what i have heard from them.
i have made enquiries regarding education loan. the process is simple, based on the tuition fees on your admission offer the bank will sanction you the loan. if your loan amount is above 10 lacs INR you need to provide collaterals in the form of property there is no alternative options for this.
the usual time to process will be 1 month in case of sbi. hdfc and few banks sanction in 15 days.
in terms of documents your parents have to be the coapplicant, and their tax returns, pf forms and certain financial documents will be needed
the loan will even grant you money for living costs which is the GIC certificate from scotia bank. if you have any specific questions do reply here or PM
i am applying for fall 2017 mba programs. i have been researching from 2 years. i have contacted banks since i know some friends who work there. this is what i have heard from them.
i have made enquiries regarding education loan. the process is simple, based on the tuition fees on your admission offer the bank will sanction you the loan. if your loan amount is above 10 lacs INR you need to provide collaterals in the form of property there is no alternative options for this.
the usual time to process will be 1 month in case of sbi. hdfc and few banks sanction in 15 days.
in terms of documents your parents have to be the coapplicant, and their tax returns, pf forms and certain financial documents will be needed
the loan will even grant you money for living costs which is the GIC certificate from scotia bank. if you have any specific questions do reply here or PM
I recently helped apply for student visa for my cousin (I live in Toronto). And below is what my research shows:
1. Out of all the banks, we found ICICI is simpler to apply.
2. They will need to see the admission letter from the school.
3. Your parents need to be co-applicants.
4. They recommend you to take insurance, which gets as a part of the repayment plan. We found the school insurance was higher, but it depends on which school and which province you are applying to.
5. You will have to provide enough backup property as a proof, in the event of default.
6. It took us 2 weeks to get the loan sanctioned.
Let me know if you have more questions and I will be happy to help.
1. Out of all the banks, we found ICICI is simpler to apply.
2. They will need to see the admission letter from the school.
3. Your parents need to be co-applicants.
4. They recommend you to take insurance, which gets as a part of the repayment plan. We found the school insurance was higher, but it depends on which school and which province you are applying to.
5. You will have to provide enough backup property as a proof, in the event of default.
6. It took us 2 weeks to get the loan sanctioned.
Let me know if you have more questions and I will be happy to help.
I have got offer letter for diploma course (Electrical Engineering Technician - Fall 2017) from Algonquin College.kartz said:
I went to SBI for inquire about education loan. Assistant Manager of that branch told me that I must have a letter from AIU stating that Algonquin College is a recognized college of Canada and is eligible for education loan from banks in India.
Do you know anything about this letter?
Hey, I am sorry to say that indian banks do not recognise diploma programs in canada, specially SBI. If you already have completed your bachelors degree then you must get that letter to apply for loan. I don't have much knowledge about it.nagdewani said:
I'd suggest you to go to HDFC credila they provide loans for colleges under SPP category. I am sure Algonquin must be an SPP institution on the CIC website. Then you'll easily get your loan. HDFC interest rates is little higher than SBI, but you'll get the loan sanctioned hassle free in no time. You can even try at icici like the person above has suggested.
First of all, I got information how to get that letter.kartz said:
Algonquin is a SPP category college.
SBI and some other banks recognise diploma in Canada if that is an engineering field diploma.
Thanks their are some problems with SBI process but solutions are also there.
Tomorrow I will get final decision from SBI manager that will they give me loan or not and I will let you know about this tomorrow.
Hi did SBI approved your loan? I am still is looking for student loan too and she checked with HDFC but in that prepayment will start in very next month.. She is now in touch with SBI too but not much info available.. based in Delhi.. Has anyone recently got student loan approved? Would appreciate if we can get some assistance
In process with other bank.RuchiWalia said:
Prepayment with very next month is not complusory their.
If doing prepayment with very next month then 1% concession in interest rate.
Maximum loan for abroad study: 20 Lacs
does she get acceptance offer letter from NAIT..?
Not yet.. but as per discussions with NAIT we will get same anytime now..
Is that 20lk with collateral..
Is that 20lk with collateral..