Education Loan | How to apply for Education Loan for Higher Studies

Education Loan

How to apply for Education Loan for Higher Studies

Objective of education loan:

To provide the much needed financial support to deserving students for pursuing higher professional like mba , bba , bcom , bsc or / technical education engineering, diploma in India and abroad. The education loan would be provided to those students who have obtained admission to career-oriented courses e.g. medicine, engineering, management etc., either at the graduate or post-graduate level.

Right support at right time ensures success for students. No deserving students should be stopped to pursue their dreams due to lack of money.

Eligibility:

Indian nationals of age between 16 to 35 years, pursuing graduate/postgraduate degree and PG diplomas
Confirmed admission in a college/universities recognized by UGC / Govt. / AICTE  etc., such as Management, Engineering, Medicine, Computer science, Architecture, Hotels and hospitality, Agriculture, Fine arts and design, Pure science/BA/MA/B.Com/ M.Com, Some vocational training and technical training courses such as aviation and air-hostess training are sometimes included too.
If you are taking a education loan of more than Rs. 7.5 Lakh, a collateral security will be required.
Co-applicant: A co-applicant is mandatory for all full time programs. Co-applicant could be Parent/ Guardian or Spouse (if married) / Parent-in-law (if married).

Education loan covers:

100% College Tuition Fees payable
Accommodation charges
Exam and library fees
Books and equipments including computer
Travelling expenses abroad
Other reasonable expenses required to complete course

Timeline for application approval:

Bank will convey its decision within 15 working days from the date of receipt of the application provided the application is complete in all respects.

Disbursement:

The student 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.

Quantum of finance:

Rs. 10 lakh for study in India
Rs. 20 lakh for study abroad.

Banks may consider lending higher amount in special cases at their discretion.

Security :

Upto Rs. 4 lakh – No security, but in this case parents needs to be a joint borrower
Between 4-7.5 lakhs- along with parents collateral security in form of third party guarantee
Above 7.5 lakhs- Parents to be joint borrowers + tangible collateral security of suitable value required.

Security for the Education Loan is determined by the quantum of amount required and the credit worthiness of the principal borrower. Following types of Collateral are accepted:

Residential property ( house/flat/apartment)
Fixed Deposit
Life insurance (sum assured being at least 100% of the education loan amount)
Non agricultural land

Moratorium period for repayment:

Course period + 1 year or 6 months after getting job, whichever is earlier

Margin money:

Nil for loan up to Rs. 4 lakh
5 percent for study in India on loan above Rs. 4 lakhs.
15 percent for study in abroad on loan above Rs. 4 lakhs.

Tenure of loan:

upto 15 years for loan up to Rs 7.5 lakhs and above respectively.

Tax rebate:

Under section 80(e) of the Indian income tax act, a person can exempt the amount paid against the interest of the education loan – either for self or for his/her spouse or children – for eight years from the year(s) he starts to repay the loan or for the duration the loan is in effect, whichever is more.

Documents Required to apply for education loan

Letter of admission
Detailed break-up of the costs of the course
Completed loan application form and photographs
KYC (Know Your Customer)document
Academic: Mark sheets / pass certificates of S.S.C, H.S.C, Degree courses
PAN Card of the student and Parent/ Guardian
AADHAR Card of the student and Parent/ Guardian
Proof of identity (Driving Licence/Passport/Aadhar/ any photo identity)
Proof of residence (Driving Licence/Passport/Electricity bill/Telephone bill)
Student/Co-borrower/ guarantor’s bank account statement for last 6 months
IT return/ IT assessment order, of previous 2 years of Parent/ Guardian/ other co-borrower (if IT Payee)
Brief statement of assets & liabilities of Parent/ Guardian/ other co-borrower
Proof of income (i.e. salary slips/ Form 16) Parent/ Guardian/ other co-borrower

Interest Rates:

Different banks have different interest rates on your study loan.
Interest Rate = Base rate + Mark Up
Base rate: 9.5 to 10%
Total interest rate comes between 11.75 per cent and 14.75 per cent, depending on the bank, loan amount and the college concerned.
Girl students may avail of slightly cheaper rates—by up to 0.50%.

Role of the Guardian:

The parent(s) or guardian of the student would be treated as a co-applicant of the student loan. His or her role would be, necessarily, like the primary debtor.

Disbursement:

The student 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.

Terms & conditions:

Bank reserves the right to reject any application / renewal without assigning reasons thereof. It shall be the sole right of the Bank to consider the proposal on case to case basis after taking into consideration, the credentials/credit worthiness of each of the customers.

Central Government Interest Subsidy Scheme for Economically Weaker Section for Education Loans:

Government of India, Ministry of HRD vide letter no. F. 11-4/2010 – U.5(i) dated 25thMay 2010 have formulated a scheme to provide full interest subsidy during the period of moratorium i.e. Course Period plus one year or six months after getting job, whichever is earlier. This scheme is available for loans taken by students belonging to economically weaker sections (EWS) (where annual parental income from all sources is up to & inclusive of `4.5 lakhs) under the Indian Banks’ Association (IBA) approved Model Educational Loan Scheme, for pursuing any of the approved courses of studies in technical and professional streams, from recognized institutions in India. Link

Note:

There is always a risk the student may not get a job immediately after completing the course. So, parents have to be prepared for such a scenario
If you are looking for an education loan, keep these tips in mind:
Ask your chosen educational institution if it has a preferred lender with whom it has negotiated rates or has a pre-approved loan process.
If you are going abroad, ask the institution if you can get a loan on campus after you register for the course. You might be able to get better interest rates abroad. For instance, the general level of interest rates is lower in the US and UK than in India right now.
If you or your family are regulars at your local bank branch, you can use this to your advantage. Sometimes your branch manager can help bring better loan terms your way.

Banks website with education loan details

HDFC Education Loan: Link
Axis Education Loan: Link
SBI Education Loan: Link
Punjab National Bank Education Loan : Link
Non Banking Finance Company (NBFC): Avanse
First Dedicated Education Loan Company: Credila

Education Loan & Banks perspective:

Loans cannot be claimed as a matter of right. A loan is a debt. The borrower is obliged to pay back or repay the lender at a later period. But it is surprising to note that in India, in the light of directed lending, many a loan is looked upon as charity — “a voluntary help to those in need”.

For Indian banks, the outstanding education loans are reported to be around Rs. 50,000 crore. Education loans are classified as priority sector and are to be encouraged. These loans are to be treated as investment for future economic development and prosperity. Most of the developed and developing countries have student loan schemes.

FROM AID TO RIGHT

In India, the education loan scheme was originally started to help meritorious students pursue higher education in technical and professional courses. However, over the years, rules and regulations got diluted and any student who got admission in a course became eligible for a loan, irrespective of the marks or the process employed in admission.

Education loans started to be viewed increasingly as a financial assistance, not to be repaid. Though such loans are a boon for the poor meritorious students. The existing loan schemes of the banks in India are generally on liberal terms. Loans up to Rs. 10 lakh can be given for studies in India and up to Rs. 20 lakh for studies abroad. Loans up to Rs. 4 lakh are given without any guarantor or collateral.

However, the defaults in education loans are increasing. Large numbers of student borrowers are not able to get jobs within one year. In many cases, salaries are not sufficient to ensure repayments

The high incidence of failure in examinations, such as that in engineering courses, also creates a large number of overdue loans. But there are borrowers who simply do not pay, in spite of getting lucrative jobs. The percentage of default is found to be higher in loans without security and guarantor. Banks often face problems in tracking the beneficiaries after the course.

Indian Banks’ Association (IBA) Guidelines:

Considering the potential damage that NPAs in education loans can cause to the economy, the Indian Banks Association has come out with fresh guidelines on granting of education loans. The guidelines underline the basic banking principle that loans, including educational loans, cannot be claimed as a matter of right. It is to be left to the discretion of bankers to decide whom to lend to and how much to lend, of course based on transparent rules.
The IBA has urged banks to put in place an effective appraisal system based on sound commercial logic, while serving a noble social cause.
Only students admitted to recognized institutes by a merit-based selection process will be eligible for loans.
This will eliminate a large number of students selected in management seats paying capitation fees and donations. Banks must introduce a system to assess the employability of the student after the course.
Banks may use rating of education institutes and the individual student as a tool for improving the asset quality.
Highly rated students in highly rated institutions may be granted loans at lower rates.
Only students admitted to recognized institutes by a merit-based selection process will be eligible for loans.

Source

Loans are a boon for the poor meritorious students but with such outstanding education loans are matter of concern for banks.  To mitigate the risk of turning Non Performing Assets, Banks came to consensus of not providing loan to everyone.

Resulting 1% students only received education loan in year 2009.And even today, most of the students are denied to get education loan.

Study MBA in Bangalore India

Study MBA in Bangalore India

Management education (MBA,BBA,BBM) aspirants from different parts of the country throng B Schools in Bangalore because of world class teaching, excellent course patters in various streams and magnificent campuses. Not only this, Master of Business Administration / MBA colleges in Bangalore / BBM Colleges also have good placement record and churning out skilled experts year after year. Trained management professionals passed out from any of these B Schools in Bangalore are creating a niche for themselves in the corporate world in India and overseas. Aspirants aiming at the best MBA programs find the City of Gardens their most favored destination and face a tough competition to get themselves enrolled with an institution here.

Getting admission to MBA colleges in Bangalore means taking a step towards lifelong golden future in management arena not only in India but also in abroad. But why do so? What makes the City of Gardens a popular higher educational destination among seekers?

The reason simply lies in the fact that there are more than four hundred management colleges in Bangalore alone which in itself sets a benchmark for providing quality education in every stream and not alone in management field. As far as management studies are considered, yes, Bangalore is charted on the pole position in the list of world’s top most centers for business studies.

Universities and colleges look for the position earned in the entrance exams conducted by Karnataka state in order to select those who really deserve for various diploma, post diploma, post graduate degree courses in management. MBA admission in Bangalore is not a simple task to take up but a well-structured procedure which separates the most talented seekers from ordinary students to train with the highly qualified management training in next few years. and this makes a great difference and this is why MBA colleges in Bangalore have become a factory for mass –production of management experts who merit in the top positions only in various multinational companies.

Bangalore is an international educational destination for higher studies in various streams, especially in business administration. At the time of entrance date notifications, Bangalore turns up a place must to see. Hundreds of thousands of students make bee-line outside many renowned business schools in order to get admission to their preferred stream. CAT/MAT/XAT exam date is looming around and the city is going to get overburdened by seekers once again.

Obtaining an MBA degree from University in bangalore is lucrative in terms of money and is the most promising career options as well. Management gurus passed out from top MBA colleges in Bangalore are seen crossing the hierarchy ladder at a very fast pace and within few years of joining most of them take top positions in their organizations. So, it can be said that Admission in MBA colleges in Bangalore is still a dream for many management hopefuls coming from all across India and foreign shores. and they prefer to get admission to any of the b-schools here to realize their dreams to the fullest. This is why, Bangalore is the best option for any student aiming for international standard management degree in a field of their choice.

The MBA programs with MBA HR Specialisation, MBA Finance MBA in Marketing, BBA, BBM in Bangalore

MBA Syllabus Curriculum of Mysore University | www.fresherz.com

University of Mysore MBA Syllabus

CURRICULUM & REGULATIONS GOVERNING MASTER OF BUSINESS ADMINISTRATION (MBA) DEGREE COURSE

Courses of Study

  First Semester Credits* Marks
 

Sl No

 

Subjects

(L+P/S/F) Intl. Asst. End Term Total
    L P/S/F Total      
1. Management Concepts & Theories 1 1 2 25 75 100
2. Organizational Behaviour 2 1 3 25 75 100
3. Business Environment 1 1 2 25 75 100
4. Managerial Communication 1 2 3 25 75 100
5. Managerial Accounting 2 2 4 25 75 100
6. Managerial Economics 2 1 3 25 75 100
7. Statistics for Management 2 2 4 25 75 100

Total

12 9 21 175 525 700

  Second Semester Credits* Marks
Sl No  

Subjects

(L+P/S/F) Intl. Asst. End Term Total
    L P/S/F Total      
1. Marketing Management 2 1 3 25 75 100
2. Human Resource Management 2 1 3 25 75 100
3. Corporate Finance 2 2 4 25 75 100
4. Quantitative Methods 2 2 4 25 75 100
5. Legal aspects of Business 2 0 2 25 75 100
6. Operations Management 2 1 3 25 75 100
7. Management Information Systems 1 2 3 25 75 100
Total 13 9 22 175 525 700

 

  Third Semester Credits*

 

Marks
Sl No Subjects (L+P/S/F) Intl. Asst. End Term Total
    L P/S/F Total      
1. Project Management 1 2 3 25 75 100
2. Entrepreneurship 1 1 2 25 75 100
3. Elective – I 2 2 4 25 75 100
4. Elective – II 2 2 4 25 75 100
5. Elective – III 2 2 4 25 75 100
6. Project Work Diary 0 3 3 50 50
7. Summer Internship Report 50 50
Total 8 12 20 225 375 600

  Fourth Semester Credits* Marks
Sl No Subjects (L+P/S/F) Intl. Asst. End Term Total
    L P/S/F Total      
1. Strategic Management 2 1 3 25 75 100
2. Elective – IV 2 2 4 25 75 100
3. Elective – V 2 2 4 25 75 100
4. Elective – VI 2 2 4 25 75 100
5. Elective – VII 2 2 4 25 75 100
6. Project Work 0 3 3 75 75
7. Project Viva-voce 25 25
Total 10 12 22 150 450 600

 

*L=Lecture – 1 hour of lecture per week for 15 weeks = 1 credit

P/S/F=Practicals/Seminars/Field Work – 2 hours of practicals / seminars / field work per week for 15 weeks = 1 credit

 Elective Areas:

  1. Marketing Management (MM)
  2. Financial Management (FM)
  3. Human Resource Management (HRM)
  4. International Business (IB)
  5. Information Systems (IS)
  6. Tourism & Travel Management (TTM)
  7. Health Care Management (HCM)
  8. Small Business Management & Entrepreneurship (SBM&E)
  9. Retailing & Supply Chain Management (R&SCM)
  10. Banking & Insurance (B&I

 

Colleges offering MBA through University of Mysore

  • Millennium School of Business (www.msob.edu.in)
  • Ramaiah – rimsbangalore.in
  • Dayananda Sagar Institute of Management

 

 

Job Oriented Courses in India, Dilploma Courses, Certificate Courses

The following are job oriented Diploma / Certificate Courses offered in various institutions in India.

Job Oriented Diploma Courses / Certificate Courses in India

1. PG Diploma in Preventive & Promotive Healthcare – Dr. B.R. Ambedkar Open University
2. Diploma in Paithani Handicraft & Modern Garments – YCMOU University
3. Yuvodaya – Acharya Narendra Dev College
4. Diploma in Archives Keeping – Annamalai University
5. Certification in Finance and Accounts – NIIT Uniqua
6. Diploma in Education Technology – MP Bhoj University
7. Bachelor of Tourism Studies – Oberoi Group
8. PG Diploma in Instructional Design – Symbiosis Centre for Distance Learning
9. Post Graduate Diploma in Chemo-Informatics –  MPBOU University
10. Retail Management Programme  – Indian Institute of Job Training
11. Diploma in Food & Beverage Services Management – Maharshi Dayanand University
12. Advanced Certificate in Power Distribution Management – IGNOU
13. IATA Foundation Course –  Kuoni Academy
14. Radio Jockeying & TV News Reading – Delhi University
15. Real Estate Principles and Practices – The Indian Institute of Real Estate
16. Storage Certified Professional Course – Institute of Storage, Integration and Future Technologies.
17. Diploma in Teaching English – Symbiosis Centre for Distance Learning i
18. Bachelor of Co-operative Management YCMOU University
19. B.Sc in Hardware Networking & Digital Communication – Karnataka State Open University
20. M.Sc in Counseling and Family Therapy – Indira Gandhi Open University

 

Indian States and Capitals, List of Indian States and Capitals 2015| Fresherz.com

India is a country located in southern Asia. With over 1.2 billion people, India is the most populous democracy in the world.

It is a federal constitutional republic governed under a parliamentary system consisting of 29 states and 7 union territories.

List of States and Union Territories of India

Code Name Capital
AP Andhra Pradesh Hyderabad*1
AR Arunachal Pradesh Itanagar
AS Assam Dispur
BR Bihar Patna
CT Chhattisgarh Raipur*2
GA Goa Panaji
GJ Gujarat Gandhinagar
HR Haryana Chandigarh*3
HP Himachal Pradesh Shimla
JK Jammu and Kashmir Srinagar (summer) / Jammu (winter)
JH Jharkhand Ranchi
KA Karnataka Bengaluru
KL Kerala Thiruvananthapuram
MP Madhya Pradesh Bhopal
MH Maharashtra Mumbai
MN Manipur Imphal
ML Meghalaya Shillong
MZ Mizoram Aizawl
NL Nagaland Kohima
OR Odisha Bhubaneswar
PB Punjab Chandigarh*4
RJ Rajasthan Jaipur
SK Sikkim Gangtok
TN Tamil Nadu Chennai
TG Telangana Hyderabad*1
TR Tripura Agartala
UP Uttar Pradesh Lucknow
UT Uttarakhand Dehradun (interim)
WB West Bengal Kolkata
Code Union Territories Capital
AN Andaman and Nicobar Islands Port Blair
CH Chandigarh Chandigarh
DN Dadra and Nagar Haveli Silvassa
DD Daman and Diu Daman
LD Lakshadweep Kavaratti
DL National Capital Territory of Delhi New Delhi
PY Puducherry Pondicherry

Bachelor of Engineering Branches in India, List of B.E. Course Specializations | Fresherz.com

Engineering Courses in India

Engineering is the application of mathematics, empirical evidence and scientific, economic, social, and practical knowledge in order to invent, design, build, maintain, research, and improve, structures, machines, tools, systems, components, materials, and processes.

The discipline of engineering in India is extremely broad, and encompasses a range of more specialized fields of engineering, each with a more specific emphasis on particular areas of applied science, technology and types of application.

The Bachelor of Engineering in India commonly abbreviated as (B.E.) is a undergraduate academic degree awarded to a student after three to five years of studying engineering at university or colleges

List of commonly offered Engineering / B.E. Courses and Specialisations;

Branch Name
Aeronautical Engineering
Agricultural Engineering
Apparel & Production Management
Architecture
Architecture Interior Design
Automobile Engineering
Automobile Engineering
Bio Medical Engineering
Bio Technology
Bio-Medical Engineering
Bio-Technology
Ceramic Technology
Chemical Engineering
Civil Engineering
Computer Science And Engineering
Construction Engineering
Dairy Technology
Electrical Engineering
Electronics And Communication Engineering
Electronics And Instrumentation Engineering
Environmental Engineering
Fashion Technology
Food Technology
Geo-Informatics
Industrial Engineering
Information Technology
Instrumentation & Electronics Engineering
Instrumentation And Control Engineering
Jute And Fibre Technology
Leather Technology
Manufacturing Engineering
Marine Engineering
Material Science Engineering
Mechanical Engineering
Mechanical Engineering
Mechatronics
Medical Electronics
Metallurgical Engineering
Mining Engineering
Petro Chemical Engineering
Petroleum Engineering
Pharmaceutical Engineering
Pharmaceutical Technology
Plastic Technology
Polymer Technology
Power Engineering
Printing Engineering
Printing Technology
Production Engineering
Textile Chemistry
Textile Technology

What makes a Great Teacher ? | Qualities that make a good teacher

Will your students look back and remember you as the person who shaped their lives?

#freshers #education @fresherzin

A great teacher

A great teacher is one a student cherishes forever. Teachers have a longlasting impact on the lives of their students, and the best students inspire their teachers, too. Years ago, as a young, eager student, I would have told you that a great teacher was someone who provided classroom entertainment and focused very little on discipline and assignments. Now, after working for 35 years in education including 26 years of heading institutions and related administrative experience and having been involved in hundreds of teacher evaluations, my perspective has changed. My current position as a professor of higher education gives me the opportunity to share what I have learnt with current and future college faculty administrators and through friendly banter with my postgraduate students about what it means to be a great teacher.

Attitude is key

Teaching

Teaching is hard work, and great teachers work tirelessly to create a challenging and nurturing environment for their students. Great teaching seems to have less to do with our knowledge and skills than with our attitude towards our students or our subject. Greatness in teaching is just as rare as greatness in medicine, dance, law or any other profession. Although the qualities that make great teachers are not easy to inculcate or duplicate, understanding these qualities can give all teachers a standard of excellence to strive for and guide higher education institutions in their efforts to recruit and retain the best teachers.

To that end, I offer the following observations about the key characteristics of great teachers. This list is certainly not exhaustive, and the characteristics do not appear in any particular order of importance but are based on the singular premise that for a teacher to be called great, the students must also aspire to be great.

Other Qualities

Accessibility and Care
Shared expectations
Love of learning
Skilled leadership
Creativity and Innovation
Collaboration
Professionalism

Read more… Click Read more…

Source : The Hindu

List of America’s Best Business Schools, Best MBA Colleges in America, Fresherz.com

Best Business Schools in America

The List of America’s Best Business Schools 2015 has been released by FORBES

An #MBA is a massive investment and can top $300,000 in tuition and foregone salary at an elite school like Harvard or Stanford. With that in mind, Forbes has ranked the top MBA programs based on their return on investment biennially since 1999. Stanford Graduate School of Business ranks first for a second straight time with a five-year gain of $89,100 for graduates. That’s down 11% compared to Stanford’s class of 2008, but still enough to hold off Harvard, which ranks second.

Visit : Forbes Top Business Schools America

#Educationnews #Forbes

Believe Nothing, no matter where you read it

Rightly said, until and unless you agree for yourself, do not believe.

#freshers #quotesbuddha

quotes-buddha