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.

Advertisements

Top Business Schools in India 2016

Given below is a list of Top Business Schools in India 2016.

 

There are several buiness schools which are progressing good in this direction like

RIMS

Millennium School of Business (promoted by Educomp India & Raffles Singapore

ISBR

Visit / download the list in PDF Format

top-business-schools-india

Best value based MBA in the World

While a master’s degree in business administration (MBA) can act as a ticket to a high-paying job, the courses do not come cheap.

And some are better value than others.

To find out which provide the best value for money, salary-benchmarking website Emolument, analysed the pay of 1,020 MBA holders, and the cost of their education, calculating the return-on-investment of the course.

America and the UK dominate the list, but France and Hong Kong also feature.

Read more…

http://www.businessinsider.in/The-17-best-value-MBAs-in-the-world/17-Stern-School-of-Business-US-Return-on-Investment-32/slideshow/54327784.cms

 

 

BBA Course Syllabus of Bangalore University

BBA Course Syllabus

Attached BBA Course Syllabus of Bangalore University

Bangalore University BBA Course is of 4 Years Duration.

 

Bangalore University BBA Course Syllabus

 

Direct MBA BBA Admissions Management Quota Bangalore India

BBA admission in Christ University Bangalore under management quota

Bcom admission in Christ University Bangalore under management quota

B.B.A admission in Christ University Bangalore under management quota

B.com admission in Christ University Bangalore under management quota

BBA admission in Millennium School of Business Bangalore under management quota

Bcom admission in Millennium School of Business Bangalore under management quota

B.B.A admission in MSOB Bangalore under management quota

B.com admission in MSOB Bangalore under management quota

CALL : 93790 77768
Direct Admission Christ University, Bangalore, Karnataka
Direct Admission BBA BBM BCom-Christ University
*bba admission 2016 in Bangalore
*bba admission in Bangalore
*direct admission in bba in Bangalore
*direct admission in bba in bangalore university
*direct admission in bba in top colleges of Bangalore
Admission for the academic year 2015-16 in Christ University* MBA_PGDM
* BCom / BCom (F&A)
* BCom (Evening)
* BA / BSc / BCom (Travel & Tourism) / BEd Programme
* Integrated BTech / BTech / BTech Lateral / M.Tech
* BBM / BBA / BBA (F&A) / BHM / LLB / BCA /B.ComHonours /B.ComProfessional
Direct Admission Eligibility Chrsit University
* All students who wants to join Christ University should have applied for respected courses in Christ University
* Direct Admission is not possible if candidate has not applied.

Admission Consultants Christ University
Admission Consultants Alliance University
Admission Agents Christ University
Admission Agents Alliance University
Christ University-DIRECT ADMISSION BBM / BBA / LLB / BCA / B Com
Direct Admission 2015 – Christ University, Bangalore, Karnataka
Christ University-DIRECT ADMISSION BBM / BBA / BCom / BCA

OUR SERVICE-
Direct Admission in Alliance University for BBM/BBA
Direct Admission in Alliance University For Law
Direct Admission in CMS College For BBM/BBA
Direct Admission in Mount Carmel College For BBM/BBA
Direct Admission in Mount Carmel College For BCOM
Direct Admission in St joseph college for BBM/BBA
Direct Admission in St Joseph College for BCOM/BBA
Direct Admission in Christ University For Law
Direct Admission in Christ University For BBM/BBA
Direct Admission in Christ University For Bcom
Direct Admission in Jain University For BBM/BBA
Direct Admission in Jain University For BCOM
Direct admission in MS Ramaiah College of Arts – Science and Commerce
Direct admission in bba,bca in Brindavan College

Tags:
CHRIST UNIVERSITY , BBA ADMISSION IN CHRIST UNIVERSITY BANGALORE , BBM ADMISSION IN CHRIST UNIVERSITY BANGALORE, B COM ADMISSION IN CHRIST UNIVERSITY BANGALORE, ADMISSION IN CHRIST UNIVERSITY, DIRECT ADMISSION IN CHRIST UNIVERSITY , ADMISSION IN CHRIST UNIVERSITY BBA-BBM-B.COM BANGALORE, ADMISSION IN BBA in Christ University BANGALORE, ADMISSION IN CHRIST UNIVERSITY BANGALORE, DIRECT ADMISSION IN CHRIST UNIVERSITY BBA-BBM-B.COM, DIRECT ADMISSION IN CHRIST UNIVERSITY BANGALORE, ADMISSION IN CHRIST UNIVERSITY UNDER MANAGEMENT QUOTA, MANAGEMENT QUOTA ADMISSION IN CHRIST UNIVERSITY,MANAGEMENT QUOTA ADMISSION IN CHRIST UNIVERSITY BBA-BBM-B.COM , MANAGEMENT QUOTA ADMISSION IN CHRIST UNIVERSITY , CHRIST UNIVERSITY DIRECT ADMISSION, how to get admission in Christ University, DIRECT ADMISSION PROCEDURE @ CHRIST UNIVERSITY,LAW
Admission in Christ University, bba admission 2014,bba admission 2014 in Bangalore,bba admission procedure in Bangalore,bba admission in Bangalore,bba admission in Karnataka,bba admission in top colleges of india,bangalore

bba course admission,direct admission in bba,direct admission in bba in Bangalore,direct admission in bba in bangalore university,direct admission in bba in top colleges of Bangalore,how to get admission in bba colleges,how to get direct admission in bba colleges in Bangalore,how to get direct admission in bba course,bba direct admission in bangalore

top mba colleges in bangalore
top 10 mba colleges in bangalore
top mba college in bangalore
top 5 mba colleges in bangalore
top mba colleges in bangalore 2014
top mba college bangalore
top mba colleges bangalore
top engineering colleges in bangalore
top colleges in bangalore
top colleges for mba in bangalore
bangalore top mba colleges
top mba colleges in bangalore rank wise
top 10 colleges in bangalore
top mca colleges in bangalore
top ten mba colleges in bangalore
top 10 mba college in bangalore
top colleges in bangalore for mba
mba top colleges in bangalore
top college in bangalore
top government mba colleges in bangalore
top b schools in bangalore
top schools in bangalore
top mba institutes in bangalore
top college for mba in bangalore
top 20 colleges in bangalore
top colleges of bangalore
top mba in bangalore
top college in bangalore for mba
top business schools in bangalore
top mba colleges in bangalore with placements
top 50 mba colleges in bangalore
top college of bangalore
mba top college in bangalore
top be colleges in bangalore
top 10 colleges in bangalore for mba
bangalore top colleges
top colleges bangalore
top mba schools in bangalore
top 10 colleges for mba in bangalore
top b school in bangalore
top it colleges in bangalore
top mba universities in bangalore
top school in bangalore
top business school in bangalore
bangalore top colleges for mba
bangalore top schools
top mba b schools in bangalore
top most colleges in bangalore
top 20 college in bangalore
top business colleges in bangalore
top pgdm colleges in bangalore
top 20 colleges of bangalore
top ten mba college in bangalore
top b schools in bangalore for mba
top schools bangalore
bangalore top college
top b school bangalore
top 20 schools in bangalore
top most mba colleges in bangalore
top bangalore colleges
top schools of bangalore
best mba colleges in bangalore
best mba college in bangalore
best colleges in bangalore
best college in bangalore
best mba college bangalore
best colleges for mba in bangalore
best college for mba in bangalore
best colleges in bangalore for mba
best schools in bangalore
best school in bangalore
best b schools in bangalore
best college in bangalore for mba
mba best colleges in bangalore
mba colleges in bangalore with best placements
mba best college in bangalore
best mca colleges in bangalore
best colleges of bangalore
best b school in bangalore
bangalore best mba colleges
best it colleges in bangalore
bangalore best schools
best college bangalore
best college of bangalore
best schools bangalore
which is the best college in bangalore
the best college in bangalore
best it college in bangalore
best be colleges in bangalore
best college for b.com in bangalore
bangalore best colleges
best executive mba in bangalore
best pgdm colleges in bangalore
best business school in bangalore
best mba institute in bangalore
best school bangalore
which is the best school in bangalore
best mba in bangalore
best colleges for b.com in bangalore
best schools of bangalore
list of mba colleges in bangalore
list of top mba colleges in bangalore
list of colleges in bangalore
mba colleges in bangalore list
list of top 10 mba colleges in bangalore
mba college in bangalore list
list of mba college in bangalore
list of management colleges in bangalore
list of college in bangalore
list of schools in bangalore
bangalore mba colleges list
list of top colleges in bangalore
list of all mba colleges in bangalore
college list in bangalore
bangalore colleges list
list of all colleges in bangalore
mba college list in bangalore
list of colleges in bangalore for mba
bangalore college list
list of best colleges in bangalore
colleges list in bangalore
bangalore schools list
bangalore mba college list
list of best schools in bangalore
list of schools and colleges in bangalore
list of b schools in bangalore
school list in bangalore
list of school in bangalore
list of top b schools in bangalore
bangalore school list
list of top schools in bangalore
management colleges in bangalore
top management colleges in bangalore
hotel management colleges in bangalore
best management colleges in bangalore
top management college in bangalore
administrative management college bangalore
best management college in bangalore
management college in bangalore
event management colleges in bangalore
bangalore management academy
event management courses in bangalore
management college bangalore
management institutes in bangalore
business management colleges in bangalore
project management courses in bangalore
management courses in bangalore
bangalore institute of management
management schools in bangalore
hospital management course in bangalore
bangalore management college
airport management course in bangalore
top management school in bangalore
mba colleges in bangalore ranking
mba college ranking
mba college rankings
mba rankings
mba colleges ranking
mba ranking
top mba rankings
mba rank
mba programs rankings
mba colleges rankings
ranking of mba colleges
top ranked mba program
top mba programs rankings
rankings mba
top mba program rankings
best mba colleges in world
best mba colleges
best mba college
best mba
best mba programs
mba best colleges
best colleges for mba
best online mba
best college for mba
mba best college
best institute for mba
best university for mba
best mba colleges in tamilnadu
best universities for mba
best mba courses
best mba colleges in gujarat
mba best
best college of mba
best mba rankings
best international mba
find the best mba
best mba institute
the best mba programs
which mba is best
the best mba
best colleges of mba
which college is best for mba
best institutes for mba
top 20 mba colleges in bangalore
list of top 20 mba colleges in bangalore
top 20 mba programs
top 20 mba colleges
top 20 mba
top 20 mba college
top 20 mba schools
top 20 mba colleges of india
top 20 colleges for mba
top mba programs
mba programs
mba program
executive mba programs
mba programs in bangalore
top mba schools
top mba school
top schools for mba
best mba schools
mba school
mba school rankings
mba schools
best schools for mba
best mba school
top 100 mba schools
mba top schools
top mba schools india
best school for mba
top b schools for mba
mba schools in bangalore
mba best schools
top schools mba
symbiosis bangalore
symbiosis mba
symbiosis distance learning
symbiosis university
mba from symbiosis
symbiosis pune mba
top 10 mba colleges
top 10 mba college
top 10 mba schools
top 10 colleges for mba
top 10 mba universities
top 10 colleges of mba
christ mba college bangalore
christ college bangalore mba
christ university mba
mba in christ college bangalore
mba in christ university bangalore
christ college bangalore mba fees
top mba universities
mba universe
top universities for mba
mba university
mba from delhi university
mba in bangalore university
bangalore university mba
mba bangalore university
srm university mba
mba universities
bangalore university mba colleges
mba universities in bangalore
mba university in bangalore
bharathidasan university mba
jain university mba bangalore
universities for mba
mba courses
mba course
courses in mba
online mba courses
types of mba courses
top mba courses
what are the courses in mba
courses of mba
courses for mba
online mba
mba online
online mba programs
online mba degree
online mba in bangalore
ignou bangalore
ignou mba
ignou courses
mba from ignou
ignou mca
mba correspondence colleges in bangalore
correspondence mba
mba correspondence
correspondence mba in bangalore
mba correspondence in bangalore
correspondence mba colleges in bangalore
mba in correspondence
mba correspondence course
schools in bangalore
bangalore schools
good schools in bangalore
bangalore school
school in bangalore
school bangalore
schools and colleges in bangalore
business school in bangalore
schools bangalore
bangalore business school
schools at bangalore
school and colleges in bangalore
the bangalore school
icfai
icfai university
icfai mba
icfai bangalore
icfai university bangalore
icfai distance education
top mba colleges in banglore
mba colleges in banglore
mba college in banglore
banglore mba colleges
mba in banglore
mba distance learning
distance learning mba
symbiosis distance learning mba
mba distance learning in bangalore
distance learning mba in bangalore
mca colleges in bangalore
mca college in bangalore
mca colleges
mca colleges in gujarat
mca colleges in karnataka
good mba colleges in bangalore
good colleges for mba in bangalore
mba colleges in bangalore with good placements
good mba colleges
good colleges in bangalore for mba
good mba programs
good colleges for mba
what is an mba good for
b tech colleges in bangalore
b schools in bangalore
b school in bangalore
bangalore b schools
b schools in bangalore for mba
b school bangalore
mba b schools in bangalore
top mba colleges of india
mba india
top mba college india
india top mba colleges
top mba college of india
online mba india
mba college india
top mba india
india top mba college
best mba college of india
best mba colleges of india
best mba college india
india mba
india best mba college
india best mba colleges
event management courses
business management courses
management courses
hotel management courses
retail management courses
supply chain management courses
online management courses
hospital management course
human resource management courses
tourism management courses
material management courses
school management courses
mba distance education
distance education mba
mba distance education in bangalore
mba education
mba in distance education
mba in hospital management
mba project management
mba management
mba in project management
mba hospital management
mba in management
management mba
acharya institute of technology bangalore
mba institutes in bangalore
institutes in bangalore
mba institute in bangalore
institute in bangalore
bangalore institute
mba admission