Education and Career Forum

Sir,
I am financially very weak and I want to
study B.Tech. I have applied for JEE Main.
If I get admission in NIT then any Bank can
provide me Education Loan?
Please give me relevant information as soon as possible.
Thank you!

Originally Posted by Unregistered

Sir,
I am financially very weak and I want to
study B.Tech. I have applied for JEE Main.
If I get admission in NIT then any Bank can
provide me Education Loan?
Please give me relevant information as soon as possible.
Thank you!

Writing JEE mains and looking for NIT admission is a very good option and being financial very weak you can apply for loan at any point of time after declaration of results and prior to admission in NIT.

Eligibility criteria for loan approval:

• You must be going for graduation or PG or any regular technical and professional degree conducted by colleges or universities approved by AICTE or UGC or IMC or any government body. Regular degree courses which are conducted by IITs or IIMs or NITs.
• Banks doesn't provide loan for vocational training and skill development study course. There is a separate scheme for loans for these types of courses. (Reference SBI loan)

Loan Coverage:

• Loan amount will include fees i.e. tuition fees payable to college, Examination fees, Laboratory fees, Books expense, uniform, computer, travel expense, passage money for study abroad. And also SBI provides loan for Two wheeler up to 50,000/-

Note:

• If you are opting for nationalized bank for your loan approval then there is no margin for the amount less than 4 lacs and 5% if the loan amount is more than 4 lacs. There is no margin if you go for private companies like Credila and Avanse.
• Loan amount for study in India is 10 lacs by SBI and 15 lacs by Punjab National Bank.

If you are going for loan amount more than 4 lacs and less than 7.5 then Parent or Guardian has to become Co - borrower and Collateral security should be given in the form of suitable third party guarantee.

Originally Posted by Unregistered

Sir,
I am financially very weak and I want to
study B.Tech. I have applied for JEE Main.
If I get admission in NIT then any Bank can
provide me Education Loan?
Please give me relevant information as soon as possible.
Thank you!

Yes, you are right that if you get admission in the NIT than of-course you can get Loan easily from the Bank. Also you must get minimum of 25 to get admission through GATE 2015, which is the qualifying Marks for the GATE. You must carry all the personal document along-with you. You must also carry College NOC as well as the affiliation Documents.