12th January 2014, 05:31 PM
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Details of education loan for MCA?

I need education loan for master degree actually I need it for the we need education loan for MCA. Please do furnish the details.

13th January 2014, 12:03 AM
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Join Date: Mar 2011
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Posts: 3,147
Default Re: Details of education loan for MCA?

Originally Posted by Unregistered View Post
I need education loan for master degree actually I need it for the we need education loan for MCA. Please do furnish the details.
Hey friend,

MCA stands for Master of Computer Application and this course is known as one of the Post Graduate courses and this course is of a duration of 3 years and this course consists of 6 semesters.It is that the candidate should have completed a UG degree to this course and it is also that the candidate should have written a Entrance exam for the state or for nation to join in MCA course.There are many entrance exams which are conduced in India and you need to satisfy the Eligibility criteria in order to be eligible.

To get a Education loan for this course there are many banks which you can prefer and the interest rates differ from bank-bank.First you need to check up with the bank which you prefer for getting the loan from.You need to talkk to the Branch manager regarding the loan.The Branch manager guides you throughout the process.

If you are going to do the course in India means the maximum amount given is 10 lacs and for Abroad means 30 lacs.The candidate should satisfy the age limits and if you are working means then your Minimum Net Monthly Income will be considered.A copy of passport /voters ID card/PAN Card of both the Student and Co-Borrower.Proof of income and 2 passport size photographs and Statement of bank account for the last six months of the guardian/parent.The mark sheets of the qualifying exam.And you also need to furnish the amount for the specified course.

For loans up to Rs.4.0 lacs there will be No Margin and for loans above Rs.4.0 lacs:Studies in India: 5%,Studies Abroad: 15%.

22nd January 2014, 02:49 PM
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Join Date: Dec 2013
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Default Re: Details of education loan for MCA?

Education loans mainly depend on the worthiness of the borrower. It is completely bank’s discretion to sanction the loan after assessing your credit worthiness. In a way, the bank also checks out the merit of the borrower. It is on the basis of the marks scored in the entrance examination, you will get the loan sanctioned. You are eligible for the education loan only on the basis of merit score. Spanning from graduate, postgraduate and doctoral level programs in India, students can get loans provided the courses are affiliated with AICTE. Certificate courses from recognized affiliated institutes and evening courses certified by government in India are eligible for the loan. If your course fee is between Rs 4 lakh to Rs 7.5 lakh, you need a guarantor who promises to pay the amount in case you fail to pay back the loan. You need documents like passport size photo, income proof/latest income tax return, last 6 months bank account statements during the sanctioning.
Do you have any question? or have anything to say?

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