Education and Career Forum

now am studying b.e computer science, i have a many doubt abott educatiom loan. for me the college fees is rs. 65,000 (65000*4year=260000) per year, but fees for counsling students is rs. 32500(32500*4=130000). i approched to bank (tmb) the maneger told, we wont give the amount of rs.260000, as per order what the amount alloted for counsling students (130000) that only can alowed. what is the true? then in tmb should i provide any securities for that amount? and when the liable to repay the amount comes to that student. what is the procedure for get the loan? if any loan is unpaid by my parent could the bank reject the education loan? please help me.......

There is no need to worry as long as this discussion forum is here and we are here to help you with all your doubts. You will get solution of all your doubts here related to career and studies. Coming to your query, there is no bar as such on the total loan amount with respect to tution fees. The total loan amount depends on the total college fees and the amount of conditions you can satisfy like for loan above 4.5 lakhs and below 7.5 lakhs, it requires a third party guarantee as well as 15% of total loan amount as security deposit and above 7.5 lakhs you need to keep some property as mortgage. For SBI, you need to keep mortgage once you take loan more tha 4.5 lakhs.

As per your query,there is some misunderstanding or misconception between the bank you have approached and you. You should approach the bank once again and make a clear discussion with the manager. If the manager tells the same thing, it is better to approach other banks. Since the total course fees is 390000, so you can take a loan of 390000 which will require very less norms to be fulfilled since the loan amount is well below 4.5 lakhs. Since it is less than 4.5 lakhs so no security deposit is required. You just need to approach a bank, have a discussion with branch manager and he/she will guide you to get your loan sanctioned. You need not worry as most of the time the bank does not reject an education loan if the student's parent has already taken any loan,moreover it is a loan less than 4.5 lakhs. So you can get it easily.

You can pay the interest every month which will give a rebate of 1% in the interest rate once you complete your course. Till six months after completion of your course or your job whichever is earlier, the bank will wait and credit the interest as simple interest. After that the bank will ask to repay the loan and the interest will also be accounted as compound interest.

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. Education loans mainly depend on the worthiness of the borrower.

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. Education loans mainly depend on the worthiness of the borrower.