17th January 2014, 10:50 PM
Posts: n/a

Interest free loan having 1428 rank in PGECET?

sir i got 1485 rank in pgecet can i get loan without interest for 2 years plzzz help me sir with this matter sir there's no one to help me out.

19th January 2014, 05:35 PM
Senior Member+++++
Join Date: Dec 2013
Location: India
Posts: 8,583
Default Re: Interest free loan having 1428 rank in PGECET?

I am extremely sorry to say that there is no bank in this world who will give loan without charging any interest. It is good to see that you have secured a very good rank in PGECET which will help you in pursuing post graduation in engineering in Andhra Pradesh but you cannot get a loan with interest exemption even if you had secured rank among the top 100 in PGECET.

However, you can get education loan in which interest will be charged as simple interest rather than compound interest. This will lower your interest amount considerably. However after your study period, the interest will be charged as compound interest rather than simple interest.

In case you need a loan of less than 50,000 and that too without any interest, then there is a way out. An organization called Sahu Jain Trust of India gives loan amount ranging till 50,000 without charging any interest. For details you can refer to the below link.
20th January 2014, 02:40 PM
Senior Member++++
Join Date: Dec 2013
Posts: 2,098
Default Re: Interest free loan having 1428 rank in PGECET?

Banks function in a similar manner and getting zero per cent interest loan will be difficult. Education loan is granted by various banks for pursuing professional courses like MBA, MBBS, MD, Engineering etc. Bank interest varies between 12 to 13 per cent annually. Incase of India, you can get a loan of Rs 10 lakh approximately while for abroad studies, Rs 20 lakh can be granted. Some banks can provide loans amounting Rs 1 crore against residential property like land.
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