Bank Loan Plan MBA Students


Bank Floan Plan Details for the Student willing to take Admissions in IIM MBA:


Change in the Government system and to educate the students who are really aspirants of talents and want to go for higher studies of MBA, Government has launched several loan schemes for the Education purposes. The Reserve Bank of India has launched several educational loan plans to facilitate financial help to the students who are willing to take admission in private professional colleges to pursue the full time graduate or post-graduate courses. This Government plan came into existence from August 1, 1999. As all public sector banks are controlled and regulated directed by RBI they are sanctioning the loans to the students who fall into certain eligibility criteria. Students are required to submit certificate every year from the autorities of universities regarding the fees which are payable by them. Loan is then passed and issued to the respective concerned college and universities. Loan granted in each academic year may be treated as a separate loan account for determining rate of interest, security, etc.

All this facilities are made available to the student for the entire duration of the course. The student will not be required to submit a fresh application for loan every year but will only submit to the bank proof of his continuing to fulfill the eligibility criteria. According to the norms prescribed by various banks, all courses having employment prospects are eligible for an education loan. Graduation courses, post-graduation courses, professional courses, other courses approved by UGC/Government/AICTE are considered for loans. So if the B School you are planning to take admission is one of the top ones you can very well go for education loans.

Bank And Their Policies

Befor applying for any loan students must be aware of the policies regulated by the Banks.

Allahabad Bank

Need based finance subject to repaying capacity of the parents / students with following ceilings:
Studies in India: Maximum Rs 10.00 lakhs
Studies abroad: Maximum Rs. 20.00 lakhs.

Rate of Interest
For IIT/ IIM/ ISB (loan up to 10.00 Lakhs): PLR-1.75 per cent
For Other: Loan up to 4.00 Lakhs: PLR-0.75 per cent; for loan above Rs.4.00 Lac: PLR-1.00 per cent

Bank Of India

Need based finance subject to repaying capacity of the parents/students with margin and the following ceilings:
Studies in India - Maximum Rs.10.00 lakh.
Studies abroad - Maximum Rs.20.00 lakh.

Rate of interest
Up to Rs.4.00 lakhs – 2.50 per cent below BPLR. Minimum 9.50 per cent p.a.
Above Rs.4.00 lakhs up to Rs.7.50 lakhs – 2.00 per cent below BPLR, Min. 10.00 per cent p.a.
Above Rs.7.50 lakhs - 1.25 per cent below BPLR, Min. 10.75 per cent p.a.

Corporation Bank

Need based finance subject to repaying capacity of the parents/students with margin and the following ceilings:
Studies in India - Maximum up to Rs.10 lakhs
Studies in Abroad - Maximum up to Rs.20 lakhs

Rate of interest
Upton Rs.4.00 Lakh
Applicable or fresh loans sanctioned/initially disbursed on or after 14.08.2009 1.00 per cent
Above Rs. 4 Lakh and Upton Rs.7.50 Lakh
Applicable for fresh loans sanctioned/initially disbursed on or after 14.08.2009 12.00 per cent
Above Rs.7.50 Lakh
New Loans disbursed on or after 14.08.2009 11.50 per cent

HDFC BANK LIMITED

Student Loans Upton Rs. 15 Lakhs for education In India
Unsecured Lending Upton INR 7.5 Lakhs
Loan available up to tenure of 7 years including moratorium period
Repayment to start 1 year after course completion / 6 months after obtaining employment (whichever is earlier)

UNION BANK OF INDIA

Special Education Loan Scheme
The following institutes are covered under the ‘Special Education Loan Scheme’:
IIM Ahmedabad, Bangalore, Calcutta, Indore, Kozhikode, Lucknow, MDI Gurgaon, SPJIMR Mumbai, XLRI Jamshedpur
Highlights
Interest rate of 10.50 per cent fixed; 0.50 per cent concession for women
Loan amount up to Rs. 15 Lakhs
Expenses considered for loan: Tuition fees and cost of books, Hostel and mess charges, Laptop, Living expenses, Student exchange program

VIJAYA BANK

Schemes of loans
Studies in India … Rs. 10.00 lakh
Studies abroad … Rs. 20.00 lakh

Rate of interest
BPLR-1.25 = 11.00 per cent
BPLR-1.75 +10.50 per cent

Disclaimer: The details mentioned above are subject to changes by the regulations of respective banks.Please visit and confirm manually from the Bank.

 


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