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Education loan for c a student

Thanks for the information. you clearly explained all the information regarding the education loans and it really helped me. Thanks for sharing



 5 Replies

M. N. JHA

M. N. JHA (CA)     15 August 2012

Education loans from IDBI Bank aim at providing financial support to deserving / meritorious students for pursuing higher education in India and abroad. With an array of courses to choose from and easy repayment options, IDBI Bank makes sure you get complete financial backing.

Courses offered

An installment based loan for all approved courses as mentioned below: 

a. Studies in India:

  • Graduation courses: BA, B.Com., B.Sc., etc
  • Post Graduation courses: Masters & Phd
  • Professional courses: Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer etc
  • Computer certificate courses of reputed institutes accredited to Dept. of Electronics or institutes affiliated to university
  • Courses like ICWA, CA, CFA etc
  • Courses conducted by IIM, IIT, IISc, XLRI. NIFT etc
  • Courses offered in India by reputed foreign universities
  • Evening courses of approved institutes
  • Other courses leading to diploma / degree etc. conducted by colleges / universities approved by UGC / Govt. / AICTE/ AIBMS / ICMR etc
  • Courses offered by National Institutes and other reputed private institutions. Banks may have the system of appraising other institution courses depending on future prospects/ recognition by user institutions.

b. Studies abroad:

  • Graduation: For job oriented professional / technical courses offered by reputed universities. Post graduation: MCA, MBA, MS, etc. Courses conducted by CIMA- London, CPA in USA etc.

c. Special Courses

  • Regular Degree/Diploma courses like Aeronautical, pilot training, shipping etc., approved by Director General of Civil Aviation/Shipping. In case the course is pursued abroad, the competent local aviation/shipping authority should recognize the Institute.

Loan Amount
Maximum loan amount:


  • Study in India-10 lakhs
  • Study Abroad -20 lakhs

Loan Margin: 


  • Upto  4 lac - Nil
  • Above  4 lac -

- studies in India - 5% of the total course expenditure 
- studies abroad - 15% of the total course expenditure
-studies partly in India and partly Abroad : 5% of the total course expenditure 

Expenses Covered under Loan

  • Fee payable to college / school/ hostel
  • Examination / Library / Laboratory fee
  • Purchase of books / equipments / instruments / uniforms
  • Caution deposit / building fund / refundable deposit supported by Institution bills / receipts
  • Travel expenses / passage money for studies abroad
  • Purchase of computers - essential for completion of the course
  • Any other expense required to complete the course - like study tours, project work, thesis, etc.
  • Insurance premium for student borrower

Repayment terms

The repayment of loan to begin after the course period + 1 year or 6 months after getting a job, whichever is earlier.The maximum repayment tenor starting from the date of commencement of EMI are as under:

  • For loans up to  7.5 lakhs: up to10 years
  • For loans above  7.5 lakhs: up to15 years

Rate of Interest



Loan amount Rate of Interest (RoI)

Up to 4 lakhs

13.50%p.a.(Linked to BR)

Above 4 lakhs and up to 7.5 lakhs

13.25%p.a.(Linked to BR)

Above 7.5 lakhs up to 20 lakhs

12.50%p.a.(Linked to BR)


Base Rate(BR)=10.50%(w.e.f. April 20,2012) Base rate subject to change. 

Simple interest to be charged during repayment holiday/moratorium period.Accrued interest during the repayment holiday period to be added to the EMIs. 

Where the borrower has not opted for the repayment holiday or is willing to service the interest during the repayment holiday (for principal), the interest rate to be 1% lower than the applicable rate. This concession is restricted up to moratorium period only.

  • 50 basis points reduction for girl applicants
  • 50 basis points reduction for physically challenged applicants (subject to submission of certificate from a medical practitioner)
  • 25 basis points for students of SC/ST/Minority community
  • 25 basis points for girl applicants of SC/ST/Minority community
     

Collateral Security


Up to  4 lacs No security
Above  4 lacs and up to   7.5 lacs Collateral in the form of a third party guarantee
Above  7.5 lacs Collateral security in the form of Land/ building, (The minimum value shall be 1.33 times the amount of loan sought). 
 Govt. securities/ Public Sector Bonds/ Units of UTI, NSC, KVP, LIC policy, gold, shares/ debentures, bank deposit in the name of parent/ guardian or in the name of the co-applicant (The minimum value shall be 1.1 times of the amount of loan sought).


Wherever the land/ building is already mortgaged, the unencumbered portion can be taken as security on IInd charge basis provided it covers the required loan amount. In case the loan is given for purchase of a computer the same to be hypothecated to the Bank. 

For more information visit your nearest branch.

Conditions apply. Loans at the sole discretion of IDBI Bank Ltd.

 

Source: copy and paste from https://www.idbi.com/loan_Education_Loan.asp

M. N. JHA

M. N. JHA (CA)     15 August 2012

 


EDUCATION LOAN - PNB SARASWATI

  

The Scheme aims at providing financial assistance to deserving / meritorious students (Indian Nationals) for pursuing higher professional and technical education in India or abroad.

 

Studies in India

 1.     Approved courses leading to Graduate/ Post Graduate degree and PG Diplomas conducted by recognized colleges/ universities recognized by UGC/ Govt./ AICTE/ AIBMS/ ICMR etc.

 2.   Courses like ICWA, CA, CFA etc.

3.    Courses conducted by IIMs, IITs, IISc, XLRI. NIFT, NID etc.

4.    Regular Degree/Diploma courses like Aeronautical, pilot training, shipping etc., approved by Director General of Civil Aviation/Shipping, if the course is pursued in India.

5.    Approved courses offered in India by reputed foreign universities.

6.    For Nursing courses, students getting admission through Management Quota may also be considered. 

  

 Studies abroad

i)     Graduation: For job oriented professional/technical courses offered by reputed universities.

ii)    Post graduation: MCA, MBA, MS, etc.

iii)   Courses conducted by CIMA- London, CPA in USA etc.

iv)   Degree/Diploma courses* like aeronautical, pilot training, shipping etc. provided these are recognized by competent regulatory bodies in India/abroad for the purpose of employment in India/abroad.

 *Diploma Course and certificate courses shall not be covered under the eligible courses for study abroad except as mentioned above.

 

 

 

Eligibility:

 

Student eligibility

a)    Should be an Indian National.

b)    Should have secured admission to a higher education course in recognized institutions  in India or Abroad through Entrance Test/ Merit Based Selection process after completion of HSC(10 plus 2 or equivalent). OR Where the admission is purely based on marks scored in qualifying examinations, there is a cut off percentage of marks of 50% for SC/ST and 60% for General category.

Expenses considered for Loan

 

1.       Fee payable to College / School / Hostel

 

2.       Examination / Library / Laboratory fee.

 

3.       Purchase of books / equipments / instruments / uniforms.

 

4.       Caution Deposit / Building Fund / Refundable Deposit supported by Institution Bills / Receipts,

 

5.       Travel Expenses / Passage money for studies abroad.

 

6.       Purchase of computers at reasonable cost, if required for completion of the course.

 7.       Insurance premium for student borrower, if applicable

 

8.    Any other expense required to complete the course - like study tours, project work, thesis etc.

 

 

 

 

 

 

Quantum of Finance  

 

Need based finance, subject to employability and earning potential of the student with prescribed margin as per the following ceilings :-

 

 

For studies in India: Maximum Rs.10.00 lacs.

 

For studies abroad: Maximum Rs.20.00 lacs.

 

Margin

 

 

 

Upto Rs.4.00 lacs

Nil.

 

Above Rs.4.00 lacs

Studies in India

5%

Studies Abroad

15%

 

   

Security

 

 

Upto Rs.4.00 lacs:

Parent(s)/guardian be made joint borrower (s). No Security

Above Rs 4.00 lacs and Upto Rs 7.5 lacs:

Besides the parent(s)/guardian executing the documents as joint borrower(s), collateral security in the form of suitable third party guarantee will be taken

Above Rs 7.5 lacs:

Parent(s)/guardian be joint borrower(s).Tangible collateral security of suitable value acceptable to bank alongwith the assignment of future income of the student for payment of installments

 

 

 

The security can be in the form of land / building / Govt. Securities / Public Sector Bonds / Units of UTI, NSC, KVP, LIC Policy, Gold, Shares/ Mutual Funds/ Debentures, Bank Deposit in the name of the student parent / guardian or any other third party or any other tangible security acceptable to the bank with suitable Margin.

 

Rate of Interest

 

 

 Click Here to view rate of interest

Repayment

 

 

  Repayment of loan will be in equated monthly instalments (EMIs) for period as     under:

 

 For loans    upto Rs.7.50 lac                  - upto 10 years 

For loans    above Rs.7.50 lac               - upto 15 years

 

Repayment holiday/Moratorium:

 

       Course period + 1 year or 6 months after getting   job, whichever is earlier.

       Note : No prepayment penalty is levied for prepayment of loan.

Upfront Fee  

     For Study in India - Nil

     For Study abroad - 1% with a minimum of Rs. 10,000/-(refundable on availment of the loan amount)

 

Documentation Charges

 

 

 

Upto Rs. 4 lacs

Rs.270/- + Service Tax & Education Cess

 

Above Rs.4 lacs

Rs.450/- + Service Tax & Education Cess

 

Additional Benefits provided to the students by PNB

  • Simple interest is charged during the Study period + Moratorium period. 
  • A rebate of 0.50% in rate of interest permitted to women beneficiaries for loans up to Rs. 10 lac for studies in India and Rs 20 lac for studies abroad for existing as well as new girl student borrowers wef. 08.03.2009. 
  • 1% interest concession may be provided for loanees if the interest is serviced during the study period/moratorium period.
  • The loan be disbursed in stages as per the requirement/ demand directly to the Institutions/ Vendors of equipments/ instruments to the extent possible.
  • Second time Education Loan can be sanctioned to the same student borrower for completion of next higher course.

 

 

 

Check List

 

         

 

 While applying for the loan, the borrower is required to furnish the following information/papers:

 

o    Loan application on Bank's format.

 

o    Passport size photograph

 

o    Proof of Address.

 

o    Proof of Age.

 

o    Proof of having cleared last qualifying examination.

 

o    Letter of admission in professional, technical or vocational courses.

 

o    Prospectus of the course wherein charges like Admission Fee, Examination Fee, Hostel Charges etc. are mentioned.

 

o    Details of Assets & Liabilities of parents/co-obligants/guarantors.

 

o    In case loan is to be collaterally secured by mortgage of IP, Copy of Title Deed, Valuation Certificate and Non Encumbrance Certificate from approved Lawyer of the Bank to be obtained at the cost of the borrower.

 

o    Photocopy of Passport & Visa, in case of study abroad.

 

Any other document/information, depending upon the case and purpose of the loan.

 

*

(The above CHECKLIST is only illustrative, not exhaustive. For details, please contact our nearest Branch Office).

 Circle-wise list of Tie-up with Educational Institutes for sanction of educational loan by respective circles is available under Retail Tie-up 

 

State and subject wise educational institutes under tie ups

Click here for applying for education loan online


EDUCATION LOAN - PNB SARASWATI

  

The Scheme aims at providing financial assistance to deserving / meritorious students (Indian Nationals) for pursuing higher professional and technical education in India or abroad.

 

Studies in India

 1.     Approved courses leading to Graduate/ Post Graduate degree and PG Diplomas conducted by recognized colleges/ universities recognized by UGC/ Govt./ AICTE/ AIBMS/ ICMR etc.

 2.   Courses like ICWA, CA, CFA etc.

3.    Courses conducted by IIMs, IITs, IISc, XLRI. NIFT, NID etc.

4.    Regular Degree/Diploma courses like Aeronautical, pilot training, shipping etc., approved by Director General of Civil Aviation/Shipping, if the course is pursued in India.

5.    Approved courses offered in India by reputed foreign universities.

6.    For Nursing courses, students getting admission through Management Quota may also be considered. 

  

 Studies abroad

i)     Graduation: For job oriented professional/technical courses offered by reputed universities.

ii)    Post graduation: MCA, MBA, MS, etc.

iii)   Courses conducted by CIMA- London, CPA in USA etc.

iv)   Degree/Diploma courses* like aeronautical, pilot training, shipping etc. provided these are recognized by competent regulatory bodies in India/abroad for the purpose of employment in India/abroad.

 *Diploma Course and certificate courses shall not be covered under the eligible courses for study abroad except as mentioned above.

 

 

 

Eligibility:

 

Student eligibility

a)    Should be an Indian National.

b)    Should have secured admission to a higher education course in recognized institutions  in India or Abroad through Entrance Test/ Merit Based Selection process after completion of HSC(10 plus 2 or equivalent). OR Where the admission is purely based on marks scored in qualifying examinations, there is a cut off percentage of marks of 50% for SC/ST and 60% for General category.

Expenses considered for Loan

 

1.       Fee payable to College / School / Hostel

 

2.       Examination / Library / Laboratory fee.

 

3.       Purchase of books / equipments / instruments / uniforms.

 

4.       Caution Deposit / Building Fund / Refundable Deposit supported by Institution Bills / Receipts,

 

5.       Travel Expenses / Passage money for studies abroad.

 

6.       Purchase of computers at reasonable cost, if required for completion of the course.

 7.       Insurance premium for student borrower, if applicable

 

8.    Any other expense required to complete the course - like study tours, project work, thesis etc.

 

 

 

 

 

 

Quantum of Finance  

 

Need based finance, subject to employability and earning potential of the student with prescribed margin as per the following ceilings :-

 

 

For studies in India: Maximum Rs.10.00 lacs.

 

For studies abroad: Maximum Rs.20.00 lacs.

 

Margin

 

 

 

Upto Rs.4.00 lacs

Nil.

 

Above Rs.4.00 lacs

Studies in India

5%

Studies Abroad

15%

 

   

Security

 

 

Upto Rs.4.00 lacs:

Parent(s)/guardian be made joint borrower (s). No Security

Above Rs 4.00 lacs and Upto Rs 7.5 lacs:

Besides the parent(s)/guardian executing the documents as joint borrower(s), collateral security in the form of suitable third party guarantee will be taken

Above Rs 7.5 lacs:

Parent(s)/guardian be joint borrower(s).Tangible collateral security of suitable value acceptable to bank alongwith the assignment of future income of the student for payment of installments

 

 

 

The security can be in the form of land / building / Govt. Securities / Public Sector Bonds / Units of UTI, NSC, KVP, LIC Policy, Gold, Shares/ Mutual Funds/ Debentures, Bank Deposit in the name of the student parent / guardian or any other third party or any other tangible security acceptable to the bank with suitable Margin.

 

Rate of Interest

 

 

 Click Here to view rate of interest

Repayment

 

 

  Repayment of loan will be in equated monthly instalments (EMIs) for period as     under:

 

 For loans    upto Rs.7.50 lac                  - upto 10 years 

For loans    above Rs.7.50 lac               - upto 15 years

 

Repayment holiday/Moratorium:

 

       Course period + 1 year or 6 months after getting   job, whichever is earlier.

       Note : No prepayment penalty is levied for prepayment of loan.

Upfront Fee  

     For Study in India - Nil

     For Study abroad - 1% with a minimum of Rs. 10,000/-(refundable on availment of the loan amount)

 

Documentation Charges

 

 

 

Upto Rs. 4 lacs

Rs.270/- + Service Tax & Education Cess

 

Above Rs.4 lacs

Rs.450/- + Service Tax & Education Cess

 

Additional Benefits provided to the students by PNB

  • Simple interest is charged during the Study period + Moratorium period. 
  • A rebate of 0.50% in rate of interest permitted to women beneficiaries for loans up to Rs. 10 lac for studies in India and Rs 20 lac for studies abroad for existing as well as new girl student borrowers wef. 08.03.2009. 
  • 1% interest concession may be provided for loanees if the interest is serviced during the study period/moratorium period.
  • The loan be disbursed in stages as per the requirement/ demand directly to the Institutions/ Vendors of equipments/ instruments to the extent possible.
  • Second time Education Loan can be sanctioned to the same student borrower for completion of next higher course.

 

 

 

Check List

 

         

 

 While applying for the loan, the borrower is required to furnish the following information/papers:

 

o    Loan application on Bank's format.

 

o    Passport size photograph

 

o    Proof of Address.

 

o    Proof of Age.

 

o    Proof of having cleared last qualifying examination.

 

o    Letter of admission in professional, technical or vocational courses.

 

o    Prospectus of the course wherein charges like Admission Fee, Examination Fee, Hostel Charges etc. are mentioned.

 

o    Details of Assets & Liabilities of parents/co-obligants/guarantors.

 

o    In case loan is to be collaterally secured by mortgage of IP, Copy of Title Deed, Valuation Certificate and Non Encumbrance Certificate from approved Lawyer of the Bank to be obtained at the cost of the borrower.

 

o    Photocopy of Passport & Visa, in case of study abroad.

 

Any other document/information, depending upon the case and purpose of the loan.

 

*

(The above CHECKLIST is only illustrative, not exhaustive. For details, please contact our nearest Branch Office).

 Circle-wise list of Tie-up with Educational Institutes for sanction of educational loan by respective circles is available under Retail Tie-up 

 

State and subject wise educational institutes under tie ups

Click here for applying for education loan online


EDUCATION LOAN - PNB SARASWATI

  

The Scheme aims at providing financial assistance to deserving / meritorious students (Indian Nationals) for pursuing higher professional and technical education in India or abroad.

 

Studies in India

 1.     Approved courses leading to Graduate/ Post Graduate degree and PG Diplomas conducted by recognized colleges/ universities recognized by UGC/ Govt./ AICTE/ AIBMS/ ICMR etc.

 2.   Courses like ICWA, CA, CFA etc.

3.    Courses conducted by IIMs, IITs, IISc, XLRI. NIFT, NID etc.

4.    Regular Degree/Diploma courses like Aeronautical, pilot training, shipping etc., approved by Director General of Civil Aviation/Shipping, if the course is pursued in India.

5.    Approved courses offered in India by reputed foreign universities.

6.    For Nursing courses, students getting admission through Management Quota may also be considered. 

  

 Studies abroad

i)     Graduation: For job oriented professional/technical courses offered by reputed universities.

ii)    Post graduation: MCA, MBA, MS, etc.

iii)   Courses conducted by CIMA- London, CPA in USA etc.

iv)   Degree/Diploma courses* like aeronautical, pilot training, shipping etc. provided these are recognized by competent regulatory bodies in India/abroad for the purpose of employment in India/abroad.

 *Diploma Course and certificate courses shall not be covered under the eligible courses for study abroad except as mentioned above.

 

 

 

Eligibility:

 

Student eligibility

a)    Should be an Indian National.

b)    Should have secured admission to a higher education course in recognized institutions  in India or Abroad through Entrance Test/ Merit Based Selection process after completion of HSC(10 plus 2 or equivalent). OR Where the admission is purely based on marks scored in qualifying examinations, there is a cut off percentage of marks of 50% for SC/ST and 60% for General category.

Expenses considered for Loan

 

1.       Fee payable to College / School / Hostel

 

2.       Examination / Library / Laboratory fee.

 

3.       Purchase of books / equipments / instruments / uniforms.

 

4.       Caution Deposit / Building Fund / Refundable Deposit supported by Institution Bills / Receipts,

 

5.       Travel Expenses / Passage money for studies abroad.

 

6.       Purchase of computers at reasonable cost, if required for completion of the course.

 7.       Insurance premium for student borrower, if applicable

 

8.    Any other expense required to complete the course - like study tours, project work, thesis etc.

 

 

 

 

 

 

Quantum of Finance  

 

Need based finance, subject to employability and earning potential of the student with prescribed margin as per the following ceilings :-

 

 

For studies in India: Maximum Rs.10.00 lacs.

 

For studies abroad: Maximum Rs.20.00 lacs.

 

Margin

 

 

 

Upto Rs.4.00 lacs

Nil.

 

Above Rs.4.00 lacs

Studies in India

5%

Studies Abroad

15%

 

   

Security

 

 

Upto Rs.4.00 lacs:

Parent(s)/guardian be made joint borrower (s). No Security

Above Rs 4.00 lacs and Upto Rs 7.5 lacs:

Besides the parent(s)/guardian executing the documents as joint borrower(s), collateral security in the form of suitable third party guarantee will be taken

Above Rs 7.5 lacs:

Parent(s)/guardian be joint borrower(s).Tangible collateral security of suitable value acceptable to bank alongwith the assignment of future income of the student for payment of installments

 

 

 

The security can be in the form of land / building / Govt. Securities / Public Sector Bonds / Units of UTI, NSC, KVP, LIC Policy, Gold, Shares/ Mutual Funds/ Debentures, Bank Deposit in the name of the student parent / guardian or any other third party or any other tangible security acceptable to the bank with suitable Margin.

 

Rate of Interest

 

 

 Click Here to view rate of interest

Repayment

 

 

  Repayment of loan will be in equated monthly instalments (EMIs) for period as     under:

 

 For loans    upto Rs.7.50 lac                  - upto 10 years 

For loans    above Rs.7.50 lac               - upto 15 years

 

Repayment holiday/Moratorium:

 

       Course period + 1 year or 6 months after getting   job, whichever is earlier.

       Note : No prepayment penalty is levied for prepayment of loan.

Upfront Fee  

     For Study in India - Nil

     For Study abroad - 1% with a minimum of Rs. 10,000/-(refundable on availment of the loan amount)

 

Documentation Charges

 

 

 

Upto Rs. 4 lacs

Rs.270/- + Service Tax & Education Cess

 

Above Rs.4 lacs

Rs.450/- + Service Tax & Education Cess

 

Additional Benefits provided to the students by PNB

  • Simple interest is charged during the Study period + Moratorium period. 
  • A rebate of 0.50% in rate of interest permitted to women beneficiaries for loans up to Rs. 10 lac for studies in India and Rs 20 lac for studies abroad for existing as well as new girl student borrowers wef. 08.03.2009. 
  • 1% interest concession may be provided for loanees if the interest is serviced during the study period/moratorium period.
  • The loan be disbursed in stages as per the requirement/ demand directly to the Institutions/ Vendors of equipments/ instruments to the extent possible.
  • Second time Education Loan can be sanctioned to the same student borrower for completion of next higher course.

 

 

 

Check List

 

         

 

 While applying for the loan, the borrower is required to furnish the following information/papers:

 

o    Loan application on Bank's format.

 

o    Passport size photograph

 

o    Proof of Address.

 

o    Proof of Age.

 

o    Proof of having cleared last qualifying examination.

 

o    Letter of admission in professional, technical or vocational courses.

 

o    Prospectus of the course wherein charges like Admission Fee, Examination Fee, Hostel Charges etc. are mentioned.

 

o    Details of Assets & Liabilities of parents/co-obligants/guarantors.

 

o    In case loan is to be collaterally secured by mortgage of IP, Copy of Title Deed, Valuation Certificate and Non Encumbrance Certificate from approved Lawyer of the Bank to be obtained at the cost of the borrower.

 

o    Photocopy of Passport & Visa, in case of study abroad.

 

Any other document/information, depending upon the case and purpose of the loan.

 

*

(The above CHECKLIST is only illustrative, not exhaustive. For details, please contact our nearest Branch Office).

 Circle-wise list of Tie-up with Educational Institutes for sanction of educational loan by respective circles is available under Retail Tie-up 

 

State and subject wise educational institutes under tie ups

Click here for applying for education loan online

 

Source: copy and paste from https://www.pnbindia.in/En/ui/EducationLoanScheme.aspx

M. N. JHA

M. N. JHA (CA)     15 August 2012

/experts/education-loan-for-ca-students-112886.asp#.UCvMEakgcl8
archana bakshi

archana bakshi (Student)     11 October 2012

thanks sr..sr i had also read somewhr recently that the educationj loan is nw interest free.Is it so?

Katipelly Maheshreddy

Katipelly Maheshreddy   11 January 2016

if u know the details regarding interest free loans or low rated loans, plz inform me to katipellymaheshreddy @ gmail.com

bcz i need the same what you are thinking

thanks


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