The times are changing, and changing fast. The few years have witnessed a high increase in students aspiring for MBA and professional courses. The number of colleges offering these courses is also on the rise. With fees of these courses skyrocketing, students are queuing for educational loans from banks. Gone are the days when one had to run from pillar to post to borrow money to study. Now a variety of Instruments are available for pursuing higher studies.

Almost all nationalized banks offer educational loans to students for studies in India and abroad. Besides some private trusts are running study loan scheme, the terms and conditions of which vary from organization to organization. To garner students to avail educational loan nationalized and private banks have even started putting their posters in college campus and promote their schemes. This trend is catching on and one will see lot of students going in for educational loan once the awareness level increases.

* Tuition and other fees
* Maintenance costs, books & equipments,etc.
* Cost of passage (for studies abroad)
* Caution fund/building fund/refundable deposit

Eligibility:

* Should be an India National
* Secured admission to professional/ technical courses through Entrance Test/ Selection process
* Secured admission to foreign university/ Institution

Loan Amount:

Need based finance subject to the repaying capacity of the parents/ students with margin and the following ceilings.
* studies in India - Maximum Rs.7.50 lacs
* studies Abroad - Maximum Rs.15 lacs

Margin:
Upto Rs.4 lacs: No margin

Above Rs.4 lacs
* Studies in India: 5%
* Studies Abroad: 15%

Interest:
Lowest interest rates

Loan Amount                Interest Rate
Loans upto Rs.4 lacs     SBMTLR presently 12.00 %p.a.
Loans over Rs.4 lacs     1% above SBMTLR presently 13.00 % p.a

* While interest is not required to be paid during moratorium period, payment of the same before start of repayment would entitle you to concession in interest rate applied during the repayment holiday

Repayment of loan:
Repayment Holiday - Course period + 1 year or 6 months after getting job, whichever is earlier.

The loan to be repaid in 5-7 years after commencement of repayment

Prepayments permitted without any penalty

Purpose

IDBI has structured a loan facility for Professional / Management / Foreign University education.

Courses approved:

Indian Universities
For Professional Courses i.e. B.E., B.Tech., M.B.B.S. Post Graduate Courses i.e. M.E., M.Tech., M.S., M.D., M.B.A., M.C.A., etc. recognized by AICTEFor part time / on-line distance learning courses (subject to terms & conditions)

Foreign Universities
For Graduate/Post Graduate/Research/Doctorate studies that insist on TOEFL, GRE, GMAT scores.

Eligibility
Indian Universities
For Graduate courses : at least 75% in the +2 stage.
For Post Graduate Courses : first class graduates.

Foreign Universities
Proof of TOEFL, GMAT, GRE score card, and 1-20 admit card.

Age of the applicant should not be more than 30 years for Indian Universities and 35 for Foreign Universities. Age of the parent / Guarantors should be below 55 Years. The annual income of the family should not be less than Rs. 3 lakhs.

Amount of loan

For Indian Universities, actual tuition and other fees, but not exceeding Rs. 5 Lakh for the entire duration of the course.

For Foreign Universities, considering that in addition to fees, there are travel / preparatory expenses, the loan amount shall not exceed Rs. 15 Lakh, in all.

* Interest rates
* Long term Prime Lending Rate + 1% p.a. + taxes
* Processing Fees: Rs. 1000 at application, and Rs. 500 p.a. thereafter
* Cost of documentation / legal expenses at actuals

Period of loans

* Graduate Studies: Maximum moratorium period of 5 years including the actual duration of the course. After which the loan should be repaid within the next 3 years.
* Post Graduate Studies: Moratorium period of 2 years i.e. the course duration. Loan repayment within the next 3 years.
* No prepayment penalties levied
* In fact, there are incentives for prompt repayment. Like refund of the entire processing fee, if not a single installment is missed/delayed.

Purpose: HDFC gives loans to students to partly meet their educational expenses / costs for pursuing specific higher educational courses at institutes approved by HDFC. Loans are given to students who are citizens of India. The student should have a consistently good academic record, and admission to an approved Educational Institute for pursuing a recognized course.

Eligibility: Students enrolled with an approved Educational Institute and desirous of availing the education loan can make an application, with the earning parent / guardian being the co-applicant to the loan. Currently, new entrants and existing students of only select leading national educational institutions are eligible to apply for education loans. Please check with your nearest HDFC Office for the list of approved institutions.

Amount of loan: Loans can be availed upto a maximum of 90% of the total cost as determined by HDFC. The costs would generally cover expenses incurred towards the course fee, library charges, hostel and mess charges, cost of books and equipment. HDFC lends upto a maximum of Rs. 2,00,000 on an Education Loan.

The period of the loan is determined on the merits of each case but would not exceed 5 years. The repayment can be accelerated on completion of the course, considering the earning capacity of the student. HDFC’s main concern is to help individuals comfortably repay the borrowed amount.

Rate of Interest - 14% p.a.
Upto 2,00,000

Contact :
Delhi Tel: 6103146, 6185944
Bangalore Tel: 2274600, 2219473
Chennai Tel: 8553838
Hyderabad Tel: 3233875
Kolkata Tel: 2478256
Mumbai Tel: 2820282

Dena Vidya Laxmi Education Loan Scheme

Courses approved

a. Studies in India :

* School education including plus 2 stage.
* 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, IISc, IIT, XLRI NIFT etc.
* Courses offered in India by reputed foreign universities.
* Evening courses of approved institiutes.
* 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 institiutions.]

b. Studies abroad :

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

Eligibility: The student should be:

* An Indian National
* Have secured admission to professional/ technical courses through Entrance Test /Selection process.
* Secured admission to foreign university/Institutions.

Amount of loan: Need based finance subject to repaying capacity of the parents/students with margin and the following ceilings.

* Studies in India - Maximum Rs.7.50 lacs.
* Studies abroad - Maximum Rs.15 lacs.

Margin :

Inland (studies in India)
Upto Rs. 4 lacs : Nil
Above Rs. 4 lacs : Studies in India : 5%

Studies Abroad : 15%

- Scholarship/assistantship to be included in margin.
- Margin may be brought in on year-to-year basis as and when dibursements are made on a pro-rata basis.

Rate of Interest :
Upto Rs.4 lacs : PLR
Above Rs.4 lacs : PLR + 1%

Period of loan: Repayment holiday/ Moratorium : Course period + 1 year or 6 months after getting job, whichever is earlier.

The loan to be repaid in 5-7 years after commencement of repayment. If the student is not able to complete the course within the scheduled time, extension of time for

Completion of course may be permitted for a maximum period of 2 years. If the student is not able to complete the course for reasons beyond his control, Sanctioning Authority may, at his discretion, consider such extensions as may be deemed necessary to complete the course.

* The accrued interest during the repayment holiday period to be added to the principal and repayment in Equated Monthly Instalments(EMI) is fixed.

* 1% interest concession may be provided for loanees if interest is serviced during the study period when repayment holiday is specified for Interest/repayment under the scheme.

* PROCESSING CHARGES : No processing/upfront charges are charged by the bank on Educational loans.

Contact :
Delhi Tel: 5724837, 5730400
Bangalore Tel: 6345563
Chennai Tel: 4310542, 4330438
Hyderabad Tel: 5505081
Kolkata Tel: 2472278, 2473860
Mumbai Tel: 2181231, 2189155

Cent Vidyarthi Scheme

Purpose: Aims at bringing Education within the reach of students and help them improve their prospects in life.

Courses Approved

For pursuing Graduate/Post-Graduate, Management/Job-oriented courses, Professional Courses of recognised Universities / reputed Institutes, Computer courses conducted by NIIT, APTECH, CMC, C-DAC with duration of one year and more.

For pursuing Post-Graduate course in Science, Technology, Medicine, Engineering, Management courses, Law, Accountancy leading to Master’s degree or Post-Graduate Diploma in recognised University abroad.

Eligibility:

Should have consistent good academic record in previous examinations with marks over 60 % in 10th.& 12th or first grade in other cases.
(For SC/ST Second class will be sufficient).

Amount of Loan:      India         Upto Rs.7.50 lakh
Abroad     Upto Rs.15 lakh

Margin:         Up to Rs.4 lakh                 No Margin
Over Rs.4 lakh - In India     5%
Studies Abroad                  15%

( Relaxation of loans upto Rs.50,000/-for SC/ST )

Rate of interest:     Upto Rs.4 lakh       PLR
Above Rs.4 lakh     PLR + 1%

Offered for India at Undergraduate, Postgraduate for the duration of the course; not renewable. Subject: Unrestricted. (Only technical courses for which Reserve Bank of India clearance is available.
Eligibility:

Open to applicants who have 60% minimum marks in basic qualification and who have confirmed admission in a university in the UK. Interview is required. For bans up to and inclusive of Rs. 1,00,000, co-obligation from suitable person is required. For loans beyond Rs. 1,00,000, collateral security of property or other approved securities whose value is equal to the loan amount is required.

Value: 75% of the requirements of the course (maximum Rs. 10,00,000 for entire course), covering airfares, fees and maintenance.

Whom to contact: Further information and application form can be had from Canara Bank, Head Office, Priority Credit Section; Credit Wing, 112 J C Road, Bangalore 560002, or any other branch of Canara Bank.

Contact
Delhi Tel: 6286087
Bangalore Tel: ‘5589502
Chennai Tel: ‘8524790
Hyderabad Tel: 3225324,3220607
Kolkata Tel: ‘2474881
Mumbai 2185241

Eligibility: Good academic records and selection for the course

Maximum Amount for India : Rs 150000
Maximum Amount Overseas : Rs 300000

Documents to be submitted: Mark sheet, proof of admission, proof of cost of course
Time To Process: A Forthnight

Interest Rate

In India
Upto Rs 25000: 12.75%
From Rs 25000 to Rs 200000 : 14%
Above Rs 200000 : 16%.

For Overseas
Upto Rs 25000 : 12.75%
From Rs 25000 to Rs 200000 : 14%
Above Rs 200000 : 16%.

Tenures: Till completion of course

Repayment: 3 to 5 years or earlier.

Contact
Delhi Tel: 5712934, 5729817
Bangalore Tel: 2265436, 2260540
Chennai Tel: 5383416
Hyderabad Tel: 4705920, 4743684
Kolkata Tel: 2201892, 2207912
Mumbai Tel: 2870307

Eligibility: Should have secure admission for in School/College/Institute

Maximum Amount for India : Rs 200000
Maximum Amount Overseas : Rs 750000

Documents to be submitted: Pass Certificate of Previous School/University/Institute
Time To Process : A Fortnight

Interest Rate:

India: 13.75%
Overseas: 13.75%
Collateral and Third Party Guarantee required

Tenures: Maximum of 5 years

Contact :
Delhi Tel: 3321754
Bangalore Tel: 2264997
Chennai Tel: 4364410
Hyderabad Tel: 7843238
Kolkata Tel: 2203996, 2207122
Mumbai Tel: 2661295, 2652595

Purpose:
Pursuit of studies In India and abroad

Approved Courses:
Graduate and post-graduate courses in engineering, computertechnology, medicine etc.All vocational courses/job oriented diploma courses, recognised by govt and universities.Similar courses pursued in universities abroad. Full time post graduate research in any of the aforesaid subjects.

Eligibility:
Should be a citzen of India. For vocational training courses and job oriented course age of the individual should be between 15-28 years,and 18-30 in case of post graduate courses and/or studies abroad.The applicant should have a good academic record. For studies abroad, the candidate should have secured admission in a particular university after having appeared in the specific entrance examinations. The applicant should have secured a minimum of 50% marks in the major subject.In case of SC/STcandidates eligibility norms may be relaxed.

Amount of loan:
The loan could vary depending on the specific subject requirement.For studies abroad Rs15 lakhs.For studies in India Rs 7.5lakhs

Margin:
Upto Rs 4lakhs -nil
For Studies in India- 5%
For studies abroad-15%

Repayment:
Within 15 years from the first dateof disbursement, including moratorium period

Contact :
Delhi Tel: 3312654, 3311557
Bangalore Tel: 2212485, 2271130
Chennai Tel: 8270041, 8276143
Hyderabad Tel: 3315263, 3324487
Kolkata Tel: 2481973, 2485703
Mumbai Tel: 2023020