I have posted this earlier also and now again. The rate of interest for education loan for BIM is comparatively lower in United Bank of India, as BIM comes under their excel education loan scheme.
upto 4lacs ROI is 8.5%
above 4lacs ROI is 9%
And this interest subsidy thing i dont know have to enquire from the bank.
Hi Bala,
1. You need to ask the banks in your area for the interest rate offered. Some banks may give concession on interest rate for BIM. I have heard about Canara Bank, Union Bank etc offering low interest rate.
2. It is highly recommended to complete your loan formalities before joining the course on 5th July. You won't have sufficient time after joining to go back to your hometown and finsih any pending work.
3. The total fees is what is written on your letter and you can get loan for full amount apart from that you can take loan for laptop also. I took loan for mess fees also. Most of the banks will not refund the first installment (50,000/5,000) that you have already paid. You can confirm this from banks. Also in most of the banks 5% is the margin, i.e. at max only 95% of total amount will be sanctioned.
4. Migration Certificate issued by university is required. Although if you can't get them now you will be allowed to get them later most probably.
If you have any other doubt let us know...
Vikas
BIM26
Transfer Certificate/Character certificate is not required, as per my knowledge. I don't remember submitting these certificates.
Seniors,
Now that we have received the final admission letter from BIM ,it would be kind of you to clarify some of the queries:
1.Which are the banks that provide education loans to BIM students, with interest holidays (No need of paying the interest during the duration of study)?Which bank do most of the seniors prefer (for the number of advantages it might have compared to other banks ,the number of benefits it might offer specially to students of BIM recognizing the school as a premier institute ,etc.)?
2.Is it better to come to the campus and start the education loan formalities after consulting with the bank officials who are coming to the campus on the date of registration or would it be better for us (those who are staying outside Trichy) to have the formalities completed in our city branches of the bank before coming over there?What are the advantages and disadvantages?(like Bank officials coming to BIM campus might give a loan with a lesser interest or a more flexible return scheme something like that?)
3.What is the actual total fees?It has been mentioned in the website that
TOTAL FEES :2,77,360 + 2,70,410 = Rs.5,47,770*
* - Electricity charges and mess fees are not included in this.(Anything else here that is not included?)
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Of this total amount,how much will be covered in the education loan?
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4.Are the following documents applicable for people with work-ex?
a)Transfer certificate/Migration certificate from college
b)Conduct certificate from college.
Its been almost 4 years. I have to ransack my closet to see if I have these
Is there any equivalent document to be submitted from the employer also?
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Thanks a ton for your time!
Regards,
K.Balakumaran
BIM-27
friends,
i posted the loan related thing below (PS:it's sreeni's post)
http://www.pagalguy.com/discussions/interest-free-education-loans-governments-new-approval-25054965
friends,
any movement in OC??
i am waitlisted 8(OC)
hey guy i have not received the final the letter ... i am a bit worried ... is there anyone how has also not received the same
joy.malakar Sayshey guy i have not received the final the letter ... i am a bit worried ... is there anyone how has also not received the same
call the admission office on monday and enquire about that
gvijayakumarg Sayscall the admission office on monday and enquire about that
hey vj..i hav cum to know from prev posts that somebody from ur category has cancelled his admission n u r in!!
congrats man!!! 😃
hey vj..i hav cum to know from prev posts that someone in ur category has cancelled his admission n u r in!!
congrats man!!! :)
thank you so much man..... waiting for official confirmation... cannot celebrate whole heartedly u c 😃
looking at the curent scenario it seems that the waiting list movement will be possible only at last stage wat do u ppl think
most colleges close admns by 17th to 20th( i guess).. so we might see some mvmt by then
Hi Folks,
I believe its high time that I share this info with you. Abt the Educational loan , I did a lot of research adn identified that students can avail loan with complete interest subsidy (Provided their family income is less than 4.5 lakhs - Its not community or caste specific). The Central goverment has directed the banks to take necessary steps to implement the scheme with imeediate effect. The scheme is termed "Central scheme for complete interest subsidy for economically weaker students". But we have a problem, the Goverment has made this public only on 25th May.
PIB Press Release. So its hardly 15 days. So we must take immediate steps so as to avail this.
Does BIM come under this offer ?
Yes , I believe it does. It falls under " other Institutions recognized by the concerned Statutory Bodies " . Because BIM is recognized by Bharathidasan University which is inturn a branch of "TAMIL NADU GOVERMENT HIGHER EDUCATION COUNCIL"
Please check the follwing llinks...
::: Professional Councils-Inside H E - University Grants Commission :::
Faculties, Academic Schools & Departments | Bharathidasan University, Tiruchirappalli, India.
I am trying my level best to get the information. Because its hight time that we share the information we have. So I kindly request you folks to go through the links and post info on so as to how we avail the loan.
If you r parents or relatives or friends whomsoever it may be, please try to contact them and get the information. More importantly please share it in this thread only, so that all of us get benifited. If it not helps me, let it be helpful for others :)
Cheers
Sreeni
BIM 27 Batch
2010 - 2012
Hi Friends,
When I approached SBI with regards to this, they informed me that their Head Office has not given any directions so as to implement the loan. But the good fact is, since the press release says that interest waiver is applicable from 2009-2010, once the scheme is implemented we all will be benifited by the scheme. So now we shall take up the loan and submit the essential; documents once the Schame gets implemeneted in the respective banks.
Cheers
Sreeni
BIM 27 Batch
2010 - 2012
And as said by apru,many coll are starting their classes from today and hopefully that will make an impact in BIM WL and more waitlisted ppl get through......
For your Benifit-- The use of Scheme
As f now there are only two options available for loans. If we are going to approach any of the Scheduled banks with regards to Educational Loan,
1. You can take up the loan and pay the interest during the course of study.
2. You take up the loan, dont pay the interest during the course of study . But the interest amount that we are supposed to pay during study period (2 Years incase of MBA) will be added to the Principle amount (Say 5Lak + 90,000 (Interest for two years)). SO when we start repaying the amount (Principle is around 6 Lakhs).
So from the above scheme the govenrment will pay the interest for moratorium period. When we start repaying , our priciple will only bethe amount that we borrowed from the bank.
Regards
Sreeni
BIM 27 Batch
2010 - 2012
As f now there are only two options available for loans. If we are going to approach any of the Scheduled banks with regards to Educational Loan,
1. You can take up the loan and pay the interest during the course of study.
2. You take up the loan, dont pay the interest during the course of study . But the interest amount that we are supposed to pay during study period (2 Years incase of MBA) will be added to the Principle amount (Say 5Lak + 90,000 (Interest for two years)). SO when we start repaying the amount (Principle is around 6 Lakhs).
So from the above scheme the govenrment will pay the interest for moratorium period. When we start repaying , our priciple will only bethe amount that we borrowed from the bank.
Regards
Sreeni
BIM 27 Batch
2010 - 2012
hi ,
my waiting list no. is 19 in general category as of today .
Seniors can u plz tell me , is there any chance for conversion
looking for ur reply soon
gvijayakumarg Saysthank you so much man..... waiting for official confirmation... cannot celebrate whole heartedly u c :)
hi bro
i have sent u a pm..pls do reply
duraibalajikk Sayshey in BC if second Wailist ppl confirms will they close the admission for BC coz definitely all these people will join.....What is the possibilities of Waiting list moving ?
hi bro,
i have sent u pm. pls do reply
hi ,
my waiting list no. is 19 in general category as of today .
Seniors can u plz tell me , is there any chance for conversion
looking for ur reply soon
it's not impossible..... but it's hard my frnd.
called admissions office today..they told me that there's no movement in OC waiting list since 9th june :-(:-(
raviteja235 Sayscalled admissions office today..they told me that there's no movement in OC waiting list since 9th june :-(:-(
i heard 2 ppl in oc have converted iim call and will be opting out. may be they wouldn't have sent cancellation letter to bim.... dont lose hope man...
we have to call on 18th and check the movement of next waitlist........we can expect at least 5 seats movement by that time.... then later by month end we'll get another one.