Re: [India_Vision_2020] Help to acquire Banking loan for education!

hello mr. shiva,

 yoganand here again.

 

i wish to clarify a couple of points before i go for explanation ...

 

i am a person with deep involvement & exposure for the subjects - banking, finance & insurance.

i do not agree for the theory of   'ok for B.sc/BA/B.Ed students'  or  'meritous students'.

there are few parents who are desparate to educate their children but reel under the set back of finance.   similarly, there are few parents who are well placed financially & the children go weak in studies.

it is indisputable truth that - for every parent, the child is a biggest living asset.

every person is endowed with specific & unique quality where as we fail to identify it at right time striking right chord.

it is the basic right of evry child to get best possible education - for that matter my dear sir,  edison was a drop out & with his invention, we light the bulb at our homes, shops & factories !

 

anyway,  coming to the subject -

again with my experience,  being one of the largest & dynamic public sector bank - punjab national bank is having one of the finest scheme to assist the need.

 

salient features of the scheme is -

 

1)  The Scheme enables all type of needy students viz., students of +2 stage, Graduation courses – B.A., B.Com., B.Sc., etc., Post-Graduation courses, Masters in Ph.D; Professional courses, Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer etc., Computer Certificate courses of reputed Institutes accredited to Department of Electronics or institutes affiliated to University; Courses like ICWA, C.A., CFA, etc., courses conducted by IIM, IIT, IISc, XLRI, NIFT, etc., Evening Courses of reputed Institutes; Diploma/Degree courses conducted by Colleges/Universities approved by UGC/Govt./AICTE/AIBMS/ICMR, etc., Courses offered by National Institutes and other reputed Private Institutes.

 

2)  Punjab National Bank is now offering concession in interest in education Loan Scheme. The concession in interest rates is available to new borrowers who will avail education loan from the bank w.e.f. 01.04.2007.

 

3)  Further, Interest is charged monthly on simple basis during the repayment holiday/moratoriumperiod & concession of 1% in rate of interest is also allowed provided the same is serviced regularly during study period.0

 

4)  Punjab National Bank has tied up with Kotak Mahindra Insurance to provide life insurance cover for education loan borrowers. The insurance would cover study period as well as repayment period. I n case of any mishap, the insurance company would take care of the loan repayment rather than the aggrieved parents.

 

5)  eligibility

Should be an Indian National. Secured admission to Professional / Technical courses through Entrance Test / Selection process. Secured admission to foreign University / Institutions. Student should have secured pass marks in the qualifying Examination for admission to Graduation Courses. 6)  coverage    Fee payable to College / School / Hostel Examination / Library / Laboratory fee. Purchase of books / equipments / instruments / uniforms.Secured admission to foreign University / Institutions. 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. Boarding and lodging expenses in recognised Boarding Houses / private accomondations Any other expense required to complete the course - like study tours, project work, thesis, etc  Quantum of Finance Need based finance, subject to repaying capacity of the parents / students with margin and the following ceilings :- For studies in India: Maximum Rs.7.50 lacs. For studies abroad: Maximum Rs.15.00 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: No Security. Above Rs4 lacs and Upto Rs 7.5 lacs: 3rd party guarantee acceptable to the Bank. Above Rs 7.5 lacs: Collateral Security of Suitable value or suitable 3rd party guarantee. · The security can be in the form of land / building / Govt. Securities / Public Sector Bonds / Units of UTI, NSC, KVP, LIC Policy, Gold, Shares / Debentures, Bank Deposit in the name of the student parent / guardian or any other third party with suitable Margin. · The document should be executed by both the student and the parent/guardian.   Rate of Interest   upto Rs. 4 lacs BPLR+TERM PREMIA minus 1.25 Above Rs.4 lacs BPLR + TERM PREMIA+1% Term premia of 0.50% p.a. shall be added for repayment period of 3 years & above. The interest shall be debited monthly on simple basis during the Repayment holiday/ Moratorium period. Penal Interest @ 2% be charged for above Rs.4.00 lacs for the overdue amount and overdue period. 1% Interest concession for servicing of interest during the study period regularly is allowed at the time of start of repayment period of loan.   Repayment   Repayment Holiday / Moratorium Coursee period + 1 year OR 6 months after getting job, whichever is earlier. The Principal and interest is 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.   Upfront Fee        Nil       Additional Benefits provided to the students by PNB   · Reimbursement of related expenses such as admission fee, monthly fee, Boarding and lodging expenses in recognized Boarding Houses etc. already incurred by way of loan taken from own sources (to meet the contingency) by the applicant, if claimed within 3 (three) months of such payment and before consideration of the loan by the Bank. · Second time Education Loan can be sanctioned to the same student borrower for completion of next higher     this for your information. i would be available for you for any clarification.   regards, -yoganand,

 

 

yog anand <anands_avenue@yahoo.co.in> wrote:

hello mr shiva,

 

your subject is worth taking up & i am sure, you would be able to extend services for all direction - beyond geographical jurisdiction of taminadu too.

 

i have reasonably good stock of stuff on the subject & woukld be able to help you out comprehensively

 

i am attending for your mail at around 12.40 am pst from america.

just give me another 10 - 12 hrs so that, i would be able to write to you with all details.

 

regards,

-yoganand

Shiva Pas <shivapas@yahoo.com> wrote:

Dear Friends,

 

In past 1-2 ys we have seen that many meritorious students have lacked finance because of family income.Fortunately we came across a few & did what we could. This was ok for B.sc/BA/B.Ed students.But the going gets tough for professional courses(Engeering & Medicine/BDS/Nursing).

We believe that school education can be funded free. But for grown up's they should shoulder self-needs. All we need to do is to coordinate for a Bank Loan. In fact we have done for quite number of students. OUR AIM IS TO SCALE IT TO MORE STUDENTS.

In our group I see there are many eminent people who are also associated with banking.

It would be really great if they could help the meritorious students to get loans.

For our part, we will check the background thoroughly & only then request. We keep getting lot Of requests, but we do not help all of them(which is also impossible). We will have to prioritize & then help the most deserving(for the matter all are deserving)

Indian govt should follow the Australian model for funding the college education with interest free loans(atleast For professional degrees whose fee is beyong reach for many J!!)

Our belief – ANY MERITORIOUS STUDENT SHOULD NOT BE DENIED EDUCATION BECAUSE OF ECONOMIC REASONS. And everyone of us have a part to play in this!

This is one of the main paths for Dr.Kalam's "Knowledge Society".

Next year we are planning to help atelast 25 students in TamilNadu with good merit but unable to pay fee. We have a group of volunteers fro different districts to track the requirements. Based on the success we will scale it to other states of India.

We look forward to hear help from many of you.

Regards

shiva

Co-Moderator

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