Student Loan Consolidation / Application for Student Loan in Indian Banks in Kolkata

Posted by DhumKetu in Banks in India Feb 7th, 2008 | 22 responses

Student Loan Consolidation / Application for Student Loan in Indian Banks in Kolkata
Note: Article applicable to any students looking for student loan in India

“Student loan” is very common type of loan for most of the students coming to USA or abroad. You can apply for the loan from almost any Indian Banks if you have “admission letter” to any Universities in USA or other countries (including India too)! Most of the students choose USA as a potential zone for future studies due to:

  1. Multiple good schools: so more options for a students
  2. Good Scholerships.
  3. English speaking country.
  4. Large amount of Indian students (and strong Indian Student Associations) in most universities – so help is available all the time.

Well, the big problem in applying to American Universities is “Money”. The application fees varies from 20 USD to 100 USD (may be more). Again, you have to apply for more than one university so that you increase the “chance” of getting admission with funding. Usually most of the students apply to at leaset 10 universityes which will cost them in between 200 USD to 1000 USD. Now there are other expenses apart from the application fees. Often we forget about the postage! Most of the students use KML or FEDEX service which will cost about 50 USD on average. So, save another 500 USD for that.

Well, even before you start you application, you have probably taken at leseat GRE (Graduate Record Examination) and TOEFL. GRE test will cost you about 100 USD and the TOEFL will cost about 50 USD. So, you have already spent about 150 USD there. Now, GRE test scores will be sent only to 4 universities for free. If you are applying to 10 universities, you have to spend anoter 15 USD per universities! So, about 100 USD extra there!

I am considering another 100 USD for books and stuff you purchased for the preparation of GRE and TOEFL.

Now, once you have got your admission letter you have more expenses. First of all VISA application and processing fee. Non-immigration VISA application fee is about 120 USD now.
Check the USCONSULATE.GOV for more information about VISA from Calcutta (Kolkata).

Well that is not all, you need to buy the air ticket which may cost up to 800 USD!
You also need some money to carry with you in case you need. Most of the students usually carry 1000 USD. You will need that money to pay rent for the first months expense as your scholership will start from the next month you reach in USA.

Better if you call the number listed below or see them at their office:
To Register for a GRE test in Calcutta (Kolkata):
Region 14 – INDIA
Call: 91-124-5147700 (New Delhi, India)
FAX: 91-124-5147773

GRE/TOEFL TEST CENTER ADDRESS:
CALCUTTA
Test Center Number: 8906
TESTS OFFERED: GRE, TOEFL
PERMANENT CENTER

Application Fees: 200 USD to 1000 USD
GRE + TOEFL: ~ 150 USD
Extra GRE score to Univs: ~100 USD
Books/etc ~ 100 USD
Air Fare: ~ 800 USD
Expense after immediate arrival in USA: ~ 1000 USD
So, you will need about 1 lakh to 1.25 lakh just for the the whole process of coming to USA. Well, this is pnly an estimate and you are welcome to leave a reply about how much you spent during your trip to USA.

NOTE: if you have not got any funding, but just got admission, you can still apply for loan. There are numerous banks who will offer check interest rates and will offer up to 20 lakhs ot even more. Check the offer by three major indian banks for education loans.

1 lakh is still not a small amout of money for numerous middle class families in India. So, many of the students apply for “Student Loan” from various Indian Banks. Some of the common banks where you can apply for “Student Loan” in Calcutta, Kolkata are:

State Bank of India Student Loan (Visit them Online)

Amount of Loan For studies in India, maximum Rs. 10 lacs
Studies abroad, maximum Rs. 20 lacs
Interest Rate For loans upto Rs.4 lacs – 12.75% p.a. Floating
For loans above Rs.4 lacs – 13.75% p.a. Floating
Processing Fees No processing fee/ upfront charges
Deposit of Rs. 5000/- for education loan for studies abroad which will be adjusted in the margin money
Margin For loans up to Rs.4.0 lacs : No Margin
For loans above Rs.4.0 lacs:

  • Studies in India: 5%
  • Studies Abroad: 15%
Expenses considered for loan
  • Fees payable to college/school/hostel
  • Examination/Library/Laboratory fees
  • Purchase of Books/Equipment/Instruments/Uniforms
  • Caution Deposit/Building Fund/Refundable Deposit
  • Travel Expenses/Passage money for studies abroad
  • Purchase of computers considered necessary for completion of course
  • Cost of a Two-wheeler upto Rs. 50,000/-
Documentation Required
  • Completed Education Loan Application Form.
  • Mark sheets of last qualifying examination
  • Proof of admission scholarship, studentship etc
  • Schedule of expenses for the specified course
  • 2 passport size photographs
  • Borrower’s Bank account statement for the last six months
  • Income tax assessment order, of last 2 years
  • Brief statement of assets and liabilities, of the Co-borrower
  • Proof of Income (i.e. Salary slips/ Form 16 etc)
Application form Download You can also Apply ONLINE HERE

Bank of Baroda Student Loan (Visit them Online)

Amount of Loan Graduation & Other Courses up to 3 years duration : Rs.10 Lacs
Post graduation and other advanced studies : Rs.15 Lacs
Interest Rate
  • Simple interest during repayment holiday/moratorium period.
  • 1% interest concession, if interest debited during the repayment holiday is serviced.
  • 1% Concession in rate of interest to loans for girl student.
  • Penal interest @ 2% p.a. on overdue amount if loan exceeds Rs.4/- lacs.
Processing Fees CLICK HERE FOR DETAILS)
Margin 15% Repayment Period
Expenses considered for loan
  • Admission/Tuition fees to College/University.
  • Hostel/Mess charges.
  • Examination/Library/Laboratory fee.
  • Purchase of books/equipments/instruments.
  • Caution deposit/building fund/refundable deposit supported by institution bills/reciepts.
  • One way travel expenses/Passage money.
  • Purchase of computers if essential for completion of the course.
  • Any other expense required to complete the course e.g. study tour, project work, thesis etc.
Documentation Required Check with Bank.
Application form For further details, please contact the Bank of Baroda Branch


Allahabad Bank of India: Student Loan

Amount of Loan

Studies in India: Maximum Rs 10.00 lacs
Studies abroad: Maximum Rs.20.00 lacs
Interest Rate
Loans Upto Rs. 4.00 lacs
For students of IIT / IIM PLR – 1.00%
Other Professional Courses PLR – 0.50%
For Others PLR
Loan above Rs. 4.00 lacs
For Students of IIT / IIM PLR
Other Professional Courses PLR
For Others PLR

Girls students may be provided a special relief of 1.00% in all cases as above.
Processing Fees Nil
Margin

  • For loan upto Rs 4.00 lacs: NIL

  • For loan above Rs 4.00 lacs:

    (i) Studies in India: 5%

(ii) Studies abroad: 15%

  • Scholarship / Assistantship to be included in Margin.

  • Margin Money to be brought on year to year basis as and disbursements are made on a pro-rata basis
Expenses considered for loan

  • School education including plus 2 stage

  • Normal Graduation Courses – B.A., B.Com., B.Sc., Microbiology, etc.

  • Post Graduation Course: Masters Courses, Ph.D., etc.

  • Professional Courses: Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management (including Hotel Management), Computer/ Information Technology, Journalism & Mass Communication, etc.

  • Courses like: ICWA, CA, CFA, etc.

  • Computer Certificate Courses of reputed Institutes accredited to Department of Electronics or Institutes affiliated to University.

  • Courses conducted in India by reputed Foreign Universities.

  • Evening courses of approved institutes.

  • Courses leading to diploma / degree etc. conducted by the Colleges/ Universities approved by UGC / Govt./ AICTE / AIBMS / ICMR etc
Documentation Required Check with Bank.
Application form Online Application form for Students of IITs/ IIMs and other leading Institutions

Some More Banks with Links to their EDUCATION LOAN PAGE:

List of all other banks that might be useful to you:

  1. A.P. Mahesh Co-op. Urban Bank
  2. Abhyudaya Co-op. Bank
  3. ABN AMRO
  4. ACE Co-operative Bank
  5. Allahabad Bank
  6. Amanath Co-operative Bank
  7. Andhra Bank
  8. Andhra Pradesh State Co-op Bank
  9. Apna Sahakari Bank
  10. Bank of Baroda
  11. Bank of India
  12. Bank of Maharashtra
  13. Bank of Rajasthan
  14. Bassein Catholic Co-op. Bank
  15. Bharat Co-op. Bank (Mumbai)
  16. Bharat Overseas Bank
  17. Bombay Mercantile Co-op. Bank
  18. Canara Bank
  19. Capital Local Area Bank
  20. Catholic Syrian Bank
  21. Central Bank of India
  22. Centurion Bank of Punjab
  23. Citibank
  24. Citizen Credit Co-op. Bank
  25. City Union Bank
  26. Coastal Local Area Bank
  27. Corporation Bank
  28. Cosmos Co-op. Bank
  29. Deccan Merchants Co-op. Bank
  30. Dena Bank
  31. Deutsche Bank
  32. Development Credit Bank
  33. Dhanalakshmi Bank
  34. Dombivli Nagari Sahakari Bank
  35. Federal Bank Limited
  36. First Leasing Company of India
  37. Greater Bombay Co-op. Bank
  38. Guardian Sahakara Bank Niyamita
  39. Gujarat Industrial Co-op. Bank
  40. HDFC Bank
  41. HSBC
  42. ICICI Bank
  43. IDBI Bank
  44. Indian Bank
  45. Indian Overseas Bank
  46. Indusind Bank Limited
  47. ING Vysya Bank
  48. Jalgaon Janata Sahakari Bank
  49. Jammu & Kashmir Bank Ltd.
  50. Janakalyan Sahakari Bank
  51. Janalaxmi Co-op Bank
  52. Janata Sahakari Bank
  53. Kalupur Commercial Co-op. Bank
  54. Kapol Co-op. Bank
  55. Karad Urban Co-op. Bank
  56. Karnataka Bank
  57. Karnataka State Co-op Apex Bank
  58. Karur Vysya Bank Limited
  59. Kotak Mahindra Bank
  60. Krishna Bhima Samruddhi Bank
  61. Lakshmi Vilas Bank
  62. Lord Krishna Bank
  63. Mahanagar Co-op. Bank
  64. Maharashtra State Co-op Bank
  65. Mahesh Sahakari Bank
  66. Municipal Co-op. Bank
  67. Nadia Gramin Bank
  68. Nainital Bank
  69. New India Co-op Bank
  70. Nilambur Co-Operative Urban Bank
  71. North Kanara GSB Co-op. Bank
  72. Nutan Nagarik Sahakari Bank
  73. Oriental Bank of Commerce
  74. Orissa State Co-Op Bank
  75. Ottapalam Co-Operative Urban Bank
  76. Punjab & Sind Bank
  77. Punjab and Maharashtra Co-operative Bank Ltd.
  78. Punjab National Bank
  79. Purathur Service Co-Operative Bank
  80. Rajkot Nagarik Sahakari Bank
  81. Ratnakar Bank
  82. Repco Bank Ltd
  83. Rupee Co-op Bank
  84. Saraswat Co-op. Bank
  85. SBI Commercial & International Bank
  86. Shamrao Vittal Co-op. Bank Ltd.
  87. South Indian Bank Ltd.
  88. Standard Chartered
  89. State Bank of Bikaner and Jaipur
  90. State Bank of Hyderabad
  91. State Bank of India
  92. State Bank of Indore
  93. State Bank of Mysore
  94. State Bank of Patiala
  95. State Bank of Saurashtra
  96. State Bank of Travancore
  97. Surat Peoples Co-op. Bank
  98. Syndicate Bank
  99. Tamil Nadu State Apex Co-op Bank
  100. Tamilnad Mercantile Bank
  101. Thane Janta Sahakari Bank Ltd.
  102. UCO Bank
  103. Union Bank of India (UBI)
  104. United Bank of India
  105. Urban Co-op. Bank
  106. UTI Bank
  107. Vijaya Bank
  108. Yes Bank
  109. Zoroastrian Co-operative Bank

Now about Student Loan Consolidation!
Once you are in USA, and have started getting schlorship, try to repay as soon as possible. If you cant, you have to wait. In many times you will get good credit card offers from various credit card companies in USA who will offer 0% interest rate on purchase and “balance transfer” for period of time (up to 1 year or so). Use those offers effectively, do not pay minimum due dale and you will sone be a free man out of the burden of loan!

We will discuss more about Student Loan Consolidation in future articles.

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22 Responses to “Student Loan Consolidation / Application for Student Loan in Indian Banks in Kolkata”

  1. seemakhan says:
    February 7, 2008 at 10:35 pm

    as am a medical student in china i need a study loan bt no bank supportd me.so plz i request to consider a loan 4 china also..every bank r ready to gv loan 4 all other countries but not 4 china.thz is not fare wth us coz we all belong to middle class family n we need a help…

  2. admin says:
    February 7, 2008 at 10:54 pm

    Technically they should. Are you going for study in China? Or are you already in China? what are some of the banks you have talked to?

  3. tasneem says:
    April 17, 2008 at 4:02 pm

    i want to continue my studies in india …and iam n Nministries in qatar that provide student loansministries in qatar that provide student loansRI student …..my parents cannot afford the cost of my studies…..is ther any bank in india tht provide intrest free student loans as taking and giving intrest is prohibited for muslims……if ther it would be really greatfull…..thnku

  4. tasneem says:
    April 17, 2008 at 4:03 pm

    i want to continue my studies in india …and iam n NRI student …..my parents cannot afford the cost of my studies…..is ther any bank in india tht provide intrest free student loans as taking and giving intrest is prohibited for muslims……if ther it would be really greatfull…..thnku

  5. admin says:
    April 17, 2008 at 9:28 pm

    I doubt very much if there is anything in this world as “FREE”.

  6. tasneem says:
    April 19, 2008 at 7:36 am

    well MR Admin ther is ……….check out online…….they are frm other countries that help students who want to study in india…….i wanted to know if India had any bank of that sort…..(anyways i knew india dint have any ……….)in what way is it benefitting the students???????????????????/

  7. yousuf says:
    July 21, 2008 at 6:19 pm

    Respected Sir ,Madam
    Myself  yousuf from Hyderabad, i have  completed my intermediate with civics ,economic,commerce.i intend to take admission in Denmark (Aarhus)city my undergraduate course (Bsc multimedia)
    , my college fee is round 3,20,000 ,but i need 2lakhs.per 1semester,  ,i want loan for my undergraduate course (Bsc multimedia) Please send me the details has soon as possible                                     
    Your regard
    A.Mohd.Yousuf.Ali
    H.No: 1 -4 -500
    opp musheerabad p.s
    musheerabad(hyd)

  8. Study Loan Tips says:
    September 24, 2008 at 5:27 pm

    It is necessary as many of the institutions are offering loan at different conditions and clauses.A normal man is unable to ditinguish the difference between them and usually endup taking a loan at higher rates. this will make this platform very popular among students and their parents.

    Thanks for the list of banks for student loans.

  9. vasavi says:
    December 18, 2008 at 6:25 am

    i am studying C.A.i want education loan to continue my studies.please send me the details as early as possible.

  10. brijesh says:
    January 18, 2009 at 5:27 am

    dear sir, i am currently residing in delhi and a student of law. i want to pursue my LLm from UK, for which i shall need a loan of 22-25 lacs. pls guide me about it in terms of lowest interest rates available and what all documents will i need for it and further i intend to ask my maternal uncle(mama) to help me in the loan process. will it be ok with the bank. pls reply on my email as it would be convienient for me. thank you.

  11. rajesh says:
    January 19, 2009 at 3:14 pm

    i am studing MCA management in SIBACA LONAVALA from puna univercity. i want education loan to carry on my study securly,give me all details about that emmidiatly.fast.

  12. Moneyman says:
    January 21, 2009 at 10:49 am

    Credit card debt is taking over the country, and most people are charging more due to the recession. This is not uncommon, however, the time is going to come when it is time to repay all of those debts and when that happens, hopefully those of you who have charged more because of lack of money will have what you need to pay off the debt. However, if you are one of the millions of Americans who find yourself in a difficult situation when it comes time for payback, then it is time to collect debt consolidation information from whatever sources that you can find.

    When considering what debt consolidation information to use, the first thing that you should do is consider the source. Where did you get the information that you are using, is it an official source? You can get a lot of information about debt consolidation on government websites, which are very reliable sources in the respect that their information will be unbiased and will not direct you to a specific company to use for your debt consolidation.

    You will learn in detail from your debt consolidation information about the two different kinds of debt consolidation, credit card consolidation loans and credit counseling services. These are two very different programs, where taking a loan means just that, however, if you have a lot of debt or bad credit you may have to use your home as collateral or get a co-signer to get the loan, which may not be idea. Credit counseling services mean that you allow a company to negotiate with your creditors for lower payments and to eliminate your interest. The downside here is that you have to close all credit accounts or the credit counseling service will not work with you, also, this does show up as a negative on your credit report, although not as negative as not paying your debts.

    There are a couple of other options that may not show up in your debt consolidation information like credit card debt settlement, which is paying a company to negotiate lump sum payments with your creditors at a value less than what you owe. Another is to just do it yourself, without the help of any companies. The upside here is that your credit is not affected if you continue to make payments on your accounts. The ultimate goal for any of these plans is to pay off your debt as quickly as possible.

    BFreein3

  13. mohd yunus qureshi says:
    January 28, 2009 at 10:00 am

    Dear Sir,

    I want mba in uk,usa, else austria oso please help me this work with loan for allfees and expense

    thanks
    yunus

  14. maheswari says:
    July 1, 2009 at 8:22 am

    respected sir,
    i need a loan of 25 lakhs to do my project and training and a course on plc scada. i kindly request u to do a favour. i will repay the sum in 2011.pls cnsdr my request.

    thanking u sir

  15. Vimala says:
    July 3, 2009 at 5:41 pm

    Sir/Madam, I am studying MBA in Bangalore, as per Bangalore University norms. I am pursuing my MBA graudation but i required educational loan for further studies, but i dont have any support from my parents, but my uncle’s family are ready to help me for further studies, but already i have spend 2 lakhs but still i need to make admission for second year, i need to purchase books, pay hostel fees, and still more. but my uncle’s family persons are ready to be has guardian, but any bank ready to help me for further studies. Please help me sir, i will be very thankful and greatful to you. Please reply me to my id: viganesh_mala@yahoo.in

  16. Mr.David Cole says:
    July 7, 2009 at 11:05 am

    Attn:Borrower,
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  17. B.MOHAN RAJ KUMAR says:
    July 22, 2009 at 7:30 am

    i want student loan for my further studies in india. so plz provide me a student loan

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    December 24, 2009 at 12:00 pm

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    May 24, 2010 at 6:05 pm

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  21. Joey Huszar says:
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