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Friday, 2-May-2014 09:39 Email | Share | | Bookmark
Things to Know Before Taking Study Abroad Education Loan

Education loans come handy in financing your dream of pursuing education irrespective whether you are going for diploma, undergraduate or post graduate degree. Indian Bank Association (IBA), a representative body of management of banking in India operating in India. IBA monitors the working of Public Sector Banks, Private Sector Banks, Foreign Banks and Urban Co-operative Banks across India. Earlier getting a study loan in India was a tiresome and came with stringent terms and condition, the association has now made some changes in education loan in India terms and condition which beneficial both for banks and borrower. Let’s take look at what exactly these changes are:

• Only Indian citizens will be granted loan for study abroad education to pursue graduate, postgraduate or other recognized courses from reputed foreign universities.

• The amount of loan for study abroad education will cover fees payable, hostel fees, library and exam fees, expenses for purchasing books and laptop, and travelling expenses and any others as mentioned in the university’s prospectus.

• The maximum amount for education loan is Rs. 20 Lakh for study abroad education will be granted to the person and in special cases the amount can be increased.

• The parents to be the co- borrower of study abroad education loan. A collateral security in the form of papers of residential property or commercial property or fixed deposits or Life insurance with surrender value equivalent to required security coverage to be mortgaged against education loan is value is to be kept with the bank.

• The duration of moratorium period is course duration plus one year or six months after getting a job, whichever is earlier.

• The loan amount upto Rs. 4 lakhs doesn’t require any margin money. Any education loan above Rs. 4 lakhs will require margin money equivalent to 15 % of the loan amount on the amount above Rs. 4 Lakhs

• The maximum time given to repay the amount of loan for study abroad education is 15 years.

• An education loan borrower comes under Tax Benefit in India. The moment a person start repaying the education loan, he/she can deduct the interest amount from the total income while calculating tax. This means the effective interest rate on the loan works out to a lower amount. The interest paid is exempted under section 80E for a period up to 8 years.


Friday, 11-Apr-2014 12:00 Email | Share | | Bookmark
Subsidy on interest of overseas education loan to lure youth

With the increase in competition and increasing in number of students getting cent per cent, the cut-offs for admissions became close to 100% in the best Indian universities plus there are entrance to qualify for particular course. The youth who fail to meet the criteria often opt overseas education. A study conducted by IIM-B showed that the students going for higher studies abroad has increased by 256% in the last 10 years.

In India, most of the students opt for loan for overseas education to finance their overseas education. Keeping this thing in mind lot of banks are coming up with unique offers to lure students. The amount of overseas education loan is provided to meet all type of expenses which are necessary for completion of course that includes purchase of books, equipments, computer, travelling, study tours, boarding, lodging besides all types of fees.

Not satisfied with their current performance in Delhi , Madhya Pradesh and Rajasthan election, the UPA government is now eyeing on bigger picture i.e., Lok Sabha elections due in next few months.

In order to lure youth to come cast their vote in favour of them, the UPA government is planning education scheme, named Padho Pardesh for students belonging to economically weaker section of notified minority communities – Muslims, Christians, Sikhs, Buddhists and Zoroastrians.

The Padho Pardesh scheme is being put together by the Ministry of Minority Affairs and the Finance Ministry to provide minority community students with better opportunities for higher overseas education (Masters and PhD level) abroad.
With this scheme the interest on overseas education loan during the period of moratorium will be borne by the Government. After the period of moratorium, interest on the outstanding amount of loan for overseas education will be paid by the student, in accordance with the provisions of the existing education loan scheme of banks. The scheme will be valid for eligible students who want to go for master’s degree or for PhD. The icing on the cake is that there is 30 % reservation for female gender.
Eligibility criteria to avail benefits:
• Total family income should not exceed Rs 6 lakh a year.
• The person should be Indian citizen.
• Should have completed bachelors from recognized university or institution in regular mode.
• Overseas education loan must be availed from designated banks only.
This scheme is boon for students belonging to economically weaker section of notified minority communities.


Saturday, 22-Feb-2014 08:07 Email | Share | | Bookmark
Social Media Expert: Why They are Necessary For Your Business

They say, “Change is the only constant”. We can justify this statement by observing the fact that the world accepts change readily. Every change that creates a ripple in the common media ends up bringing up a new revolution in the future. One of the recent revolutions that changed the way online media functions is the exceptional popularity of ‘Social Networking’. Social media has grown from a simple home-grown geek idea from a garage into a living and breathing online monster that has devoured everything in its way. Today, social media encompasses everything aspect of the human life and provides an interactive platform to stage one’s life that can be shared with the entire world, with a click. With its magnanimous reach and enormous numbers of daily users make Social Media an excellent platform to engage in business.

It has become a necessity to have a social online presence, be it a brand or an individual company. Growing number of followers on Twitter / fans on Facebook implies that the company is doing a good job of interacting with people at the digital front. But somehow, achieving that level of interaction is not a piece of cake. If we follow the latest trend, hiring a social media agency is what brands feels safe about...not because they should but because they can. A social media agency will do everything for your brand to document your identity on the social networking sites. They take part in conversations on your behalf and get the customers interested in what you do, they create discussions and engage in public polls with a witty strategy, they also assist PR efforts via social feeds that impacts audience. A good social presence indicates company’s good health. After building up so much, we know it may sound treacherous but being able to do it all without doing anything, hardly costs a dime.

Brands and professionals can easily find a social media marketing company that can effectively make their online presence felt. However, finding a social media agency that understands individual brands and provide perfect ghost identities is something of a long hunt. You will need to hunt for a social media virtuoso that is credited with massive online databases and has been filtering social media feeds for a long time. The social media marketing company that one needs to look for, must be experts in utilizing modern technological techniques and diverse tools to boost business. With streamlined interactions and targeted discussion forum posting, they can fetch you good batches of followers that can be easily flipped into potential consumers. The only caveat is to find an agency that understands how to gain loyalty of wider audience.

Social media experts can provide the brands with a robust marketing strategy that can be used to propagate new products and features. Being the in the popular industry, they should understand and incorporate popular culture to be known amongst the competitors. Using the modern tools of online trade that includes online campaigns, social media contests and live events on the internet should be their speciality. Only then you can be certain of online success.

Friday, 24-Jan-2014 06:48 Email | Share | | Bookmark
Education loan and its benefits

Education plays an important role in success of an individual. Today, you can find several students opting for higher education after completing their graduation studies. A welcoming gesture to international student in foreign universities has lead to increased number of Indian students opting for higher education in a foreign university. One of the important factors that have fueled this trend is easy availability of educational loans in India.

The Government of India understands the importance of education for overall progress of the country and has come forward to help students by offering tax benefits on education loan. A study loan India is different from other financial assistance offered by banks and financial institutions. In simple language, you are entitled to get several benefits if you seek student loan India. Lets’ take a look at some of the unique benefits that are only associated with study loan India.

Students are not required to offer any collateral for educational financial assistance below 7 lacs. Such financial assistance is adequate for pursuing higher education in esteemed Indian universities or institutions offering higher education in India.
Banks offers educational loans up to 20 lacs for students wanting to enroll in foreign university for higher education. Such financial assistance requires student to offer some collateral as security towards the amount borrowed. Some financial institutions are known to offer more than 20 lacs for higher education in foreign university.
If you have taken an educational loan, you are entitled to get tax benefits over the interest you pay on your educational loan. The total amount you pay as an interest is completely tax deductible under the Sec 80E of Income Tax Act. The tax benefit on education loan is available up to 8 years starting from the repayment period that is 6 months after completing the course.
A study loan India covers several expenses including tuition fees. Some of the expenses that are covered in education loan are expenses related accommodation, travel overseas for courses, purchase of uniforms, books and useful equipment, examination, library and laboratory fees, and other expenses related to completing the course.
The repayment of education loan starts after one year or six months after completing the course whichever is earlier. Thus student taking financial assistance need not worry about repayment while completing course and can focus more on scoring good marks.
Banks and financial institutions generally charge a nominal fee for processing student loan India. Some banks may include the charges in loan amount while some may waive it off completely.

Some banks also offer financial assistance for vocational courses. The procedure of applying for student loan is easy and convenient. All you require is letter from institution confirming your admission for the course, your educational document and documents verifying your identity and address and collateral if the loan amount is above 7 lacs. Your parents, guardian or spouse can apply for educational loan for your higher studies. The benefits associated with educational loan have encouraged many parents to support their children dreams for higher education.

Thursday, 19-Dec-2013 12:50 Email | Share | | Bookmark
Documents Checklist for Education Loan in India

Documents are of primary importance for getting an education loan in India. Without proper supporting documents you loan application is more likely to get rejected. If the loan amount is above 7 lacs, the co-borrower is also required to furnish different documents for education loan along with the student who is applying for financial assistance.

Several students and their parents fail to understand the role of documents in approval of education financial assistance and do not submit all documents required leading to loan application being rejected. To avoid this, you need to ensure you submit all required documents mentioned in the education loan documents checklist. The education loan document checklist is provided with every education loan application. If you have not received it along with your education loan application or misplaced it, ask your education loan officer to give you a copy of the document checklist.
The document checklist mentions different education loan documents required for approving the financial assistance. Let’s take a look at different documents mentioned in education loan documents checklist.

Documents required:
ID Proof:
• Copy of Passport/voters ID card
• PAN card of student and co-borrower
Address Proof:
• Self attested copy of Passport/Voters ID card/Ration Card/Driving license/ Electricity bill( not more than 2 months old)/ Landline Telephone Bill ( not more than 2 months old)
(Note: the above mentioned documents should have clear mention of the residential address which matches the address mentioned in loan application form)
Date of birth Proof:
• Birth Certificate or Xth Std Passing certificate
Educational documents:
• Mark sheet of graduation and last qualifying exam
• Mark sheet of Xth Class
• Mark sheet of XIIth Class
• Mark sheet of entrance exam, if applicable
• For Higher Studies in India: CET, CAT etc,
• For Higher Studies in Foreign University: TOEFL/GRE/GMAT/IELTS
• Scholarship documents, if applicable
• Proof of admission
• Printed admission letter on letterhead of Institution with address
• Prospectus of the course where details about admission fees, tuition fees, examination fees , hostel charges, etc are mentioned

Note: you are required to present self-attested copies or true copies of the educational documents mentioned above along with the loan application. You are required to furnish original documents for verification whenever demanded by loan approving officials while processing your education loan
Financial documents:
These documents are submitted by the co-borrower generally where the loan amount is more than 7 lacs.
• Latest 3 salary slips, if the co-borrower is salaried employee
• Last 3 years income tax statement, if the co-borrower is not a salaried employee
• Last 6 months bank statement
• Latest I year’s Form no. 16 from Employer which reflects co-borrower income tax returns
• Documents supporting other income that is not supported by above documents
• Brief statement of assets and liabilities of the co-borrower.
Other documents:
• Photocopy of VISA if the student is applying for higher education in foreign university.
The above documents check list required for education loan is only indicative. Every bank and financial institution may have different list of documents for education loan. Providing the necessary documents is the key to faster education loan approval.


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