EDUCATION LOAN HELP PLEASE

[heaven88]

sir,, two of banks offering me education loan against fd ,, both giving secure education loan ,, 1.axis bank ,,2. punjab and sind bank ..
axis bank is giving some type of -- study power sanction letter ,, like its officially eduacction loan , but i think VO will have doubt ,,

for punjab and sind bank -- i dont know there sanction letter

pleasee helpp guys ,, its very urgentt

 

[gurpreet singh sidhu]

u should consult charted accountant and u r agent..they could guide u better
and one more thing that VO could make objection on study loan against FD

 

[parhar51]

sir,, two of banks offering me education loan against fd ,, both giving secure education loan ,, 1.axis bank ,,2. punjab and sind bank ..
axis bank is giving some type of -- study power sanction letter ,, like its officially eduacction loan , but i think VO will have doubt ,,

for punjab and sind bank -- i dont know there sanction letter

pleasee helpp guys ,, its very urgentt

@heaven88,

Loan against Bank's Fixed Deposits is not EDUCATION LOAN", in real sense of terms.. Rather it will reduce ur liquidity as it has created a liability out ur owned funds.

Better, u should opt for Education Loan for Study Abroad in terms of RBI GUIDELINES. Bank may ask for collateral Security in the form of some fixed asset.

The sanction letter provided by the Bank shows the purpose of Loan,name of overseas Educational Institution,terms of loan ,etc.

Hope, this may help u .

Good luck !!!!

parhar51

 

[heaven88]

on sanction letter , they are going to write these things prahhar,, they are giving over draft loan ,, they are giving proper education loan bro ,,

 

[AGoodSoul]

The best thing I suggest is to contact your accountant and note down under which section of IT act is the interest on loan non-taxable. Accordingly, ask if you get a letter from bank + show ur proof of admission to Incometax then will the interest be tax-free consession.

As for real educational loans - I was told by others to stay away becoz of three reasons:
1. U give them all ur documents, real estate papers, financial info - privacy is not assured in India.. lets face it
2. Rate of interest is too high
3. It still doesnt show that you can pay-back the loan to ur immigration officer interviewing you - i mean if u have FD booked, you have the power to pay back.. its like you have money already.
4. lots of cases of fake loans.. providing documents to banks - there are banks who have hired agencies to do credential checks, means they will leak ur papers and financial info out - u will get spam mail, phone calls, insurance agents all of that.. there is no "credit" of those..even if their credit agency has "cred" in the name.. lol

 

[heaven88]

thanks bro