Education loan trouble ..help guys !!
- Thread starter neeraj1985
- Start date
Veere loan was on your name or your parents?
Also if it was on your name was there another applicant (i mean parents)?
Also if it was on your name was there another applicant (i mean parents)?
royalsting said:
Hey man,
Fixed deposit is something for which you can have either of parents as a joint account holder and then once you take a loan against that on the loan sanction letter it will automatically show parent as the guarantor or co applicant....
ragz306
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dkh yar seedhi si baat hai, mere pas b funds naithe, fd nai thi, aur han property pe loan lele but loan against property takes alot of time and if yu take loan against fd it wil hardly take 2 days for loan sanctiond. Ek aur boht vdia tareeka btata hu maine b aise kiya. Tu apni property pe limit lele vo 2 din mein mil jati hai. To jo uske paise milemge yski fd krwa lr and thrn loan. Simpl
@Ragz….mein samjha nahi yar….property pe limit lele…iska kya matlab hua…what do I need to do about it… please thoda aur explain kar de yara !!ragz306 said:
Logically speaking its totally possible and obvious brother but problem is that guy was saying it isn'tneeraj1985 said:
and he was the one who was going to help me through the loan. He said if the person is above the age of 18 he/she cannot have a legal guardian/parent as second applicant.
@Royalisting – That’s just absurd. Being the student going abroad you have to have a co-applicant in the form of Mother or father.royalsting said:Logically speaking its totally possible and obvious brother but problem is that guy was saying it isn't
It’s not possible to get a loan without your parents being co-applicant.
Check this link: Indian Bank’s Association revised model educational loan scheme for pursuing higher studies in India and abroad
http://www.iba.org.in/educational_loan.asp
Under security Section it is clearly stated that:
SECURITY:
Upto Rs 4 lacs - Co-obligation of parents with no security
Above Rs.4 lacs and Upto Rs7.5 lakhs - Co-obligation of parents together with collateral security in the form of suitable third party guarantee. The bank may, at its discretion, in exceptional cases, waive third party guarantee if satisfied with the net-worth / means of parent/s who would be executing the document as "joint borrower".
Above Rs.7.5 lakhs- Co-obligation of parents together with tangible collateral security of suitable value, along with the assignment of future income of the student for payment of installments.
Note:-
The loan documents should be executed by the student and the parent/ guardian as joint-borrower.
So, I would suggest you go to him with this information, I think it’s enough of dose for him…..
ragz306
Hero Member
- Aug 19, 2011
- 4
- Visa Office......
- VFS-chandigarh
- Job Offer........
- Pre-Assessed..
- App. Filed.......
- 11-10-2011
- IELTS Request
- 6.0 BAND
- Med's Done....
- yes
- VISA ISSUED...
- 19-10-2011
- LANDED..........
- bs pohnch gye smjho :D
bro property pe limit lena mtlb its almost similar like taking loan on property
the only diffrnc is k agar tu normally loan property pe loan leta hai jab se tune loan lia tab se inttrst padhna shuru
and in case of limit jaise teri 17 lac ki value hai proprty ki..to suppose tu 15 ki limit leleta hai to tu is 15 mein se jitni amount use karega sirf usi pe teko intrst padega and limit jaldi milti hai normal loan se..
abb smjha
the only diffrnc is k agar tu normally loan property pe loan leta hai jab se tune loan lia tab se inttrst padhna shuru
and in case of limit jaise teri 17 lac ki value hai proprty ki..to suppose tu 15 ki limit leleta hai to tu is 15 mein se jitni amount use karega sirf usi pe teko intrst padega and limit jaldi milti hai normal loan se..
abb smjha
punam said:
Hi Punam,
If it is possible for you to give me the loan sanction letter number. I'm asking this because I have got only 25 days to pay up my fees and if I quote a letter number to the bank they will expedite my loan application faster as a precedent must have been set up in the bank for the certificate courses in Canada.
I know this is not easy for you to share such information with anyone
Since, I have been to so many banks and heard "we don't finance certificate courses" if some information like this is handy even the branch manager at UCO will not have any problem in accepting a loan application.
I am going to visit UCO Bank at Rohini (New Delhi) tommorow morning ..information like this would be a blessing for me....I know its too much I am asking for but if you can do it I will be really grateful.
Regards,
Another stupid information provided by him. He says its possible (yes now suddenly it is) but I will have to have another savings account in my Dads name and he would than provide fd based on "two" savings account.
I tried to look up on the net if its possible to get FD agaisnt two savings account and although didn't find much info but atleast HDFC does not allow that. :-/
He is saying if you try to add a second applicant to the existing account it will take 15-20 days more.
I tried to look up on the net if its possible to get FD agaisnt two savings account and although didn't find much info but atleast HDFC does not allow that. :-/
He is saying if you try to add a second applicant to the existing account it will take 15-20 days more.
@ royalisting
Bro do one thing ...contact Axis Bank. If you have cash (Rs 10 Lakhs) with you, set up a joint FD under your and your dad's name and they will do it readily...(and tell them that you will be taking up education loan against it)....
If they agree and once an FD account is opened, take a loan against it from Axis bank...and there you go within a week you will ready with a loan sanction letter....
Irony is now I can only share information with people as my canadian dream is over....What I have advised you is something Branch Manager of Axis Bank told me....but it's just that I am not a rich guy....I worked 5 years to save some 6-7 lakh I got which I thought would use for studies abroad and can't put it in FD....
One thing I have realized you have to have strong family support - Financially and emotionally, to go for education abroad. In my case it's 100 percent emotional support....
But hey..you gonna make it....just do what I said....and you'll be there.....best of luck...!!
Bro do one thing ...contact Axis Bank. If you have cash (Rs 10 Lakhs) with you, set up a joint FD under your and your dad's name and they will do it readily...(and tell them that you will be taking up education loan against it)....
If they agree and once an FD account is opened, take a loan against it from Axis bank...and there you go within a week you will ready with a loan sanction letter....
Irony is now I can only share information with people as my canadian dream is over....What I have advised you is something Branch Manager of Axis Bank told me....but it's just that I am not a rich guy....I worked 5 years to save some 6-7 lakh I got which I thought would use for studies abroad and can't put it in FD....
One thing I have realized you have to have strong family support - Financially and emotionally, to go for education abroad. In my case it's 100 percent emotional support....
But hey..you gonna make it....just do what I said....and you'll be there.....best of luck...!!
Why did you say your dream is over bro?neeraj1985 said:
Are you quitting on idea to move to Canada?My family wasn't always ready like this actually, I took admission in Computer Tech Diploma in 2006 after my 12th grade was over but couldn't go as didn't have emo support back then but now my family is okay with it.
Also thanks for the suggestion bro
, I will visit Axis bank today.