NEWS & ADVICE : EDUCATION LOANS
Innovative education loan scheme for IIM aspirants
By Neelima Shankar
Print    Email    RSS   

Collateral

A major benefit this loan brings is that it does not require any collateral to be deposited while taking the loan. Other banks although may grant loans without collaterals but that is only for smaller amounts.

Margin money

It refers to the contribution by the borrower towards the cost of project for which loan is applied for. All banks ask for margin money of around 5% for larger loan amount education loans. But the unique scheme from UBI comes without any margin money.

Expenses covered by the loan

The loan covers tuition fees and cost of books, hostel and mess charges, Laptop, living expenses and student exchange program.

The fixed rate of interest provided by UBI for this scheme is an advantage to the borrower in a scenario when interest rates are on a rising spree. Other major counterparts in the industry including the largest lender of the country, State Bank of India is providing education loan at floating rate of interest.

Institutes covered under the scheme

Indian Institute of Management Ahmedabad (IIMA)

Indian Institute of Management Bangalore (IIMB)

Indian Institute of Management Calcutta (IIMC)

Indian Institute of Management Indore (IIMI)

Indian Institute of Management Kozhikode (IIMK)

Indian Institute of Management Lucknow (IIML)

Management Development Institute (MDI), Gurgaon

S. P. Jain Institute of Management and Research (SPJIMR), Mumbai

Xavier Labour Relation Institute (XLRI), Jamshedpur


 


Page    | 123 |
(Comments Posted : 1) Post Your Comments
1. Every body knows that today's life seems to be very expensive, however we require money for various issues and not every one gets enough cash. So to get some loans and car loan should be good solution.
PennyMAY (Posted: Jun 28, 2012)
Show All Comments
COMPARE QUICKLY
 Select a product:
 

CALCULATE QUICKLY
 Select a product:
 

EDITORS' PICKS
Carnival of Indian Personal Finance Blogs #3
Complete guide to education loans in India
Model Educational Loan Scheme: the new...
Get the basics right before applying for...
Bank loans that could glitter for you


ROPAR: CaℒL Giℛℒ In Kurali 09855660911...
Why Pitampura Tutors (Ph:- 9911742311) & Private...
kala jadu in hindi 9636854282

NEWS THIS WEEK
Banks to look forward to hire students from IIT/IIM Feb 18, 2015
Union Bank of India hiring for the post of specialist officers Feb 16, 2015
Canara bank launched scholarship Scheme Feb 13, 2015
AXIS bank started ‘My idea of progress’ Campaign Feb 12, 2015
RBI inviting applications for the guard post Feb 11, 2015
News Archive