Educational Loan

[murali830]

Tell me the best bank to get Educational loan. I am going to do MBA 2011-2012 in a self-financing college under Anna University.

Criteria are like this
1. Interest rates
2. How the interest is charged?
3. The waiver period
4. Fees and other costs
5. Collateral, guarantee or security
6. The down payment

 

[dimpy.handa]

SBI loan:

An applicant is sanctioned a loan of maximum Rs 10 lacs for studying in India and Rs 20 lacs for studying in abroad. On a loan above Rs 4 lacs, there is a margin of 5% and 15% for studying in India and abroad respectively.
No security is required for loan amount upto Rs 4 lacs.
A borrower should present a 3rd party as guarantee for a loan amount above Rs 4 lacs. However, on SBI discretion, this clause of 3rd party guarantee may be waived off in certain cases.
If you borrow a loan amount above Rs 7.5 lacs, you need to offer a material collateral security and assign the future income of the student for paying installments.
The guardians or parents of a borrowing student should secure an education loan.
If the borrower is married, his or her spouse, parents-in-law or parents can act as the co-obligator.