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Mr. Snjeev Kumar  is working as an Academic Consultant in the School of Computer and Information Sciences (SOCIS) of Indira Ghandhi National Open University (IGNOU), New Delhi. He writes weekly technical columns based on IT and computer and also writes career related article in national newspaper like Hindustan, Amar Ujala for last 4-5 years as an IT expert. He has participated in various conferences.

 

Also, He is one of esteemed Expert Career Guide at MeraCareerGuide.com.

  

You can read Sanjeev Kumar’s recent article in Amar Ujala- on his weekly column "Digital Corner"

 

Headline: Cyber Security

 

Published Date: Wednesday, 19th October, 2011

   

 

Click here to read :  Cyber Security- Safe Career in Virtual World

 

 

 

 

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On 7 August, eccentric team of MeraCareerGuide.Com was on way to Agra. A change we all were looking for from quie a while. With never ending 'TO DO LIST' and amidst hundereds of anxious career queries, we needed a BREAK!!

 

With loads of fun, food and flicks; Agra trip was one amazing experience for all of us. We also had two guests on the trip Chirag (Nidhi's husband) and Anjali (Mide's friend) who made it even more fun!

Presenting few clicks:  

 

                                    

                           

 

                           

                                  

                                                                                                      
                                                                                                           

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In a lonely desert rose a city greater than heaven itself. Men and women flock to it, to find joy, fortunes, glory and themselves. Come this September, history will repeat itself as amidst the arid plains of Trichy will rise a new Vegas. Festember 11 - Vegas style!

 

 

 

For 4 days, NITT will shed skin and deck up in the glittering robes of glamour, fun and excitement. With in-numerous events, workshops, in-formals and pro-shows, Festember offers a simple promise - To blow your minds away!

 

True to its theme, everything will have a dose of "Vegas" to it! :) Be it a wheel of fortune to sweeten your day or a slot machine to test your luck; Festember is filled with small wonders for everyone!

 

If you are a Cultural Casanova or a literary wizard, your arena is awaiting you! If you are the one to roll up your sleeves and do things, then come enjoy our varied Workshops. Lastly,if you are the chilled out kind then see off the searing heat of day and await the Vegas themed party to move and groove till morn! 

 

 

Fest Dates: 22nd-25th September 2011

 

Event Web Site: www.festember.in

 

Contact Person: Deepika Ravi

 

E-mail ID: deepikaravi1993@gmail.com 

 

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Today education is the safest path to ensure a bright future. To meet the expenses of dream career of their children education loan has been like a boon which lessens the burden of parents to pay fees of the institute instead they take a loan from a bank for the period of time of course and the student himself pays the loan back after completion of the course.

 

That’s why education is considered to be an investment because in the end it’s your education that is going to pay you back. 

 

 

Here are basic details to avail higher education loan in India:

 

Maximum Loan Amount: Rs.10.00 Lacs.

 

Margin:

 

» Suppose you want to take A loan of 3 lacs then you have to give your own 15, 000 and rest bank

   will give. This is what margin means.

 

» Upto Rs. 4.00 lacs :- NIL

 

» Above Rs. 4.00 lacs :- 5%

 

  Student Eligibility:

 

» The applicant should be an Indian national.

 

» Applicant should be around 16-26 years of age or any other range specified by the bank.

 

» Applicant should have a good academic track record.

 

» Applicant must have secured admission to professional/technical courses, through entrance test/

   merit based selection process

 

» Applicant should have parents or guardians with stable source of income.

 

Coverage of expenses:

 

» Fee payable to college / Institution / University.

 

  » Examination / Library / Laboratory Fee.

 

» Fee and other charges payable to hostel.

 

» Purchase of books / equipments / instruments.

 

» Personal Computers / Laptops wherever required.

 

» Caution deposit / building fund / refundable deposit supported by institution bills / receipts.

 

» Any other expenses required to complete the course - like study tours, project works, thesis,

           etc.

 

Courses Eligible:

 

» All Graduation courses.

 

» All Post Graduation courses & Doctorate courses.

 

» Professional Courses viz. Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management,

   Computer, Ayurved, Homeopathy, Physiotherapy, Hotel Management, Hospital Management,

     Interior Designing, Architecture, Event Management, Mass Communication, Fashion Technology,

   etc.

 

» Courses conducted by IIM, IIT, IISc, XLRI. NIFT etc.

 

» Regular Degree/ Diploma courses like Aeronautical, pilot training, shipping etc, approved by

   Director General of Civil Aviation/shipping.

 

» Other courses leading to diploma /degree etc. conducted by colleges/universities approved by

   UGC/Govt./ AICTE/ AIBMS/ ICMR etc.

 

» Courses offered in India by reputed foreign Universities.

 

» Evening courses of institutes approved by state/Central/Govt./UGC/AICTE/AIBMS/ICMR/ICAR.

 

» Courses offered by National Institutes and other reputed private institutions. The College/Institute

   must have been approved by the State/Central Govt./UGC/AICTE, etc.

 

Repayment Holiday / Moratorium Period:

 

» Course period + 1 year or 6 months after getting job, whichever is earlier.

 

   Security:

 

» Upto Rs.4 lacs:  No security

 

» Above Rs.4.00 Lacs and up to Rs. 7.5 lacs: Collateral in the form of a suitable third

           party guarantee along with assignment of future income.

 

» Above Rs.7.5 lacs: Tangible collateral security equal to 100% of the loan

           amount along with assignment of future income

 

» Collateral is a borrower's  pledge of specific property to a lender, to secure repayment of a loan 

 

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Benefits:

One can avail income tax benefits on education loan.  The tax benefits on education loan are only valid once you start the repayment and moreover they are only available up to eight years. For instance if  your loan tenure exceeds eight years, you cannot claim for deductions beyond eight years.

 

Hence it is better that the education loan is repaid within eight years. one should not opt for education loan with longer tenure.

Tax Benefits on education loan can only be claimed if the loan has been taken in your own name. If your parents, spouse or sibling has taken the loan for your studies, then you are not entitled to get tax benefit.

The loan includes not only tuition or college fees but also other incidental expenses for pursuing such studies like hostel charges, transport charges etc.

 

Top Up Loans:

 

Banks may consider top up loans to students pursuing further studies within the overall eligibility limit, with appropriate  re-schedulement, subject to taking required security.

 

           » Banks may give loans for further studies to students already having a loan on the basis of

              collateral security.

           » Depending on the job prospective after the student will complete the course

           » Depending on the past academic record of the student.

 

 

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Following are checklists to avail education loan. Please go through them to see that your loan is sanctioned easily without any hassle. 

 

If it’s less than 4 lakhs:

 

Students Docs-

 

a) 10th, 12th, Graduation, marksheet and all passing certificate.

 

b) Selection letter and fees Structure.

 

c) 2 Passport size photographs.

 

d) Any govt photo id/pan card/voting card/driving license

 

e) Passport (must for study in abroad)

 

f) Identity proof with signature.

 

g) Experience proof (if working). 

 

Co-borrower Docs - (Salaried employee):

 

a) Last 8 months bank statement required of salary account

 

b) Last 3 months salary slip

 

c) Last 3 yrs form 16, ITR

 

d) Pan card

 

e) Residential proof (electricity bill, Voter Id, Passport)

 

f) 2 Passport size photographs.

 

g) Loan schedule in case of existing loan.

 

i)  If using more than one bank account then 6 month bank statement. 

 

If self employed:

 

a) Last 3 yrs ITR

 

b) Last 3 yrs profit and loss A/c

 

c) Last 8 months bank statement

 

d) Pan card

 

e) Residential proof

 

f) 2 Passport size photographs.

 

g) Loan schedule in case of existing loan.

 

i)  If using more than one bank account then 6 months bank statement.

 

This is for more than 4 lakhs and when you have to give some security which is called

collateral/ Collateral Docs: 

 

a) Property Docs - Xerox copy

 

b) Fixed Deposit

 

c) LIC policies (Xerox copy) - surrender value also mentioned

 

Guarantor docs:

 

a) 2 passport size photographs.

 

b) Photo id.

 

c) Residence proof (electricity bill). 

 

Some banks may not require all these documents but some of the important documents are: 

 

» Admission letter of the Educational Institute giving details of year wise fee, boarding and lodging expenses.

 

» Letter confirming scholarship, if any 

 

   » Attested copies of documents for proof of age/date of birth and proof of residential address.

 

» Passport size photo of the applicant, co-obligants and guarantors.

 

» Copy of mark sheets/degree certificates of previous academic qualifications.

 

» Income proof/latest income tax return of parents/co-obligants, guarantors. (if any)

 

» Details of collateral security along with valuation certificate of Govt approved valuer (if any).

 

» Details/statements of Bank accounts held by the student applicant/co-obligant(s)/guarantors (if any)
   for the last six months.

 

» Copy of Passport/Visa, cost of air fare (documentary detail) in case of studies abroad. 

 

  

 

 

 

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»  Credila	»  Allahabad Bank	»  Axis Bank
»  Bank of Baroda	»  Bank Of India	»  Bank of Maharashtra
»  Bank of Punjab	»  Bank of Rajasthan	»  Bassein Catholic Bank
»  Bharat Overseas Bank	»  Canara Bank	»  Catholic Syrian Bank
»  Central Bank of India	»  Centurion Bank of Punjab	»  Citi Bank
»  Andhra Bank	»  Corporation Bank	»  Dena Bank
»  Development Credit Bank	»  Dhanalakshmi Bank	»  Federal Bank
»  HDFC Bank	»  HSBC	»  ICICI Bank
»  Indian Bank	»  Indian Overseas Bank	»  IDBI Bank
»  ING Vysya Bank	»  Jammu & Kashmir Bank	»  Karnataka Bank
»  Karur Vyasa Bank	»  Lakshmi Vilas Bank	»  Oriental Bank of Commerce
»  Punjab & Sind Bank	»  Punjab National Bank	»  Ratnakar Bank
»  Saraswat Bank	»  SBI Commercial and International Bank	»  South Indian Bank
»  State Bank of Bikaner & Jaipur	»  State Bank of Hyderabad	»  State Bank of India (SBI)
»  State Bank of Indore	»  State Bank of Mysore	»  State Bank of Patiala
»  State Bank of Saurashtra	»  State Bank of Travancore	»  Syndicate Bank
»  Tamilnad Mercantile Bank Ltd	»  Thane Janata Sahakari Bank	»  UCO Bank
»  Union Bank of India	»  United Bank of India	»  United Western Bank
»  Vijaya Bank

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There are certain things that one must keep ready in order to make sure that the person gets loan as soon as possible.

 

• »  Ensure that you have secured confirmed admission


• »  Estimate the amount of loan required for the full course as banks have different rates of interests for different slabs of loan amount.


• »  Usually guarantors are required for sanctioning of loans so that if the applicant fails to pay the loan the same can be paid by the guarantor. Should have regular source of income to the extent that they are able to repay the loan in case of need/unforeseen circumstances


• »  Guarantors are essential for sanctioning of loans. Usually, a guarantor is required so that if the applicant fails or becomes incapable of repaying, the guarantor will be responsible for clearing the debt. Usually, a guarantor so chosen is a person with a net worth (i.e., annual income) equivalent to, or more than, the loan amount.


• »  Lastly keep all the documents ready.


• »  Apply on time to avoid later confusion. Banks usually take around 15-30 days for processing the documents.


• »  Some institutes/colleges even have tie ups with banks and even assist students in getting education loan.


• »  Enquire with the institute if it has any tie-ups with banks or whether it assists students in applying for educational loans. Most of the reputed colleges/institutes have a tie-up with certain banks for educational loans. The main criterion for these banks is confirmed admission. Hence, checking this out could be worthwhile.