Replying on behalf of the speaker -
Yes, you can combine tangible and intangible assets as well. It can be of your parents.
Replying on behalf of the speaker -
In the secured loan, the income is not a factor. You don’t need a co-applicant. Your father can become your co-applicant and owner of the property. In the case of an unsecured loan, you can take your brother as your co applicant.
Replying on behalf of the speaker -
For a loan amount of 17 lakhs, the value of the FD should be at least 17 lakhs as well. Also, it needs to be in the same bank. So, if your FD is in some other bank and you take an education loan from Axis or SBI then your FD will get transferred to the same bank.
Replying on behalf of the speaker -
Two months to six months if you directly go to the SBI. The process involves property evaluation and a legal evaluator, which takes time.
If you apply for a loan via GyanDhan, the loan process will get done in 15 to 20 working days.
Replying on behalf of the speaker -
Yes, it is possible. But that is something you need to tell us upfront so that we can let the bank know that the living expenses need to get transferred to this particular card.
Replying on behalf of the speaker -
If you opt for the new tax system, it is not beneficial at all. Opting for the old tax system is beneficial for the applicant.
Replying on behalf of the speaker -
Yes. You can use the sanction letter to get the i20 from the university.
Earlier the banks used to ask for the i20 to give the sanction letter. But to get the i20, you required the sanction letter. It was a vicious cycle. GyanDhan had a major role in getting this pattern changed. So now you can get the sanction letter first. We can even help you get a sanction letter without getting an admit letter. For example, if you have applied to five universities, you can get the sanction letter, which can be used as proof of funds later at the time of application. Loan is automatically approved if you get admission in the five universities you have applied to.
Replying on behalf of the speaker -
I would suggest taking a loan with the property as your collateral. If you take a loan with FD, the money is stuck. If in the next five years you want to use the FD money, you won’t be able to as it is attached to your loan account. So, personally I would suggest you take the loan against property and let the money be free for emergency use. It is a personal choice in the end. If you take it against the FD, you will still get the interest on it and it will be added to your FD amount. Just that you won’t be able to break the FD when needed.
Replying on behalf of the speaker -
Yes, he can avail tax benefits under Section 80E. But in secured loans, you are not required to pay interest while you study. There is no such benefit of paying interest during the study period. But if you want, you can pay the interest. There is no compulsion. It is completely up to you.