Q.no:9 Can you explain the process of after getting a loan from SBI ?. How SBI send money to university ?. How to request for 1 semester, 2nd sem like that ?. Whom to contact after getting a loan from bank for further request for money ?
Q.no:10 What is the charge for prepayment fee in SBI ?. If my tenure is 15 years and suppose if i pay it in 5-7 years ?.. Is there any charge for that ?
Q.no: 11 During the course period, there is no need of repayment. However what is the interest say 10% to my money which i got from bank say 10lakh for first year . Is it simple interest during course period and how about after course period ?
Hi, my father is a retired government employee and is currently a pensioner. Can he be my coapplicant?
Q.no:12: Suppose if i get a loan for 50Lakhs INR. If my college grants financial aid for 2nd year then is it ok that i stop my loan amount limit by mentioning it to the bank ?
What if I less tuition fees like 2000 euro i.e around 4 lakhs
so can I get a loan of around 15-20 lakhs including the blocked account
Can there be different co-applicant and guarantee… Since my co-applicant is working person and guarantee is my father who is not working now…
Thanks for answering all my questions. U have enlighten me a lot.
Do you also help with the blocked account
what are the fees that are covered ?.. tution fee,living fee like that …any others ?
Replying on behalf of the speaker -
During the moratorium period of State Bank of India education loan, one does not have to pay anything. The repayment time starts after the completion of the course complemented with a default grace period of 6 months. However, one might have to pay interest per month in other banks’ education loan. The EMI calculator tool offered by GyanDhan.com is extremely useful. It is India’s only educational loan EMI calculator. With this tool you can easily predict the total interest to be paid, total payment (Principal+Interest) and the EMI to be paid per month. Repayment schedule can also be viewed with the help of this tool. So with a loan of INR 40 lakhs you would have to pay 62,111 rupees approximately.
Replying on behalf of the speaker -
Yes, you can but you need to be extremely careful in this process. If you go directly to the State Bank of India with this appeal then they will automatically reject your appeal. But GyanDhan.com helps their customers in these types of appeals. We help customers in getting loans from the Indian lenders. After getting your loan sanctioned from the bank, you can approach international players like MPower. We also coordinate with MPower financing and can help you. In this situation, MPower financing will have no problem but SBI will definitely reject your appeal of loan.
Replying on behalf of the speaker -
Section 80E provides you with the tax benefits. So for example, in a year if you are paying 1 lakh rupees as an interest then on that 1 lakh rupees you don’t have to pay tax to the government. It basically means that the tax is paid in the form of interest. All this eventually helps you in saving money. One has to avail this from the bank. Taking loan from the Non-Banking Financial Company (NBFC) will make you ineligible for the tax and this is one reason why you should take it from the bank.
Replying on behalf of the speaker -
SBI loan product is the same irrespective of the country especially in case of secured loans. But for a 15-20 lakh loan, we at GyanDhan.com will recommend you to take the loan from Bank of Baroda for better experience as the approval rate is higher.
Replying on behalf of the speaker -
The processing fee of SBI is 10,000 rupees + GST charges, which comes to Rs. 11,800/-. Evaluation charges may cost 7,000-15,000 rupees. The total processing fee including the evaluation charges will be 17,000-25,000 rupees. These charges vary according to the city. Processing fee of the bank is fixed but the processing fee of lawyer and evaluator varies from city to city and area to area.
Replying on behalf of the speaker -
A justification of the education gap is demanded by the bank. If the reason is genuine then there is no issue. But if the reason is inappropriate then a problem might arise. It basically depends on the case.
Replying on behalf of the speaker -
It depends on the location of the property, value of the property and how much amount is needed. In general, we recommend State Bank of India because of the better process and approval rates for a loan more than INR 20 lakh. But it greatly depends on the case.
Replying on behalf of the speaker -
It is mandatory to get a loan from where the collateral is situated because of the ease of property evaluation by the bank.
Replying on behalf of the speaker -
Yes, we at GyanDhan are doing the entire process free of cost because we are official education loan counselor and we get our share of money from the bank.
Replying on behalf of the speaker -
Yes, this block account is a very standard practice and we can definitely help you with this. But here again, the experience of a particular branch of a bank comes into picture.