The Institute provides financial advice and guidance to get support with the frame work of Bank funding availability.

Education loan facility has been offered from Bank of Maharashtra and various other Banks.

BANK of MAHARASHTRA has been providing Education Loans to our students. Our students have also been successfully getting loans from various public sector banks including Punjab National Bank, Bank of Baroda and various other nationalised banks. The students are required to fulfill the prescribed application process of the respective bank follwed by submission of all the required documents for the sanction and disbursal of the Education Loan.

The students shall get full support and cooperation from the institute in providing them necessary guidance regarding, process and procedures. However the students and their parents are required to pursue the matter with the respective bank.

Easy student loans are available from funding organisations to help the students fulfill their dreams.

Accurate Institute Provides support and assistance to the students and their relatives to facilitate the process of apply, getting the sanction and disbursement of the education loan.

Accurate Institute has special Tie-Up with Bank of Maharashtra who process the application of education loans at the optimum pace.
The students are required to submit the duly filled in application preferably to the nearest branch.

For more assistance regarding education Loan, please contact: 9711306813/ 9711306801-06 /9999 20 9090

The details regarding Education Loan as mentioned on the website of Indian Banks Association is mentioned for your ready reference.
The support and assistance may not be construed as guarantee on the part of the institution.

Banks providing Education Loans along with their web pages:

Sl.No.	Name of the Bank	webpage / website
1.	Allahabad Bank	http://www.allahabadbank.com/education.asp
2.	Andhra Bank	http://andhrabank.in/scripts/ABDrPattabhiVidyaJyothi.aspx
3.	Bank of Baroda	http://www.bankofbaroda.com/pfs/scholar.asp
4.	Bank of Maharashtra	http://www.bankofmaharashtra.in/credit_fac_edu.asp
5.	Canara Bank	http://www.canarabank.com/English/scripts/CanEduLoan.aspx
6.	Central bank of India	http://www.centralbankofindia.co.in/english/loan_vidyarthi.asp
7.	Corporation Bank	http://www.corpbank.com/asp/0100text.asp?presentID=110&headID=19
8.	Dena Bank	http://www.denabank.com/viewsection.jsp?lang=0&id=0,4,26,68
9.	Indian Bank	http://www.indianbank.in/educational_loan.htm
10.	Indian Overseas Bank	http://www.iob.in/vjothi.asp
11.	Oriental Bank of Commerce	http://www.obcindia.co.in/uniquepage.asp?id_pk=30
12.	Punjab and Sindh Bank	http://pnbindia.com/english_web/c_vidya.htm
13.	Punjab National Bank	http://pnbindia.com/english_web/c_vidya.htm
14.	State Bank of India	http://www.sbi.co.in/viewsection.jsp?id=0,1,20,118
15.	State Bank of Bikaner and Jaipur	http://sbbjbank.com/We_offer/pb_advance4.htm#SBBJ%20EDUCATION%20LOAN%20SCHEME
16.	State Bank of Hyderabad	http://www.sbhyd.com/advances_educationalloan.asp
17.	State Bank of Indore	http://www.onlinesbindore.com
18.	State Bank of Mysore	http://www.statebankofmysore.co.in/gnanamitra.htm
19.	State Bank of saurashtra	http://www.sbsbank.com/personal_loans.asp
20.	State Bank of Travancore	http://www.statebankoftravancore.com/domloan.htm#gjyothi
21.	Syndicate Bank	http://syndicatebank.in/scripts/SyndVidya.aspx
22.	Tamilnad Mercantile Bank Ltd.	http://www.tmb.in/r_education.htm
23.	Uco Bank	http://www.ucobank.com/loan.htm#EDUCATIONALLOAN
24.	Union Bank of India	http://www.unionbankofindia.co.in/ln_Union_Education.aspx
25.	United Bank of India	http://www.unitedbankofindia.com/education-loan.asp
26.	Vijaya Bank	'http://www.vijayabank.com
27.	Citibank	http://www.citibank.com.sg/global_docs/microsite/ln/el/gen_tc.pdf

FAQs regarding Education Loan

What does one needs to look at in order to choose a loan?

Ideally, take a loan from a bank located at your place of study or preferably from the branch ocated where you reside. This is because you will have better access to funds if you take a loan from the place of your study. Secondly, Make sure the repayment period starts only after six to twelve months after you begin your working life. And thirdly, Banks typically prefer to finance students who opt for traditional courses.

For What Professional Courses do Banks generally provide education loans ?

Management students are among the top choices for most of the banks. Technology students from the country's premier institutions can also get student loans from Banks and Medical and engineering college students.

Banks don’t provide loans for students with a bachelor's/master's in Arts . Also, for courses where employment prospects are less (as per Bank’s own evaluation), loans are sanctioned on the basis of the parents' income.

How much Loan you can get ?

Loan for Studies in India Most of the Public Sector Banks in India have categorized Student Loans in two categories. For Studies in India , Students can borrow up to Rs 4 lakh without providing any security or margin. A loan amount of Rs 4 lakhs to Rs 7.5 lakhs can be availed against a third-party guarantee. This loan comes with a five percent margin (what this means is that you will get five percent less the amount sanctioned as loan; you will have to put together the rest of the money). The third-party guarantee can come from an uncle, neighbor or friend standing guarantee for the full amount.

Overseas study loans : Amounts worth Rs 7 lakhs and above are usually sanctioned against fixed deposits, NSC certificates, property worth the loan amount and a margin amount of 15 percent (what this means, again, is that you will get 15 percent less the amount sanctioned as loan; you will have to put together the rest of the money). Also, if a loan below Rs 4 lakhs comes at x rate of interest, the loan over Rs 4 lakhs is usually charged one percent higher interest. The Reserve Bank of India prescribes the specifics (amount, rate, repayment period) of education loans and the government provides a two per cent subsidy on these loans to the banks.

Important Note : Indian Banks’ Association (IBA) has recently formed a working group to address the issue of student loans and the rising rate of default. The group has submitted its findings to the Reserve Bank of India and the main suggestion is to make it mandatory for parents or guardians, of the student borrowing loans, to be co-borrowers thereby making them liable for repayment.

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

What are the Documents required for applying a Student Loan ?

All students are required to submit mark sheets of last qualifying examination, poof of admission scholarship, schedule of expenses for the specified course, his/her bank account statement for the last six months, an income tax assessment order for the previous two years, a brief statement of assets and liabilities, of the co-borrower, which is usually the parent or guardian and proof of income, if any.

Some banks require all or any of the following documents as pre sanction documents:

To furnish the following documents along with the completed application form. Relevant information would relate to the guardian and the student both, when the loan is jointly taken.

1)Mark sheet of last qualifying examination for school and graduate studies in India
2)Proof of admission to the course
3)Schedule of expenses for the course
4)Copies of letter confirming scholarship, etc.
5)Copies of foreign exchange permit, if applicable.
6) 2 passport size photographs
7) Statement of Bank account for the last six months of borrower.
8) Income tax assessment order not more than 2 years old
9) Brief statement of assets and liabilities of borrower.
10)If you are not an existing bank customer you would also need to establish your identity and give proof of residence.

What is the Interest rate charged for Student/education loan ?

Most banks are vying with each other to aggressively market personal loans. The student loan segment is being viewed as vast untapped potential. Citibank and ICICI Bank are offering equally competitive schemes. Almost every prominent bank in the country has a student loan scheme in some form. What matters the most to an individual is obviously the cost of credit the terms and conditions for education loans. These, like any other loan, vary among banks. Besides pricing of the product, the most important thing is documentation requirement and the quality of service offered by the bank and the speed at which the loan is approved.

Some banks, such as SBI, also give you a choice between fixed and floating interest rate. Whereas, private and foreign banks offer loans with a fixed interest rate, some banks charge interest on a daily or monthly reducing balance.

Eligibility for getting a loan:

The applicant should be an India National
The applicant must have secured admission to professional/ technical courses through Entrance Test/    Selection process
Secured admission to foreign university/ Institution

Which Banks are offering Education Loans in India ?

REVISED MODEL EDUCATIONAL LOAN SCHEME FOR PURSUING HIGHER STUDIES IN INDIA AND ABROAD

1. INTRODUCTION:

Education is central to the Human Resources Development and empowerment in any country. National and State level policies are framed to ensure that this basic need of the population is met through appropriate public and private sector initiatives. While government endeavour to provide primary education to all on a universal basis, higher education is progressively moving into the domain of private sector. With a gradual reduction in government subsidies higher education is getting more and more costly and hence the need for institutional funding in this area.

The scope of education has widened both in India and abroad covering new courses in diversified areas. Development of human capital is a national priority and it should be the endeavour of all that no deserving student is denied opportunity to pursue higher education for want of financial support. Loans for education should be seen as an investment for economic development and prosperity. Knowledge and information would be the driving force for economic growth in the coming years.

Based on recommendations made by a Study Group, IBA had prepared a Model Educational Loan Scheme in the year 2001 which was advised to banks for implementation by Reserve Bank of India vide circular No.RPCD.PLNFS.BC.NO.83/06.12.05/2000-01 dated April 28, 2001 along with certain modifications suggested by the Government of India. In line with the announcement made by the Hon'ble Finance Minister in his Budget Speech for the year 2004-05, IBA had communicated certain changes in the security norms applicable to educational loans with limits above Rs.4 lakhs and up to Rs. 7.5 lakhs.

We have been receiving enquiries from members seeking clarifications on the various provisions of the scheme based on feedback received from the branches. With a view to ensure that the scheme is implemented in letter and spirit, it was decided to review the scheme and make modifications in the scheme to facilitate smooth operation at bank branches. Towards this, a Working Group of General Managers drawn from select banks was constituted at IBA. This revised model scheme has been prepared based on the suggestions made by the Group.

2. OBJECTIVES OF THE SCHEME :

The Educational Loan Scheme outlined below aims at providing financial support from the banking system to deserving/ meritorious students for pursuing higher education in India and abroad. The main emphasis is that every meritorious student though poor is provided with an opportunity to pursue education with the financial support from the banking system with affordable terms and conditions. No deserving student is denied an opportunity to pursue higher education for want of financial support.

3. APPLICABILITY OF THE SCHEME:

The scheme detailed below could be adopted by all Commercial Banks. The scheme provides broad guidelines to the banks for operationalising the educational loan scheme and the implementing bank will have the discretion to make changes suiting to the convenience of the students/ parents to make it more customer friendly.

The scheme details are as under :

4. ELIGIBILITY CRITERIA :

4.1 Student eligibility:

4.2 Courses eligible

a. Studies in India: (Indicative list)

b. Studies abroad :-

4.3 Expenses considered for loan :

• Fee payable to college/ school/ hostel.
• Examination/ Library/ Laboratory fee.
• Purchase of books/ equipments/ instruments/ uniforms.
• Caution deposit, Building fund/refundable deposit supported by Institution bills/receipts, subject to the condition that the amount does not exceed 10% of the total tuition fees for the entire course.
• Travel expenses/ passage money for studies abroad.
• Purchase of computers - essential for completion of the course.
• Insurance premium for student borrower
• Any other expense required to complete the course - like study tours, project work, thesis, etc.
  
  
  

5. QUANTUM OF FINANCE:

Need based finance subject to repaying capacity of the parents/ students with margin and the following ceilings.

• Studies in India - Maximum Rs.10.00 lacs.
• Studies abroad - Maximum Rs.20 lacs
  

6. MARGIN :

- Scholarship/ assistantship to be included in margin.
- Margin may be brought-in on year-to-year basis as and when disbursements are
made on a pro-rata basis.

7. SECURITY :

Note:-

• The loan documents should be executed by both the student and the parent/ guardian as joint-borrower.
• The security can be in the form of land/ building/ Govt. securities/ Public Sector Bonds/Units of UTI, NSC, KVP, life policy, gold, shares/mutual fund units/debentures, bank deposit in the name of student/ parent/ guardian or any other third party with suitable margin.
• Wherever the land/ building is already mortgaged, the unencumbered portion can be taken as security on second charge basis provided it covers the required loan amount.
• In case the loan is given for purchase of computer, the computer has to be hypothecated to the Bank.
  

8. RATE OF INTEREST :

Government of India in consultation with Reserve Bank of India (RBI) and Indian Banker's Association (IBA) has framed a Comprehensive Educational Loan Scheme to ensure that no deserving student in the Country is deprived of higher education for want of finances. The new scheme covers all type of courses including professional courses in schools and colleges in India and abroad.

The Salient features of the scheme are as under:

• The scheme envisages loans up to Rs.7.5 lakh for studies in India and up to Rs. 15 lakh for studies abroad.

• For loans up to Rs. 4 lakh no collateral or margin is required and the interest rate is not to exceed the Prime Lending Rates (PLR). For loans above Rs. 4 lakh the interest rate will not exceed PLR plus 1 percent.

• The loans are to be repaid over a period of 5 to 7 years with provision of grace period of one year after completion of studies

Tax Benefit

Repayment of an education loan is deductible under section 80E of the Income Tax Act. The yearly limit for deduction is Rs. 40,000 (for both the principal and the interest). Only loans taken for higher education - fulltime studies in any graduate or post-graduate, professional, and pure and applied science courses - may claim deduction. The deduction will be available for a maximum of eight years starting from the day you start repaying.

Equitable Access to quality higher education has been a concern of the University Grants Commission. To this purpose the Commission, besides encouraging colleges and universities to provide for liberal financial support to the meritorious but needy students, has also been instrumental in educational loan scheme. The Reserve Bank of India (RBI) has issued guidelines in this regard to all commercial banks. A large number of banks have already launched educational loan schemes. Provided below are links to the respective website of individual banks offering such facilities.