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How to get the right education loan


Neither a borrower nor a lender be," William Shakespeare had written in Hamlet. Trying to go by this today, however, seems an impossible task.

Whether it is for buying a house or a car or pursuing higher studies, loans are common today. With college fees increasing every year, many have no option but to opt for education loans. For undergraduate engineering courses, the fees could be Rs 5-10 lakh, while for a five-year medical course at a private college, this could go up to Rs 50 lakh. For post-graduate courses such as those on management, fees could be more than Rs 10 lakh.

Fees at private colleges are higher than in government colleges.
WHAT YOU NEED FOR AN EDUCATION LOAN
  • Co-applicant is a must; can be parents, spouse, siblings
  • For loans between Rs 4-7.5 lakh third-party guarantor is required
  • For loans above Rs  7.5 lakh lender will ask for collateral
  • Repayment starts six months to one year after completion of the course
  • Default in payment will affect credit history of student and co applicant
  • If student goes abroad, lender will recover from co-applicant, that is, parents
  • For abroad studies, loan alone might not suffice; look for part-time job or sponsorship
  • Insurance is compulsory for foreign courses

Ajay Bohora, chief executive, Credila Financial Services, an HDFC Ltd company, says, "We have been noticing a surge in the number of students going abroad for undergraduate studies. Many students have started opting for the US for undergraduate studies," he says.

Banks offer loans of up to Rs 10 lakh for courses in Indian colleges and up to Rs 20 lakh for studies abroad, according to Indian Banks' Association norms. But for post-graduate courses in premier management colleges in India, such as the Indian Institutes of Management, banks offer loans of up to Rs 20 lakh. While the size of a loan depends on the course and the college, the ticket-size of student loans in India ranges between Rs 2 lakh and Rs 22 lakh, the average ticket size being about Rs 5 lakh, says Bohora.

These loans cover fees for tuition, examination, library, laboratory and hostel; money for purchasing books, equipment, instruments and uniform; travel expenses for studies abroad; caution deposit or refundable deposit, etc. In some cases, there are limits on some of these items. The loan also pays for expenses on study tours and project work.

Conditions for sanctioning a loan
While sanctioning a loan, a lender will check if a student has actually secured admission to a course, the quality of the college and the course (whether it is recognised by the University Grants Commission or the All India Council for Technical Education), if the student has the ability to secure an appropriate job after the course and the credit history of the co-applicant or guarantor. In case the loan is backed by collateral such as property (in case of high-ticket loans), lenders also consider the value of the property.

Under education loans, fees for tuition, examinations, library, etc, are paid directly to colleges.

Co-borrowers and guarantors
All education loans must have a co-applicant, usually a parent. In some cases, a sibling or spouse suffices.

If the loan amount is less than 
Rs 4 lakh, for instance, loans for nursing courses, the lender doesn't seek a guarantor or security. For loans of Rs 4 to Rs 7.5 lakh, a third-party is guarantor is required, while for loans exceeding Rs 7.5 lakh, lenders insist on collateral, usually property. Defaults in education loans affect the credit histories of both the borrower and the co-borrower.

"The guarantor has to be someone other than the parent, with a sound financial condition. We insist on this because we are not sure of the student's ability to repay. There are cases of wilful default in which a student goes abroad after studies and does not repay the loan. In such cases, we recover the money from the parents. If there is collateral such as property that has been mortgaged, we can use Sarfaesi (Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest) Act, 2002," says a bank official.

Interest rates
Currently, interest on education loans is between 11.75 per cent and 14.75 per cent, depending on the loan amount and the college concerned. For premier institutions, lenders offer a discount of 25 basis points. Public sector banks offer a discount of 25 basis points to female students, says the bank official.

Repayment terms
After the completion of the course, those taking education loans get a moratorium of six months to a year, before they start repaying. In the case of an engineering course, students get four years (the course duration), along with an additional year, to start repaying. The repayment has to start a year after the course is over, even if the student doesn't manage to secure a job. Once the repayment starts, the borrower can avail of benefits under Section 80-E of the Income-Tax Act.

Why should you take a loan?
While a loan might not be sufficient to meet the entire cost of an educational course, it could be a great help. "These days, many parents decide to let their children take education loans just to ensure they learn financial discipline. Parents tend to retain their savings for emergencies or unforeseen expenses," says Bohora.

Usually, it is the first loan a student avails of and, therefore, by repaying on time, students can build good credit histories; this will be of immense help when they seek to avail of automobile loans, home loans, credit cards, etc. "With timely education loan repayment histories, students have been building great credit scores for themselves. In many cases, they get pre-approved loans for other requirements, based on impressive credit scores," Bohora adds.

Overseas studies
In the case of studies abroad, students must consider additional sources of funding such as scholarships or part-time jobs, as the funds required are quite high says Suresh Sadagopan, founder, Ladder7 Financial Services. "Given a post-graduate course in a country such as the US could cost up to Rs 30 lakh, or more, per year, it is not possible for parents to fund a child's education on their own. And, dipping into their retirement savings for this purpose is not advisable. That is why in many cases, even if the student takes a loan, we advise them to look for a part-time job," he says.

If the tuition fees for a college in India are between Rs 50,000-Rs 2 lakh, the same outside India could be five to 10 times, says Vinayak Kamath, Director, Gee Bee Education. While undergraduate diplomas in some countries, like New Zealand and Canada, can be completed on bank loan, for graduate courses additional funds are a must.

Insurance, which is compulsory for foreign studies, is another added cost. The sum assured can vary between a minimum of $50,000 to $250,000 (Rs 30 lakh to Rs 1.5 crore).

"The sum assured will depend on the kind of college. Some colleges insist on a particular amount of insurance and some even insist that the student buys it from a local insurance company. That can be more expensive than buying a policy from an Indian insurance company," says M Ravichandran, president, insurance, Tata AIG General Insurance.

The premiums can vary from Rs 8,500 - 10,000 per year for students travelling to UK, Australia and from Rs 20,000-30,000 per year to those travelling to USA. Typically, the insurance covers study interruption, sponsor protection, compassionate visit apart from accident and sickness reimbursement and personal accident. "The policy also covers expenses if the student is hospitalised for drug abuse or for rehabilitation. We have seen incidents like this, since in most cases the students are going abroad for the first time,'' Ravichandran says.

There is always a risk the student may not get a job immediately after completing the course. So, parents have to be prepared for such a scenario, Sadagopan adds.

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NERIST Recruitment 2016

NERIST Recruitment 2016 : North Eastern Regional Institute of Science and Technology Notification ::
NORTH EASTERN REGIONAL INSTITUTE OF SCIENCE AND TECHNOLOGY, Department of Chemistry, Arunachal Pradesh has issued Notification for the Recruitment of Project Assistant posts on purely temporary Basis.Eligible candidates may attend Interview on 29.01.2016 (www.nerist.ac.in). Further details of Age, pay Scale & other details see on below..
Important Dates Remember :
Date of Interview : 29th January 2016. 
Education Qualifications :
  • Project Title – Metallo-isoporphyrin: A biomimetic catalyst and a promising photosensitizer in photodynamic therapy
  • Master Degree in Chemistry (Inorganic Chemistry) from recognized University.
  • Must NET/GATE Examination qualify Score is preferable
Pay Scale :
Selected candidate will be paid monthly remuneration at the rate of Rs.16000/-
Selection Mode :
Candidates selection made will be on basis of Interview Performance skills.
How to Apply :
Candidates are requested fill the application format (Bio-Data) form send by e.mail address
E.mail Address : jbhuyan7@gmail.com
Address : The Principal Investigator, Dr. J. Bhuyan, Assistant Professor, Department of Chemistry by
The Application format available in the official Notification file and filled in a white sheet as on full details of application, affixed recent passport size color photograph, all Original certificates, one set of photocopies submit at the time of an Interview Venue.

Venue : North Eastern Regional Institute of Science and Technology, Department of Chemistry, Arunachal Pradesh.

AAU Recruitment 2016-Teaching Faculty (91) Jobs

Anand Agriculture University (AAU) Recruitment 2016 : Anand Agriculture University Notification :: 
ANAND AGRICULTURE UNIVERSITY, has issued Notification for the Recruitment of 91 Teaching Faculty posts. Eligible candidates may apply through online Application reach on before 27.01.2016 (www.aau.in). Further details of Age, pay Scale, Fee & other details see on below..
Important Dates Remember :
Advertisement No : 02/2015, 03/2015.
Starting date of Online Registration : 30th December 2015.
Online Registration last date : 27th January 2016.
Application fee deposit last date : 30th December 2015 to 21st January 2016.
Last date for receiving Hard copy with Certificates : 30th January 2016. 
Post/Vacancy Details :
Backlog Vacancies (Advt.No.2/2015) :
  • Professor (Agriculture) – 02 posts
  • Professor (Veterinary Science) – 01 post
  • Professor (Dairy) – 01 post
  • Associate Professor  (Agriculture) –06 posts
  • Associate Professor (Veterinary Science) – 02 posts
  • Associate Professor (Dairy) – 01 post
  • Assistant Professor (Agriculture) – 09 posts
  • Assistant Professor  (Veterinary Science) – 01 post
  • Assistant Professor  (Diary) –2 posts
Advt.No.3/2015 :
  • Principal (AET) – 01 post
  • Principal (Dairy) – 01 post
  • Professor (Agriculture) –05 posts
  • Professor (IABMI) – 01 post
  • Associate Professor (Agriculture) – 25 posts
  • Associate Professor (AIT) – 01 post
  • Associate Professor (IABMI) – 01 post
  • Assistant Professor (Agriculture) – 27 posts
  • Assistant Professor (Veterinary Science) – 01 post
  • Assistant Professor (Dairy) – 01 post
  • Assistant Professor (AET) – 01 post
  • Assistant Professor (IABMI) – 01 post
Education Qualifications :
Professor :
  • Ph.D in Agricultural Statistics/Agronomy/Extension Education/Horticulture (Vegetable Science)/Horticulture (Floriculture)/Plant Breeding & Genetics/Agricultural Economics/Agricultural Chemistry & Soil Science (OR)
  • Ph.D in Pharmacology/Anatomy/Pathology/Surgery (OR)
  • Ph.D in Dairy Technology/Dairy Microbiology from recognized University.
  • Minimum ten years Teaching/Research experience
  • Maximum age limit 55 years
  • Pay Scale Range Rs.37400-67000/- with Grade Pay Rs.10000/-
Associate Professor :
  • Ph.D/Master Degree in Agricultural Statistics/Agronomy/Extension Education/Horticulture (Vegetable Science)/Horticulture (Floriculture)/Plant Breeding & Genetics/Agricultural Economics/Agricultural Chemistry & Soil Science with 55% marks merit (OR)
  • Ph.D/Master Degree in Pharmacology/Anatomy/Pathology/Surgery with 55% marks merit  (OR)
  • Ph.D/Master Degree in Dairy Technology/Dairy Microbiology with 55% marks merit from recognized University.
  • Minimum eight years of experience of teaching or research in an academic/research position
  • Maximum age limit 45 years
  • Pay Scale Range Rs.37400-67000/- with Grade Pay Rs.8000/-
Assistant Professor :
  • Master Degree in Agricultural Statistics/Agronomy/Extension Education/Horticulture (Vegetable Science)/Horticulture (Floriculture)/Plant Breeding & Genetics/Agricultural Economics/Agricultural Chemistry & Soil Science with 55% marks merit (OR)
  • Master Degree in Pharmacology/Anatomy/Pathology/Surgery with 55% marks merit  (OR)
  • Master Degree in Dairy Technology/Dairy Microbiology with 55% marks merit from recognized University.
  • Must have cleared the National Eligibility Test (NET) conducted by the UGC / CSIR / ICAR / similar test conducted by the State Government
  • Maximum age limit 35 years
  • Pay Scale Range Rs.15600-39100/- with Grade Pay Rs.6000/-
Principal :
  • Ph.D/Master Degree in Agricultural Statistics/Agronomy/Extension Education/Horticulture (Vegetable Science)/Horticulture (Floriculture)/Plant Breeding & Genetics/Agricultural Economics/Agricultural Chemistry & Soil Science with 55% marks merit (OR)
  • Ph.D/Master Degree in Pharmacology/Anatomy/Pathology/Surgery with 55% marks merit  (OR)
  • Ph.D/Master Degree in Dairy Technology/Dairy Microbiology with 55% marks merit from recognized University.
  • 15 years of teaching/research/administration in Universities, Colleges and other Institutions
  • Maximum age limit 55 years
  • Pay Scale Range Rs.37400-67000/- with Grade Pay Rs.10000/-
Processing Fee :
  • General Category – Rs.1000/-
  • SC/ST/SEBC/PH categories – Rs.250/-
  • Payment by bank challan system, download from official website and payment of processing fee in cash in any of the branch of State Bank of India.
Download Official Notification file
Advt.No.Notification Link
2/2015
3/2015
How to Apply :
Eligible candidates have to apply through online through AAU official Website and get unique Registration ID on before 27.01.2016.Candidates may take printout of the submitted application , paste recent  passport size photo in the space indicated , signatures in the space provided and send all required certificates, Registration print copy supercribed the Recruitment to the post of —– Post Name— Advertisement No.— addressed on before 30.01.2016.

PGIMR Recruitment 2016-Scientist Jobs

PGIMR Recruitment 2016 : Postgraduate Institute of Medical Sciences Notification ::
POSTGRADUATE INSTITUTE OF MEDICAL SCIENCES, Rohtak has issued Notification for the Recruitment of Scientist –B post. Eligible candidates may attend Interview on 08.01.2016 (www.pgimsrohtak.nic.in). Further details see on below..
Important Dates Remember :
Date of Interview : 08th January 2016. 
Education Qualifications :
  • MBBS Degree from any Medical Institution.
  • Monthly Consolidated Remuneration Rs.58538/-
Selection Mode :
Candidates selection will be on basis of Interview Performance skills.
How to Apply :
The Application format available in the official Notification file and filled in a white sheet as on full details of application, affixed recent passport size color photograph, all Original certificates, one set of photocopies submit at the time of an Interview Venue.
Venue : Office of the Director, PGIMS, Rohtak.

Odisha PSC Recruitment 2016-Assistant Professor (88) Jobs

Odisha PSC Recruitment  2016 : Odisha Public Service Commission Notification ::
ODISHA PUBLIC SERVICE COMMISSION, Govt.of Odisha has issued Notification for the Recruitment of 88 Assistant Professor (Super Specialist & Specialist)  posts. Eligible candidates may apply through online Application reach on before 30.01.2016 (www.opsc.gov.in). Further details of Age, pay Scale, Fee & other details see on below..
Important Dates Remember :
Advertisement No : 17 OF 2015-16.
Online Registration Last Date : 07th January 2016.
Online Registration last date : 30th January 2016.
Last date of Print Copy & Documents submission : 15th February 2016.
Last date for payment of Deposit fee : 01st February 2016.
Post/Vacancy Details :
Assistant professor (Super Specialty), Health & Family Welfare Department of Government of Odisha :
  • Cardiology – 02 posts
  • Nephrology- 01 post
  • Neurology – 01 post
  • Neurosurgery – 01 post
Assistant Professor (Specialist), Health & Family Welfare Department of Government of Odisha :
  •  Anaesthesiology- 06 posts
  • Anatomy – 05 posts
  • Bio-Chemistry – 05 posts
  • FMT – 01 post
  • Medicine – 09 posts
  • Microbiology –03 posts
  • Obstetrics & Gynaecology – 05 posts
  • Ophthalmology – 02 posts
  • Orthopedic Surgery –04 posts
  • Pediatric  – 06 posts
  • Pathology – 08 posts
  • Pharmacology – 02 posts
  • Physiology –04 posts
  • Radio-Diagnosis – 04 posts
  • Radio-Therapy – 02 posts
  • SPM – 03 posts
  • Skin & V.D – 01 post
  • Surgery – 07 posts
  • TB & C.D – 01 post
  • Transfusion Medicine –01 post
  • Emergency Medicine – 01 post
  • Dentistry – 02 post
Education Qualifications :
  • MBBS Degree from any MCI Recognized Institution.
  • Post .Graduation/Diploma (MD/MD/M.Ch) in relevant subject from recognized Institution.
  • Must be Registered Odisha Medical Council/Indian Medical Council certificate.
  • Three years experience in teaching as Tutor/Senior Resident.

Pay Scale :
Monthly pay band Rs.15600-39100/- with Grade pay Rs.8000/-
Application Fee :
Candidates have to pay Application fee Rs.200/- and no fee charges for SC/ST/PH (not less than 40% disability) Categories.Fee paid by Online Challan (SBI) form only.
How to Apply :

Eligible candidates have to apply through online through OPSC official Website and get unique Registration ID on before 30.01.2016 .Candidates may take printout of the submitted application , paste recent  passport size photo in the space indicated , signatures in the space provided and send all required certificates, Registration print copy supercribed the Recruitment to the post of —– Post Name— Advertisement No.— addressed on before 15.02.2016.