Education loan SDS requirement for Jan2021

[Nottanyaverma]

Okay but as I have seen cases it is very difficult to get loans from PSUs and specifically education loans. You will have actual idea after getting it approved. They may put new conditions out of box to secure your loan at some level and you will realise how small amount you will get at the end.
I had such experience with BOI for my close relative.

That's what I'm afraid of

 

[Bhairav]

That's what I'm afraid of

I had clear word from very good contacts from credila that people will not get unsecured education loan for international study from banks even though their representatives assures about approval, it will get rejected with one or another reason. And suggested to never try unsecured/ partial loan from any bank.

 

[Nottanyaverma]

I had clear word from very good contacts from credila that people will not get unsecured education loan for international study from banks even though their representatives assures about approval, it will get rejected with one or another reason. And suggested to never try unsecured/ partial loan from any bank.

wow, guess I'll see in a week's time :/ Else, I'll go with a secured loan since I have enough time. Thank you for your help though!!

 

[Nottanyaverma]

I had clear word from very good contacts from credila that people will not get unsecured education loan for international study from banks even though their representatives assures about approval, it will get rejected with one or another reason. And suggested to never try unsecured/ partial loan from any bank.

You were RIGHT. My bank called me just now and asked to pledge my FDs against the unsecured loan??!?!?! That's so absurd, it's an UNSECURED loan for a reason, pledging my FDs against the loan would make it secure.

 

[Nottanyaverma]

You can try with HDFC credila as well. They are fast as well as no such requirement of collateral. and they can give loan upto 20 Lakh.

How much is the ROI?

 

[Bhairav]

You were RIGHT. My bank called me just now and asked to pledge my FDs against the unsecured loan??!?!?! That's so absurd, it's an UNSECURED loan for a reason, pledging my FDs against the loan would make it secure.

That's why I told you I had multiple experience with my relatives loan file.

 

[sarab1402]

How much is the ROI?

10-14 (Max) depend on amount & payback time.

 

[Simmidas]

I would suggest you guys to check with ICICI Bank. They offer unsecured loan for international education and it's very quick. I managed to get unsecured loan of a higher value @ 10.75%. Initially I got my loan approved from SBI @ 9% using WMS but that was secured and was of a much lesser amount. So I went ahead ICICI. Also note that there is also a huge difference in the Moratorium when taking from different banks. The benefit with PSU is that you will get a moratorium period but Private Banks will ask for simple interest payment right after the disbursement.

 

[Nottanyaverma]

I would suggest you guys to check with ICICI Bank. They offer unsecured loan for international education and it's very quick. I managed to get unsecured loan of a higher value @ 10.75%. Initially I got my loan approved from SBI @ 9% using WMS but that was secured and was of a much lesser amount. So I went ahead ICICI. Also note that there is also a huge difference in the Moratorium when taking from different banks. The benefit with PSU is that you will get a moratorium period but Private Banks will ask for simple interest payment right after the disbursement.

I checked with ICICI but they offered me 12% :/

 

[arindam.d]

In ICICI, if we have job experience, then we can take loan on the basis of that. We have to deposited (in the form of FD) the interest amount.

 

[Nottanyaverma]

I would suggest you guys to check with ICICI Bank. They offer unsecured loan for international education and it's very quick. I managed to get unsecured loan of a higher value @ 10.75%. Initially I got my loan approved from SBI @ 9% using WMS but that was secured and was of a much lesser amount. So I went ahead ICICI. Also note that there is also a huge difference in the Moratorium when taking from different banks. The benefit with PSU is that you will get a moratorium period but Private Banks will ask for simple interest payment right after the disbursement.

Did you connect with WMS for the unsecured loan at ICICI? which branch did you go to?

 

[Simmidas]

Did you connect with WMS for the unsecured loan at ICICI? which branch did you go to?

We didn't go through WMS for ICICI. Did it on our own. But WMS also has a tie up with ICICI

 

[Ironclad]

It's generally not suggested to take loans SDS or not for foreign studies. Take some time for yourself off this forum and make a proper decision.

A lot of my friends did this and are suffering in a debit trap with exorbitant interest rates.

 

[Ashish786]

Hello guys
I applied canada visa in sds and show my dad and mom itr(4.5 and 3.5 lakhs) and also attached loan disbursement from bank is that enough to get visa or anything else .please reply

 

[Nottanyaverma]

Hello guys
I applied canada visa in sds and show my dad and mom itr(4.5 and 3.5 lakhs) and also attached loan disbursement from bank is that enough to get visa or anything else .please reply

Depends on how much your tuition fee is