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Satkam Divya, Personal Finance Expert

Posted on Monday, September 21, 2009

Satkam Divya, Personal Finance Expert

satkam divyaConducted on September 21 @ 3:00 PM

 

navjot: Hi, I am planing to study in New Zealand, and need a loan to fullfil financial expences for my study ( Diploma in Information Technology ), which is seven lakh rupees. but do not want to give my property as collateral security, and all banks are demanding a collateral security. So please help me out of this.

 

SatkamDivya:  There is no way for that, for 7 lacs rupees loan you have to give security

 

varshi:  hi this is varshit dalal....b.tech passed out in 2008...trading in stocks since 1 year....certified in ncfm capital markets,derivatives markets n options strategies modules......should i get into mba now n how cn i procure a loan for the same....will mba finance be the best option as i want to get into a brokerage firm soon...thank u

 

SatkamDivya:  MBA finance will open many other career options too but yes you can do get into a brokerage firm and getting loan is generally easy in the MBA colleges, especially if you are in top MBA college

 

pooja: hi sir, I'm from middleclass Family, so cannot afford the fees of IIM so would u pls suggest me the Bank which will provide me a loan of 12-13 lacs with lower interest...N also is there any scholarship provided by the bank?

 

SatkamDivya:  Scholarship is not available from the banks, Govt. might have it time to time and PSUs banks would give you cheaper rates

 

raghavendra:  hello sir, could you pls throw some light on how a middle class person can finance an international mba with all in all costs reaching upto more than 42-45 lakhs for top mba collegs and with low scolarship options available for asian particularly indian students ....

 

SatkamDivya:  It is difficult to get education loan for that big a amount as max limit is 20 lacs only but if you have a property then possibly you can get Loan against property for the balance amount

 

Siddhartha:  Hi, I 've a plan to study MBA in the US.But the US ersities charge exorbitantly high fees.What's the maximum amount I can get from any Indian bank. In this regard which bank/ institute is best?

 

SatkamDivya: Maximum amount of loan for studying in abroad is 20 lacs only, since interest rates keep on changing, so it is better you check with the banks for the cheapest option.

 

Yojak to  SatkamDivya:  hi..i will be applying to US Bschools in Nov....as u are aware tuition costs $40-$50K...while i have saved approx $30K i would require loan fo the remaining $20K...would it be poss for me to get this loan from INDIA with my father as a co-signer who currently works in the US? 

 

mahesh:  hellow sir can i get education loan for mba without any mortgage?

 

SatkamDivya:  Yes you can get loan from India

SatkamDivya:  Yes without mortgage loan can be taken only upto 4 lacs

 

Alina: Hi,planning to study in London,and need a financial help to fulfill my expenses which is 7lakh(MBA)...Im pursuing B.Tech(Biotech)-4th yr...could you pls tell me what to do?

 

SatkamDivya:  You can take a education loan of around 7 lakhs from the banks and You can try PSU banks or private banks for comparing rates and go ahead but yes you will have to have security against that loan

 

kunwar:  Hi sir, this is kunwar singh... b.tech 2006 working in IT for 3 yrs. I am planning to study in US(MBA program) and would needed advice for arranging financial assistance for the same. My wife is also an IT professional with same exp and she wud also like to pursue her MBA... My sister and her husband are US citizens so could their being guarantors be helpful.... or if I take loan in India can I use our house which is on my mothers's name as collateral... and Wud it be possible for both of us to get financial assistance simultaneously..

 

SatkamDivya: You can ceratinly take a education loan and go ahead with your studies. For the loan more than 4 lacs some security would be needed, which you have it as your mother's house. So if have only one security then you and your wife can take 4 lacs loan each and for rest of your requirement you can take a loan against security

 

raghavendra:  sir, furthur to your reply , some also point out that a loan portion from a foreign bank if one can arrange it would be a lot better since theyve lower interest rates. Is it so ? Have you interacted with any indian students aspiring for international mba to know how they manage to get in the entire amount ?

 

SatkamDivya:  I think it would difficult to get loan for both the courses in one go, but you can still try with the banks

 

SatkamDivya:  It depends from bank to bank certainly, but you can certainly check with PSUs banks too

 

raghavendra to  admin:  sir...furthur to your reply ... SatkamDivya:  It is difficult to get education loan for that big a amount as max limit is 20 lacs only but if you have a property then possibly you can get Loan against property for the balance amount

.just for clarification ......the initial 20 lakhs loan also has to have a collateral right ? 

 

SatkamDivya:  Collateral security is required only for the loan of more than 4 lacs, any property or fixed deposit

 

Nidhi:  Hi i'll be applying for Post Graduation in UK by January.. Would it be possible for me to get a loan without a joint account with my father, who'll be the guaranteer?

 

SatkamDivya:  Right Raghvendra, anything beyond 4 lacs would require collateral security

 

Alina:  if i won't be able to take loan due to lack of security...is there is other way to meet my education expenses?

 

SatkamDivya:  Garanteer is required only if you are taking loan more than 4 lacs, if it is then you will have to have garanteer as a person whose property is being used for collateral security

 

Alina to  admin:  if i won't be able to take loan due to lack of security...is there is other way to meet my education expenses?

 

SatkamDivya:  Upto 4 lacs you can take it without collateral also, and for the rest of the expenses. You will have to borrow from somewhere

 

Revanth:  hello..i am currently in my 3rd BE in IT and plan to do my MBA/PGDM. should i continue it right after my BE or take a work break...and how can i get a loan here if my dad is working in the Muscat?

 

SatkamDivya:  You can carry on with your MBA in continuation or after some work ex also depending upon your choice as both of it has its own set pros and cons and you can take loan upto 4 lacs if you do not have any property to morgage and rest you can arrange

 

jayesh:  Hi, i am currently working but would like to take up a full time course in photography in india (shari academy, the course costs approx 2 lakhs). would it make sense taking a loan or saving up for the course? also, what are terms for repayment of loans? since it is recession time, do the banks provide some breathing time before repayment or do you need to start repaying as soon as the course is terminated?

 

SatkamDivya:  It is good if you have savings to go ahead with but to save time you can go ahead with loans too and repayment can be done within 7 years of course getting over and you also get a breather for 6 months to 1 year before you start paying your loan, after the course is pover

 

Bud:  Satkam sir- what is the scope of scholarships for pursuing masters degree in the UK. What percentage can be maximum covered via this route and also are grants available for studying abroad in india

 

SatkamDivya:  Scholarships are limited and very much course dependent, details of which would be available with me right now

 

simran:  if i won't be able to take loan due to lack of security...is there is other way to meet my education expenses?

 

SatkamDivya:  Any relatives or friends can help you with taking the loan or arranging the money

 

Raju:  Sir, I want to go in for further studies after 4-5 years. how can i save money from my job now to fund my education?

 

SatkamDivya:  If you know the cost of the education then make that a financial goal which you need to achieve and work backward by prudently investing your saving in the right instruments like MF, FDs etc to make sure you achieve that number

 

manoj:  hi this is manoj, i will finish my post graduation in 2010. i am an education loan of 2 lacs. can i use investments to pay of the loan quicker?

 

SatkamDivya:  I think you should evaluate as this loan would be charging somewhere around 11 to 12 percent monthly compounded and if you are not getting 12% interest rate monthly compounded then you must pay off the loan

 

payal:  my husband and son r paying home loan half-half. will my son be able to get a education loan of 8lacs easily since he is already payon a home loan?

 

SatkamDivya:  He can if you have some collateral security as for loans more than 4 lacs banks ask for some kind of security

 

Nidhi:  What is the scholarship scene these days? Is it possible for a fresh graduate to avail a scholarship of some kind, which would cover some of the expenses for studying abroad?

 

SatkamDivya:  Scholarship is certainly little difficult but it is available for certain courses and fresh graduate can get it.

 

reetika:  hello sir, this is reetika. i m pursuing bba 2nd yr. could u plz tell me how can i get educational loan for my mba which will cost around 8-12 lakh rs. whom to contact. what will be the conditions of bank or other financial institution. any property or certificates mortgage required?

 

SatkamDivya:  For the study in India, you can get loan for not more than 10 lacs rupees and for that you do require some collateral security

 

Karen:  Divya----I plan on doing an MBA at ISB, the fees of which amount to a total of 20 lakhs. Can i expect atleast 75% of this to be covered by a bank loan?

 

SatkamDivya:  Not possible as maximum amount of loan you can get in India is only Rs. 10 lacs... but you can check with banks they might waiver for few top institutes

 

alpa to  Vidya:  wt do u exactly mean by collateral security

 

SatkamDivya:  some property or Fixed deposit for mortgage

 

nandansamant:  is it beter to ask relatives in us 2 take education loan for me rather than takin education loan from india

 

SatkamDivya:  depends if you get a cheaper rates for the amount you require loan for, you must compare

 

Karen:  can investments in the form of FDs be considered while producing bank statements to universities?

 

SatkamDivya:  Yes it can be...

 

simran to  admin:  if i won't be able to take loan due to lack of security...is there is other way to meet my education expenses?

 

SatkamDivya:  You can take loan for Rs. 4 lacs without any security and for rest of the amount either you or any of your relatives or friends can take a personal loan

 

Vidya:  Can i get a loan if my college is autonomous and not affiliated with any university?

 

SatkamDivya:  For all courses from graduation to PG level; all the courses must be recognized by relevant competent authority and Course Fee including Hostel Fees/Exam/Library/Travelling expenses/Laptop(Computer), though few banks would give you loan for all the kind of expenses you have

 

Samir:  Sir i m planning to pursue MBA in US/UK next yr i.e. sep'10, kindly advice me the avg course in the US nd UK colleges.Also as i would hav to take education loan for my study..wat is max loan i can get from any of the indian bank and wat the basic things required to avail loans.

 

SatkamDivya:  Maximum loan amount could be 20 lacs for study in abroad and you require collateral security of some property or FD for availing the loan

 

amit:  sir... my brother is planning to take a loan to help me study further. can u please suggest some banks and how long does it take to get the loan?

 

SatkamDivya:  Approval of loans will not take more than 10 to 15 days, different banks has different turn around time and he should compare few PSUs banks with private banks before going ahead with the loan

 

Karen:  are there any banks that provide loans which can be paid for after completion of the course?

 

SatkamDivya:  All banks has loans which can be paid after completion of the course

 

gaurav:  do u mean to say upto 4 lacs education loan is available and after that my father or any other relative will have to take personal loan???

 

SatkamDivya:  Yes if do not have collateral security as some property or FD to mortgage

 

Karen:  can you please elaborate on SBI's scholar scheme?

 

SatkamDivya:  On the chat it is difficult to explain completely

 

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