Which banks are offering education loan to MR Students?
Ans. Most of the Nationalized Banks are offering education loans. However, Manav Rachna has tied up with Bank of Baroda to help students avail education loans easily with minimum effort. Bank of Baroda provides a completely digital loan process which means you can get an education loan from the comfort of your home. The education loan for the students of Manav Rachna Group is offered based on the credit history of the co-applicant and the academic performance of the applicant.
Manav Rachna has also partnered with Finance peer and Jodo to help those candidates who require some financial assistance to pay their course fee (new admissions as well as existing students). During the counseling process, the candidates may be told about this fee financing facility in case they seek any financial assistance.
What are the eligibility criteria for an Education Loan?
- a) Student should be an Indian National.
- b) Should have secured admission from our university i.e. cleared all eligibility criteria.
* For the eligibility criteria, please refer to the respective program details available on our website.
Would my entire fee be funded by the bank?
– Up to Rs 4 lacs
– Entire fee shall be funded by the bank
– Above 4 lacs -5% contributions shall be required to be brought in by the student/guardian
*Scholarship/ assistantship may be considered in margin.
*Margin may be brought-in on year-to-year basis as and when disbursements are made on a pro-rata basis.
I am staying in a city other than Delhi/NCR (e.g Lucknow), will I be given a loan from Faridabad.
Ans. You shall be provided a loan from the branch in your home town or contact the concerned person for more information. You may also check the nearest branches.
BOB Representative : Ms Radhika Pathak: 7428053065
Ms Ankita: 9311446339
Financepeer : Vikas Chandra: 9711103963
Aarush M: 9871412680
JoDo : Amit Ranjan: 6360769215
Mrugrajsinh Parmar: 7892029987
What is the maximum amount I can avail?
Ans. For studies in India: Rs. 7.50 lacs
If the amount exceeds Rs. 7.5 lacs, then following security shall be required
Security Up to Rs.4.00 lacs: Parent(s)/guardian be made joint borrower (s).
Above Rs 4.00 lacs and Upto Rs 7.5 lacs:
Besides the parent(s)/guardian executing the documents as joint borrower(s), collateral security in the form of suitable third party guarantee will be taken
Above Rs 7.5 lacs:
Parent(s)/guardian are joint borrower(s).Tangible collateral security of suitable value acceptable to bank along with the assignment of future income of the student for payment of installments
*The security can be in the form of land / building / Govt. Securities / Public Sector Bonds / Units of UTI, NSC, KVP, LIC Policy, Gold, Shares/ Mutual Funds/ Debentures, Bank Deposit in the name of the student parent / guardian or any other third party or any other tangible security acceptable to the bank with suitable Margin.
NOTE : The document should be executed by the student and the parent / guardian.
Whether Reimbursement of fees is permitted in Education Loan scheme?
Ans. Yes, reimbursement of fees paid by the student/ guardian at the time of admission or subsequent stages is permissible within six months from the date of payment of fees on individual merits of the case.
In whose name the loan would be granted
Ans. Loan would be granted in Student’s name with the documents of co applicant.
What is the rate of interest?
Ans. Interest cost varies from bank to bank depending up on the amount and repayment period. For further details on the Rate of interest respective bank’s representative may be contacted
What is the method of application of interest in the loan?
Ans. The interest shall be charged at simple rate from the date of disbursement till the commencement of repayment of loan. Thereafter, compound interest is charged on reducing balance.
When does the repayment of loan commence?
Ans. Repayment will commence after the Course period + 1 year or 1 month after getting a job, whichever is earlier.
What is the Maximum Repayment Period?
Ans. 05-07 Years
Ans. Course period + 1 year or 1 month after getting a job, whichever is earlier.
Is there any penalty in case of prepayment of loan?
Ans. You may please contact the concerned person.
Which are the Expenses considered for Loan?
Ans. Institute’s Term Fee & Hostel Fee is covered.
Interest on daily reducing Balance
* Concession of 1% ROI if interest serviced during moratorium period and thereafter installments are paid regularly.
* Interest concession of 0.50% for women beneficiaries for outstanding up to Rs 10 lacs & 0.25% for outstanding above Rs .10 lacs
Manav Rachna has collaborated with Bank of Baroda to facilitate its students who are interested in availing education loan.
Contact: Ms. Neha Verma,
Education Loan Coordinator,
E-mail: firstname.lastname@example.org | Mob: +91-7303829911