TIPS FOR GETTING LOANS FOR MS!!!!!!!!!

Well guys, most of us would have to go for loans in some form or the other, and ofcourse for varying amounts. Now I have been going through a number of websites pertaining to bank loans and have come up with some interesting information. Most Indian banks charge 15% or above for international education. This is surely outrageous, though I concede that it is not the banks problem as they themselves have to work with comparatively higher interest rates than those prevelant in states. However in US banks give out loans at 11% pa and it is possible to source your funding from a US bank after your 1st year studies! Also most US citizens make use of FAFSA and get educational loans for as little as 6.5%.
Considering the various banks in india, I have come up with a few banks that do provide loans at better terms than most. Also please look for some non-profit organizations or upstart for profit firms for better rate plans and terms!
1. UNITED WESTERN BANKEligibility: Should have a good academic record.Maximum Amount for India : Rs 750000Maximum Amount Overseas: Rs 1500000Documents to be submitted : Academic Records and admission approval.Time To Process: A FortnightInterest Rate In India Upto 400000 : 13% Above 400000 : 13.5% pa.For Overseas Upto 400000 it is 13% Above 400000 : 13.5% pa.Collateral and Third Party Guarantee required.Tenures: Maximum 7 yearsRepayment : After completion of course
Contact: Delhi Tel: 5725701 Bangalore Tel: 2251416 Chennai Tel: 5245070 Hyderabad Tel: 4657515, 4653064 Mumbai Tel: 5220700, 5226465

2. State Bank of MysoreEligibility: Admission approvalMaximum Amount for India : Rs 1000000Maximum Amount Overseas : Rs 1000000Documents to be submitted: Previous academic records, addmission approval, address proof, income proof, introduction.Time To Process: A Forthnight
Interest Rate In India Upto Rs 400000 : 12.5% Above Rs 400000 : 13.5%For Overseas Upto Rs 400000 : 12.5% Above Rs 400000 : 13.5%Collateral and Third Party Guarantee required.Tenures: Maximum of 4 yearsRepayment: Upto 16 months after completion of course.
Contact: Delhi Tel: 5728842, 5729585 Bangalore Tel: 6631958 Chennai Tel: 5340902 Hyderabad Tel: 3203451 Kolkata Tel: 2200991 Mumbai Tel: 2856289, 2856391

3. State Bank of IndoreEligibility: Should have first class marks and have received admission. Repayment After completion of course.Maximum Amount for India : Rs 400000Maximum Amount Overseas: Rs 400000Documents to be submitted: Mark Sheet and should have received admmission.Time To Process: One and a half Months
Interest Rate In India Upto Rs 200000 : 12% pa, Above Rs 200000 : 13.5% pa.For Overseas Upto Rs 200000 : 12% pa Above Rs 200000 : 13.5% pa.Third Party Guarantee required.Age: Should be above 21 years of age. Tenures: Maximum 5 years Contact: Delhi Tel: 5816062, 5749413 Bangalore Tel: 6708878, 6703717 Chennai Tel: 5383109,5387441 Hyderabad Tel: 4754603, 4754898 Kolkata Tel: 2103209 Mumbai Tel: 2073890

4. Punjab and Sind BankMaximum Amount for India : Rs 500000 Maximum Amount Overseas: Rs 500000Documents to be submitted: Admission form, document proof of eligibility, expenditure Time To Process: A Fortnight
Interest RateIn India Upto Rs 200000 : 12% Above 200000 : 13.5%For Overseas Upto Rs 200000 : 12% Above 200000 : 13.5%Collateral and Third Party Guarantee required.Tenures: Maximum of 6 yearsRepayment : Interest with course period after that maximum of 72 EMI
Contact: Delhi Tel: 5720849 Bangalore Tel: 2267476 Chennai Tel: 8522888 Hyderaba Tel: 4650771, 4650773 Kolkata Tel: 2484309 Mumbai Tel: 2651039

5. Canara BankOffered for India at Undergraduate, Postgraduate for the duration of the course; not renewable. Subject: Unrestricted. (Only technical courses for which Reserve Bank of India clearance is available.Eligibility:Open to applicants who have 60% minimum marks in basic qualification and who have confirmed admission in a university in the UK. Interview is required. For bans up to and inclusive of Rs. 1,00,000, co-obligation from suitable person is required. For loans beyond Rs. 1,00,000, collateral security of property or other approved securities whose value is equal to the loan amount is required.
Value:75% of the requirements of the course (maximum Rs. 10,00,000 for entire course), covering airfares, fees and maintenance.
Whom to contact: Further information and application form can be had from Canara Bank, Head Office, Priority Credit Section; Credit Wing, 112 J C Road, Bangalore 560002, or any other branch of Canara Bank.Contact Delhi Tel: 6286087 Bangalore Tel: ‘5589502 Chennai Tel: ‘8524790 Hyderabad Tel: 3225324,3220607 Kolkata Tel: ‘2474881 Mumbai 2185241

6. Oriental Bank of CommerceEligibility: Must have obtained admission in a reputed institute in india or abroad.Repayment : After completion of courseMaximum Amount for India: Rs 750000Maximum Amount Overseas : Rs 1500000Documents to be submitted : Admission slip, residence proof, age proof, letter from instituteTime To Process: A Fortnight
Interest Rate In India Upto Rs 400000 : 11.5% Above Rs 400000 : 12.5% For Overseas Upto Rs 400000 : 11.5% Above Rs 400000 : 12.5% Collateral and Third Party Guarantee required.
Tenures: Maximum of Seven Years Contact: Delhi Tel: 3316777 Bangalore Tel: 2219762, 2219767 Chennai Tel: 8522940, 8550068 Hyderabad Tel: 3201803, 3201298 Kolkata Tel: 2821514, 2294823 Mumbai Tel: 2189286

7. IDBI BankPurposeIDBI has structured a loan facility for Professional / Management / Foreign University education.Courses approvedIndian Universities For Professional Courses i.e. B.E., B.Tech., M.B.B.S. Post Graduate Courses i.e. M.E., M.Tech., M.S., M.D., M.B.A., M.C.A., etc. recognized by AICTEFor part time / on-line distance learning courses (subject to terms & conditions)Foreign Universities For Graduate/Post Graduate/Research/Doctorate studies that insist on TOEFL, GRE, GMAT scores.
Eligibility Indian Universities For Graduate courses : at least 75% in the +2 stage. For Post Graduate Courses : first class graduates.Foreign UniversitiesProof of TOEFL, GMAT, GRE score card, and 1-20 admit card.Age of the applicant should not be more than 30 years for Indian Universities and 35 for Foreign Universities. Age of the parent / Guarantors should be below 55 Years. The annual income of the family should not be less than Rs. 3 lakhs.
Amount of loan For Indian Universities, actual tuition and other fees, but not exceeding Rs. 5 Lakh for the entire duration of the course.For Foreign Universities, considering that in addition to fees, there are travel / preparatory expenses, the loan amount shall not exceed Rs. 15 Lakh, in all.
Interest ratesLong term Prime Lending Rate + 1% p.a. + taxesProcessing Fees: Rs. 1000 at application, and Rs. 500 p.a. thereafterCost of documentation / legal expenses at actuals

8. Indian Overseas BankEligibility: Should have a good academic record.Maximum Amount for India : Rs 200000Maximum Amount Overseas : Rs 600000Documents to be submitted : Mark sheets,addmission approval,address proof,photgraph,income proof .Time To Process: 1 WeekInterest Rate In India Upto Rs 400000 : 12% pa Above Rs 400000 : 13% pa.For Overseas Upto Rs 400000 : 12% pa above Rs 400000 : 13% pa. Collateral and Third Party guarantee required.
Tenures : Maximum of five years Repayment: Maximum after 3 months of completion of course or the date of joining of job which ever earlierContact : Delhi Tel: 3362003 Bangalore Tel: 2266207 Chennai Tel: 8524142 Hyderabad Tel: 4755324 Kolkata Tel: 2299700 Mumbai Tel: 2182226

9. Andhra BankMaximum Amount for India : Rs 100000Maximum Amount Overseas : Rs 500000 Documents to be submitted: Bank documents, Academic recordsInterest Rate in IndiaUpto 400000 : 12% Above Rs 400000 : 13.5% pa.Interest Rate for Overseas Loans Upto 400000 : 12% Above Rs 400000 : 13.5% pa. Collateral and Third Party Guarantee are requiredTenures: Maximum of 5 yearsEligibility: 1st class marks in previous exams and selected for proffesional course Repayment 1 year after completion of course or 3 months after getting a job whichever is earlier.When to Apply: After getting Admission in college/instituteTime taken to process documents: 1 WeekContact: Delhi Tel: 3350248 Bangalore Tel: 2242932 Chennai Tel: 4991868, 4994294 Hyderabad Tel: 4756023-25 Kolkata Tel: 2471359 Mumbai Tel: 2046160, 2047620

10. State Bank of HyderabadPurpose For pursuing studies in recognised schools/ colleges/ institutions to meet: - Tution and other fees- Maintenance costs, books and equipment etc.- Cost of passage (for studies abroad)EligibilityFor School / College education in India.a) Minimum second division (Pass marks for SC/ST)b) Parents / guardians (Including persons engaged in agriculture / allied activities having independent regular source of income.Loan Amount(I) School / College education in India: (Upto 6 times the monthly net (take home) income of the parents / guardian. Minimum loan of Rs. 4,000/- Maximum Rs. 1lac.(ii) Technical / Professional higher studies in India and Abroad 90% of the cost of study, subject to maximum of Rs. 8lacs.Margin10%Interest RateAt competitive rates on reducing balance only. Please check-up for latest rates at your nearest branch Interest is compounded at quarterly basis.Period of Loan(I) For School / College Education in India: Loans to be repaid in a period of 36months, commencing immediately after disbursal, by the parents / guardian.(ii) For Technical / Professional higher studies in India and abroad: The loan is to be repaid is 60 months after the completion of the course of securing job, whichever is earlier. Regular periodic repayment as much as possible should be made during the period of study. Quarterly interest should be paid regularly.(iii) Permitted without any penalty.
This list is not comprehensive. For a more detailed list of banks and lending rates please refer to other sources.

I have adapted this article from Fulbright commission report on the common questions from prospective students. I must add that this is only for starters. I would like those who have some experience to share the same and help expand this list. I will try and incorporate other questions as and when I come across them! I hope this helps!

Can I do a graduate degree in a field unrelated to my undergraduate degree?An undergraduate degree in your intended field of graduate study is recommended and usually required. However, if your undergraduate degree was in an allied field or was inter-disciplinary and you took, for example, one-third of your courses in political science, you may be admitted into a graduate program for political science upon the completion of a designated number of undergraduate courses at the institution in which you want to enrol. For graduates applying for professional degrees in subjects such as business (MBA), education or hotel management, the above rules may not apply. Relevant work experience may be important for MBA admission.

Can I do a Master’s Degree in one year?Some universities allow students to complete a master’s degree in one year. However, if you are asked to complete a master’s thesis, you may find it difficult to finish in les than 18 months. Additionally, if you have a teaching assistantship or research assistantship, you may find that your duties take up so much time that it would be difficult to complete your degree in one year. Some professional degrees have prescribed coursework which does not allow you to accelerate your time of study to one year. If you are applying for an MBA degree and you have work experience you may find that the business school as a special grogram which would allow you to finish in one year.

When am I too late to apply?Application deadlines at US universities range from November 30th to August 15th. If you start the process very late, you may still be able to find a university that offers your field of study and is willing to consider your application. Whether or not this is the university you really want to go to is another matter. If you have not taken the necessary standardised tests for admission, you need to plan on taking the tests and submitting the scores before the application deadline. You can use the Peterson’s Guide to find out about deadlines at US Universities.

What if I have missed the university deadline?US universities, particularly the major ones like Harvard, Yale and Stanford receive hundreds of applications each year, so deadlines are firm and you will need to ensure that the application form, test results and recommendations have reached the university before the required date. Other universities have rolling admissions which means that the deadlines are flexible and students may be admitted in the fall, spring or summer terms. In most cases, though, early application is advisable.

Can I work in the US once I have finished my degree?US Immigration law allows international students to gain academic experience for 12-18 months upon completion of their degree from a US university. The work done must be closely affiliated to your field of study and each possible job placement will be closely scrutinised by immigration. After this period, your US university degree will not entitle you to a work permit to remain in the USA.

Requesting Application Materials

Do I request information and application materials from the universities directly?Yes, each university has its own application process and you need to contact each university separately to obtain that information.

How should I communicate with the US universities, may I phone, fax or e-mail?All three methods are perfectly acceptable. If you start the process close to the application deadline, you may want to call because that will be the quickest method. E-mail is also a quick and inexpensive way of requesting information.

When I request information from the US universities, what do I need to ay in the letter?You may use the Request for Application Material included in your Graduate/Graduate-Business information package as an introductory letter. Do not attach documents or any kind of payment at this stage. Simply fill out the form (print/type your answers) and mail to the “Graduate Admissions Office” of each university. You may photocopy this form as many times as you wish.

Who do I write to for applications?Prospective international graduates should write to two locations: 1. Graduate School Admissions Office and 2. the particular department where they wish to pursue a degree. The Graduate School will provide the application forms and information for international students and the department will be able to provide the course offerings and institutional financial aid details.

US Standardized Tests – General Information
Which tests do I have to take?If English is not your native language and you have not completed a degree in an English speaking country, you will be asked to take the TOEFL (Test of English as a Foreign Language) exam. If you are pursuing a graduate degree in the Arts and Sciences, you will also be asked to take the GRE (Graduate Record Examination); if you are pursuing a graduate degree in a business related field, you will be asked to take the GMAT (Graduate Management Admission Test); for Law it is the LSAT (Law School Admission Test) and for medicine it is the MCAT (Medical College Admission Test).

When should I take these tests?The US universities will not consider your application complete until they receive your score report from the ETS. Since it takes between 6-8 weeks for your scores to be reported, and since many schools and departments have January/February deadlines, you should take all tests one year before your intended date of study, i.e. October or November of the year preceding your study in the US. You can send your scores well in advance of the application deadline date; the university will hold onto the scores and will expect your application in due course.

What are the GRE and GRE Subject Tests? How do I register for them?The Graduate Record Examination is a 3.5 hour multiple choice aptitude test. It tests verbal reasoning, analytical skills, and quantitative ability and is required by the majority of graduate schools. Some programs also require a subject test to be taken in your proposed area of study i.e. Literature, Computer Science etc. The GRE is offered three times a year at test centres throughout the world. Registration and preparatory study materials are available from advising offices. Application deadlines are two months in advance.

How important is the GRE and how well do I have to do?Although it may be required, your performance on the GRE becomes less important the better the other elements of your application, i.e. your undergraduate degree, transcripts, academic/professional references ad written statement of purpose. Graduate Schools do sometimes impost cut off scores, although a university is unlikely to reject an application for a poor GRE score alone. It will be examined objectively within the context of the entire application.

Should I take the GRE more than once if I don’t do well?Yes, but keep in mind that the universities will get all your scores for the last 5 years. You cannot prevent the universities getting a score you may not be happy with if you have taken a test less than five years ago. Once the universities have your scores it is up to them how they interpret them. The admissions officers may want to only concentrate on the highest scores, or they may even average the scores. Studies show that students only increase their scores 15% when they take the test again. If you are not strong on standardised tests and you score quite poorly the first time you take it, keep in mind that taking it again could result in an even lower score and just make your record look that much weaker. If you did fairly well on the exam but you are concerned and want 50-100 extra points, keep in mind that you may not do as well the second time you take it as you did the first time.

The Application
Should I type the application?Although it is preferable to type the entire application, many times it is difficult to obtain a typewriter so neat printing in black pen would be acceptable.
The application asks for a health certification, what should I do?This is not unusual, ask your family doctor to fill one in.
Recommendations

Who should write my recommendations?If you are applying for a professional degree, you should ask someone who knows you such as your supervisor in a work setting as well as your professors. If you are applying for an academic degree of r Ph.D., recommendations from individuals who have extensive experience with your abilities academically would carry more weight than someone you have worked with.

Do I send the recommendations myself?Most US university applications will include instructions as to how they want the recommendations sent. They may ask that your referees fill in the form and put in a sealed envelope and then return it to you to send on to the universities with your completed application materials. Some US universities may request that your referees send the recommendations directly to the, so you may need to provide postage.
Financial Assistance

What are my chances of getting financial aid?It is to the universities that you must realistically look for funding. Keep in mind, however, that about 30% of international students in the US receive major financial aid from university departments. Of the remainder, the majority are self-financed, while a small percentage are recipients of awards such as the Fulbright Award. The Directory of Graduate Programs indicates which departments offer scholarships to graduate students.

What are my chances of being fully funded?Financial aid does not always cover full costs so you should apply to other sources for assistance. First year students are less likely to receive assistance. There are three main forms of financial aid available. Teaching Assistantships which are usually awarded to students in the arts, humanities and social sciences. For 20 hours a week you may help a professor with lectures, lead class discussions, grade exam papers or teach freshmen undergraduates. Students in the sciences and engineering fields are often awarded Research Assistantships whereby a student will help with departmental or professional research projects. An Assistantship will typically cover the cost of tuition and fees for a year and sometimes a stipend is added for living expenses. Fellowships are normally awarded to students admitted to Ph.D. programs. They entail no work responsibilities and may cover the cost of tuition and fees plus a stipend. Full fellowship support for the duration of a program is rare and will generally be combined with an assistantship. All aid is awarded on a year by year basis, but should be forthcoming if the minimum GPA is maintained.

Can I work as a graduate student?International students are not permitted to work in their first year. After their first year, you can work on campus for up to 20 hours per week as long as you do not displace an American citizen or permanent resident. This work would probably not pay very much and would not pay enough for your tuition and cost of living. Under the terms of the student visas, teaching assistantships and research assistantships do not fall under the category of work.

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