- Joined
- 9/25/10
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And how many students are able to get admitted to govt. colleges? An engineering, private college, can charge anywhere between 1.5l/2l per annum. B-schools and medical colleges can also be very expensive ( non-govt ones). Add to this amount the cost of living. You might talk about quta for admission, but unfortunately, this does NOT take into account income, rather it takes into account one's caste. This sort of division is disgusting IMO.
I agree with you that you can get loans upto 4 lac without collateral. After that they demand third party guarantee. Now if you do NOT have high income ( NOT collateral), you are pretty much doomed, particularly if you make $2.5 a day (less than 4k rupees/month). Keep in mind 90% Indians live below this amount.
You are mistaken that you can get loans of 7 lac easily. One of my poor unfortunate friends got his loan denied because his father's pension wasn't much, and his mother was a house wife.Security (SBI site)
Amount
For loans upto Rs. 10.00 lacs for Studies inIndia and upto Rs. 20.00 lacs for studies abroad
Upto Rs. 4 lacs
No Security
Above Rs. 4 lacs to Rs. 7.50 lacs
Collateral security in the form of suitable third party guarantee. The bank may, at its discretion, in exceptional cases, weive third party guarantee if satisfied with the net-worth/means of parent/s who would be executing the documents as "joint borrower".
Above Rs. 7.50 lacs.
Tangible collateral security of suitable value, along with the assignment of future income of the student for payment of installments.
I agree with you that you can get loans upto 4 lac without collateral. After that they demand third party guarantee. Now if you do NOT have high income ( NOT collateral), you are pretty much doomed, particularly if you make $2.5 a day (less than 4k rupees/month). Keep in mind 90% Indians live below this amount.