Birla Institute of Management Technology
Greater Noida
Admissions-Education Financing

Education financing Arrangements

BIMTECH has tied up with following Banks for providing education loans to our students on preferential terms subject to fulfillment of their terms and documentation requirement by the Students.

Axis Bank  /  Canara Bank  / UCO Bank

Canara Bank has offered very special rate of interest of 10.75 % to our students and have kept our institute at par with students of premiere Management Institutes of India like IIMs, MDI, IIFT, IMT & IMI. The name of our Institute has been circulated to all Canara Bank branches vide their H.O. circular no. 23/2008

The details available on the websites of the banks are appended herewith for the information of the students and are provisional. Final latest details can be confirmed by the banks themselves when students approach them.

The interested students may contact any of the above bank branches at their place of residence regarding documentation requirements & other terms / conditions for availing education loan at competitive rates.

Note. However the institute can not extend time limit for deposit of fees at the time of admission or at any other time due to delay in availing education loan by the students.

Please click on the following links for details:

Axis Bank  /  Canara Bank  /  UCO Bank

In case of NRI/NRI sponsored, sponsoring person must have a minimum annual Salary or Income of USD 50,000 or equivalent.
Following documents are required at the time of interview:

  • Passport copy and evidence of NRI status Notary attested in the country of residence of NRI or by foreign embassy in India
  • A sponsorship letter from NRI as per Annexure -2 (see website)
  • Original marks sheet for 10 th Std. exam. , 10+2 exam, graduation exam (with minimum 50% marks)and related degree , certificates for date of birth,
    and work experience (if any)

Axis Bank's Study Power aims to provide financial support to deserving students for pursuing higher professional or technical education in India and abroad. The loan would be provided to students who have obtained admission to career-oriented courses eg, medicine, engineering, management etc., either at the graduate or post-graduate level.

Quantum of Loan
The quantum of finance under the scheme is capped at Rs 7.5 lacs for studies in India and Rs 15 lacs for studies abroad, which would cover tuition fees, hostel charges (if any), cost of books, etc. The minimum amount of loan would be Rs 50,000.

50% if already relationship with the Bank
100% if no Existing relationship with the Bank.

Margin:
No margin for loans upto Rs 4 lacs. For loans above Rs 4 lacs, 5% margin for studies within India and 15% for higher studies overseas.

Rate of interest:
Interest rates linked to PLR, presently 15% p.a. on reducing basis.

Role of the Guardian:
The parent(s) or guardian of the student would be treated as a co-applicant of the loan. His or her role would be, necessarily, like the primary debtor. He/She would be responsible for the payment of the interest accrued on the loan account, prior to the commencement of the EMIs.

Security:
Third party guarantee and/or collateral security may be asked for in appropriate cases.

Additional Security:
Assignment of LIC policy in favour of the Bank for the sum assured being at least 100% of the loan amount. The policy is kept alive during the currency of the loan. To ensure this, the annual premium may be included in the computation of the loan requirement, along with the tuition fees and other recurring charges. Further, the future income of the student needs to be assigned in favour of the Bank for meeting the installment obligations.

Disbursement:
The loan will be disbursed in full or in suitable installments taking into account the requirement of funds and/or fee schedule as assessed by the Bank directly to the educational institution or vendor of books or equipment or instruments.

Penalty for early closure: Nil.

Other Documents from Student
  •  Institute Admission Letter
  •  XII Class Mark sheet

Purpose :
Payment of course fees. purchase of books, equipments, instruments, uniform, payment of hostel fees, examination fees, study tours, passage expenses (for studies abroad)

Eligible Courses :
Studies in India: Graduation, Post-graduation including technical / professional courses with employment potential conducted by colleges / Universities approved by UGC / Govt./AICTE/Department of Electronics / IMC, autonomous institutions like IIT,IIM etc.

Studies abroad :
Job oriented, technical / professional courses- (graduation / post graduation)
Need based finance
For studies in India : Max. Rs.10.00 lacs
For studies abroad : Max. Rs.20.00 lacs

Margin :
Upto to Rs.4.00 lacs – Nil
Above Rs.4.00 lacs – for studies in India – 5%
studies abroad : 15%

Security:
Loan is given jointly to the student and parent /guardian
Assignment of future income of the student
Upto Rs.4.00 lacs- No security
Above Rs.4.00 lacs upto Rs. 7.50 lacs –Satisfactory third party guarantee
Above Rs. 7.50 lakhs: Collateral security equal to 100% of the loan amount.

Rate of Interest:
On education loan for students at these institutes (including BIMTECH) would be at BPLR - 2.50, that rate presently comes to 10.75%
Repayment
Loan with interest is repayable in equated monthly instalments within 5 to 7 years. Commences one year after completion of the course or six months after getting employment, whichever is earlier.

Documents to be submitted
  • Marksheet of qualifying examinations
  • Proof of admission from the educational Institution.
  • Schedule of expenses issued by the educational institution.

Loan can be availed from the branch nearest to the place of permanent residence of the parent / guardian.

Scope:
The scheme extends a helping hand to meritorious students desirous of pursuing basic/ higher/ professional/ technical education either in India or abroad. The parents will become co-borrowers with their dependant (student) if the latter applies for educational loan.

Studies in India
  • School education including plus 2 stage.
  • Graduation courses leading to degrees like B.A., B.Sc., B.Com. etc.
  • Post Graduate courses leading to Masters degrees as also Ph.D.
  • Professional courses in Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer, etc.
  • Computer Certificate courses of reputed institutes accredited to Universities or DoE.
  • Courses like ICWA, CA, CFA, etc.

Studies Abroad
  • Graduation : Job oriented professional / technical courses offered by reputed Universities.
  • Post Graduation : MCA, MBA, MS, etc.
  • Courses conducted by CIMA – London, CPA in U.S.A., etc.

Eligibility
  • Applicant must have secured admission to professional/technical course through Entrance Test/Selection Process.
  • Secured admission to foreign University / Institution.
  • No maximum or minimum income is prescribed for parents/family.

Age limit :
18 to 25 years for graduation course – may be extended from 28-30 years for general and SC/ST candidates respectively.
21 to 28 years for post-graduation course etc. – may be extended from 30 -33 years for general & SC/ST candidates respectively.

Quantum of loan
  • Need based finance subject to repaying capacity of parents/students with following ceilings :
  • Studies in India : Maximum Rs. 7.50 Lac
  • Studies Abroad : Maximum Rs. 15 Lac.
  • The loan amount under the scheme would be for meeting the following expenses :

Course Fees financed
  • Programme fee
  • Hostel/Boarding Fees including caution deposit/building fund etc.
  • Books, Stationery & Equipment required for the course, including Computers.
  • Examination/Library/Laboratory fees.
  • Travel Expenses/Passage for studies abroad.

Security
  • Upto Rs.4.00 lacs – No security
  • Above Rs.4.00 lacs – Collateral securities of suitable value.

Margin
  • Upto Rs. 4 Lac - Nil
  • Above Rs. 4 Lac Studies in India - 5%
  • Studies Abroad - 15%
  • Service Charge : There is no processing fee /upfront /service charge

Interest Rates-
  • Upto 4 Lac = BPLR – 1.00% i.e, 12.50%P.A.
  • Above 4 and upto 15 Lac = BPLR – 0.50% i.e, 13.00%

Repayment
The loan will be repaid in 5-7 years after commencement of repayment. There will be moratorium for repayment during "the course period +1 year or 6 months after getting job, which ever is earlier".

1% interest concession may be provided, if the interest is serviced during moratorium period.