My LOAN MAGAZINE

Does Loan to Pay Off Credit Cards Really Help?

2015-12-30T03:22:00.000-08:00

Some people maybe will choose to take the loan to pay off credit cards. By choosing a personal loan that has lower rates that they are paying on the credit cards, they can save some money, but there are some things to consider before taking a loan to pay off credit cards.

Some believe that when you take aloan to pay off credit cards is like a revolving dept. You borrow one to complete one. It is almost the same. Revolving debt can be more dangerous for your credit score and worse than installment debt. If you choose this way, you may have converted revolving debt to installment debt. It can cause your scores went up. Besides, the rate from the loan is not so different with the credit cards. It depends on you to choose the secure an trusted loan. Some insecure loan can cause some risks by the lenders. The lenders can put a very high-interest charges. Some lenders are also looking for a person who has a good credit rating. If it's not, you will be rejected.

When you want to take the loan to pay off credit cards, of course, you will choose the loan that has lower rates, then after that, be sure that you can handle the payments of the loan. Different with credit card debt, a personal loan has a shorter time gradually than a credit card. This condition can cause higher monthly payments. Don't make a transaction on a payment schedule that you can't handle.

After you take a personal loan, you can immediately pay off your credit card debt, it means that you have a new zeroed balances. Remember that you still have to complete your loan debt, even though that it has lower rates. The most important thing when you take the loan to pay off credit cards is to make sure that you pay your loan debt in each month. The goal from this strategy is to repay the principal and eliminate the debt. To use this way, you should make a good money management to avoid a bigger dept from the loan, than the credit cards.

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2015-12-29T01:04:00.000-08:00

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Payday Loans For Working People

2015-12-14T08:29:00.000-08:00

Working people are really struggling to make ends meet with the economy in such an uproar. If you are among those who have been hit really hard with a combination of escalating gasoline prices and soaring food prices, chances are you may be running a little short financially before you next payday rolls around. There are loans for people in your situation that can lend you a hand and keep your household running until you get paid again.

Money Today For Any Purpose

These loans are called payday loans. It is a short-term loan that can make a big difference for working people. They are easy to obtain and easy to repay. Although there may be walk-in stores in your area that service payday loans, you can get the best rates online, where lenders compete for customers.

The way they work is simple. You present your lender with a post dated check for the amount you want to borrow, plus interest and fees. The servicer will hold your payday loan for an agreed upon period of time, anywhere from two weeks to one month, which will coincide with your next pay day. When your payday loan becomes due, your post dated check will be deposited into your checking account in order to reimburse the lender for your money. It really is that simple.

Everyone Qualifies

The requirements to get a payday loan are so lax that nearly everyone can receive one. If you have income in the form of wages (or in some cases, even disability income) and a valid checking account that is not overdrawn, you can expect to be approved.

When applying, you will be asked to submit proof of your income in the form of recent paystubs, or other verification; a valid state issued drivers license card, proof of your residence in the form of a recent utility or phone bill, credit card statement, or other official piece of mail; and three personal references who will only be called if you should fail to repay the lender.

No Credit Check

There is no credit check required to receive a payday loan, which means that regardless of how bad your credit may be, you can still get the money you need today. Be aware, however, that payday loans do not report to the major credit reporting bureaus (unless you default), so this type of loan cannot be counted on to help build or rebuild your credit score.

Payday loans have gotten a bad reputation in recent years, with many claims that the interest borrowers pay is too high in relation to the benefit they receive from the loan. This interest is far less when you get your payday loan online, and it is notable that any payday loan, regardless of the interest that you must pay, is superior to the outcome of not having the funds to pay for things you must have - such as having your electricity shut off, not having gas to get to your job, or even writing checks that are returned for non-sufficient funds.

How to Find Bad Credit Small Business Start Up Loans!

2015-12-01T08:38:00.000-08:00

Commencing a new business or expanding an existing one is not a matter of joke. For all such needs, you need huge amount of funds. And it is almost impossible in the present world to arrange such huge amount on ones own. At such crucial point of time, an obvious choice is seeking refuge in some external source like applying for loans. But, you might be facing problem because of your bad credit.

These days, there is no dearth of lenders offering business loans, in spite of your bad credit record. Here are few tips on where to make your search for best nominal rates of bad credit business start up loans. Let us discuss all the relevant details about bad credit business loans.

Bad credit results from missed or non repayments in the earlier record. It leaves your credit record blemished with defaults, arrears, CCJ, IVA, or even bankruptcy. But, lenders completely understand the plea of the borrowers and are ready to offer a helping hand to those people.

You can make use of start up bad credit small business loans for any of your business purposes like starting a new business, coping with the losses of some past year, acquiring working capital and many more.

If you are looking for nominal rates of bad credit small business loans, then you apply for secured ones. For that purpose, you need to offer some of your assets as collateral to secure the loan amount. In case of any deferment in the repayment of the loan amount, your collateral will be seized by your lender.

In turn of this risk coverage factor, you will get lower rate of interest, longer repayment term, larger loan amount etc. For all such amazing benefits, all you need to do is be extra careful with the repayment schedule.

Make your search through various online sources for bad credit small business start up loans. Compare the quotes of bad credit small business start up loans offered by the different lenders, well and crack the best deal.

How Do Bankruptcy Loan’s Requirements Work?

2015-10-10T12:59:00.000-07:00

Bankruptcy Loans have certain requirements that affect all the loan terms in diverse ways. However, certain loan requirements affect particular loan terms significantly more than others. Knowing this will help you understand which type of loan you can request and what loans you have more chances of getting approved for.

Bankruptcy loan’s qualification is not an easy task. You need to overcome serious lender’s wariness about your ability and disposition for repaying the loan you are requesting. At this stage, you need to make no mistakes, your behavior has to be stainless and you need to show the lender that the past problems that led you to bankruptcy exist no more.

Earnings & Loan Installments

Your income will determine the amount of the loan installments you can cope with. The amount of the installments will never exceed 40% of your income. Thus, if your income is limited, you’ll need to reduce the monthly payments either by requesting smaller loan amounts or by extending the repayment period.

While lowering the amount of money you request will save you money on interests (though it may not provide you with all the finance you need), extending the repayment program will increase the amount of money you’ll spend on interests and it is not always feasible on bankruptcy loans due to the higher risk it implies.

Credit Score & Loan Amount

Your credit score will determine approval but it also determines the amount of money you can request. The lower your credit score, the less loan amount you’ll be approved for. This is due to the fact that your credit score is directly associated with the risk involved in the financial transaction and thus, the lender won’t like to endanger large amounts if he is not certain you’ll be able to repay the loan.

Though income is also related to loan amount, it has a more direct inference on the amount of the loan installments. As long as you repay the loan, the lender won’t mind extending the loan repayment program so you can afford the payments with a lower income. But this is only feasible if your credit score is good enough to qualify for the loan amount you seek.

Overall Risk & Loan Length As regards the loan length, it cannot be said that certain requirement has a special inference on it. The overall risk involved in the financial transaction will determine how long is the lender willing to wait to recover the money invested. Thus, getting a longer repayment schedule can easily be achieved by reducing the risk. This means that it can be done by modifying any of the requirements’ variables.

A longer repayment schedule can be obtained by raising your credit score, by offering a larger income, by offering some sort of collateral, by applying with the aid of a co-signer, etc. Loan length is not such an important variable as the other loan terms and is almost always negotiable. So, if you need a longer repayment program, you can always contact the lender and agree to refinance the loan.

MHRD extends the date upto 10th October 2015 for submission of CSIS claims

2015-09-22T09:46:00.000-07:00

Ministry of Human Resources Development (MHRD), Government of India has extended the date for submission of claims by banks up to 10th October 2015. The eligible students may contact their Branch Managers to ensure that claims have been submitted or their names have been included for submission. This is an one-time opportunity provided by MHRD to all the Banks to rectify their earlier mistakes.

If the Branch Managers say that they have not received any information from their Head Office, the students can politely request them to verify with their Head Office or Zonal Office. If the students / parents do not receive proper response from the Branch Managers, they can meet the concerned Zonal Managers and submit a letter in writing to the Zonal Manager.

ELTF gets frequent complaints that some Branch Managers deny interest subsidy to eligible students on the ground that the student had paid the interest, had not paid interest, or closed the loan account, etc. If the student is otherwise eligible for interest subsidy, as per the scheme, then they cannot be denied the subsidy under different assumed reasons. In such cases, the students can complain to the Chairman of the Bank and RBI immediately without any delay. Before making such complaint, the students should give opportunity to the Manager to verify with their higher officials.

They can also send a written complaint to the Branch Manager, Zonal Manager and the Chairman of the Bank through Speed Post, if the Branch is not providing proper information or guidance. It is the duty of all the Branch Managers to provide the information to the students. The Branch is required to give all clarifications to the students.

Please go through the following three links to get better understanding.

Pending interest subsidy claims from 1.4.2009 to 31.3.2014 can be submitted as one time measure.

http://www.eltf.in/2015/08/all-pending-interest-subsidy-claims-can.html

Clarifications on Education Loan Interest Subsidy Scheme (CSI)

http://www.eltf.in/2015/09/clarifications-on-education-loan.html

Portal opened for claiming unclaimed interest subsidy

http://www.eltf.in/2015/09/portal-opened-for-claiming-unclaimed.html

Please avoid contacting ELTF through mail or personally without going through the site and without attempting to resolve your grievance at Bank level.

Portal opened for claiming unclaimed Education Loan interest subsidy

2015-09-07T03:16:00.000-07:00

Nodal Bank Canara Bank has today (7th Sep 2015) opened the portal for claiming, unclaimed Education Loan interest subsidy for the loans disbursed during 2009-10 to 2013-14. This is an one time opportunity for all Banks to claim the left out interest subsidy claims. The portal will remain open for 30 days from today.

Eligibility

Government of India, Ministry of HRD is implementing Educational Loan Interest Subsidy Scheme from 2009-10. Economically weaker section students whose parental income is less than Rs.4.50 lakhs, pursuing professional and technical courses in India are eligible for 100% interest subsidy during the moratorium period, when they avail education loan under IBA model scheme. Moratorium period is the study period plus one year or six months after getting employment whichever is earlier.

We have written in detail about the eligibility in the following link.

http://www.eltf.in/2015/09/clarifications-on-education-loan.html

Claim for old cases (2009-10 to 2013-14)

The students who are eligible for interest subsidy and who have not received the subsidy earlier may contact the Branch Manager and submit a letter requesting him to submit the claim. If the Branches says that they have not received any communication from their Head Office, the students can politely ask them to check up with their head office. Still if the Branches do not respond, the students can complain directly to the Regional Manager and Chairman of the Bank. If the claim is not submitted by the Banks for old cases before 10th October 2015, the eligible students cannot claim the interest subsidy later.

The copy of the IBA letter is as follows:

Quote
No.RB/CIR/CSIS/26
9th September, 2015

VERY URGENT

To:

The Chief Executives of Member Banks

Dear Sir/Madam,

Web Portal Open from 7.9.2015 to 10.10.2015 - Last option to claim subsidy for old cases under CSIS

We invite your kind attention to our circular No.RB/CIR/CSIS/15 dated 26th August, 2015 regarding old pending claims in respect of ALL THE ELIGIBLE unclaimed cases [including SC/ST and General Category] for the period from the year 01.04.2009 to 31.03.2014 as a onetime measure. This will be the final chance (copy enclosed).

In this connection, we have now been informed that, the Nodal Bank viz. Canara Bank would keep the web portal open for the period from 7.9.2015 to 10.10.2015 (both days inclusive) for uploading of leftover CSIS claims by the member banks for the year viz. 2009-10, 2010-11, 2011-12, 2012-13 and 2013-14.

We therefore, request all our member banks to upload all eligible left over claims at an early date, as there will not be any further opportunity for the same as per the instructions of MoHRD, Government of India.

Please note that the CSIS Scheme is also applicable to RRBs, we request all sponsoring Public Sector Banks to inform their respective RRBs to take necessary action in the matter.

Please be guided accordingly with immediate effect.

Yours faithfully,

K Unnikrishnan

Dy. Chief Executive

Unquote

Claim for 2014-15

The portal for claiming interest subsidy for 2014-15 is already open and will be closed on 25th Sep 2015.

The eligible students can also confirm with their Branches that their eligible interest subsidy for 2014-15, I repeat for 2014-15 has been submitted to the nodal bank. If not submitted, they have to submit before 25th Sep 2015. Banks should claim 100% of the interest charged by them, as subsidy for eligible students.

Ref: http://www.iba.org.in/Documents/CIRCULAR_25715.pdf

In both the cases (old and current), if the claims are not submitted the branches within the due date, the students will not get the interest subsidy. In their own interest, students are advised to check with their Branches. If they need further help or clarification, they have to approach only the higher officials of the Bank.

ELTF does not follow up with individual cases. Please do not write to us or try to contact us. The students have to take up only with Bank officials.

Clarifications on Education Loan Interest Subsidy Scheme (CSIS)

2015-09-02T10:12:00.000-07:00

ELTF has been getting lot of enquirers from different part of country seeking clarifications on 'Interest Subsidy Scheme'.

There are two types of Interest Subsidy scheme for students pursuing education in India.

1. First Scheme: For Loans granted / disbursed on or after 1st April 2009;

2. Second Scheme: For Loans granted / disbursed prior to 1st April 2009;

Eligibility

For both the Schemes, the eligibility is as follows:

a) The Education Loan should have been sanctioned under IBA Scheme;

b) The Loan should have been granted to pursue professional or technical courses in approved Institutions after 12th std. (Diploma students joining Engineering Courses through lateral entry are also eligible);

c) The education should be within India;

d) The gross parental income should be less than 4.50 lakhs.

For Loans granted prior to 1.4.2009

In Feb 2014, Shri P Chidambaram (then Finance Minister) announced in the Parliament that Government would reimburse 100% of the interest outstanding as on 31.12.2013. Canara Bank was appointed as Nodal Bank to pool the data. Interest component on all eligible loans outstanding as on 31.12.2013 were paid by the Government to the Banks and credited to the loan accounts.

In this scheme, the students who availed loan prior to 1.4.2009 and who paid the interest regularly, were in a disadvantageous position. Since interest component was either nil or negligible, they did not get any benefit of the interest subsidy. Similarly the students who closed the education loan account before 31.12.2013 were also not eligible to get interest subsidy.

Now this scheme is closed. Now the students cannot claim any interest subsidy under this scheme. We are writing this only for information.

For Loans granted / disbursed on or after 1.4.2009

Government of India (Ministry of HRD) provides 100% interest subsidy for the eligible students (as given earlier) for all the loans disbursed on or after 1.4.2009 during the moratorium period.

If a loan has been sanctioned in 2007 for Rs.4 lakhs, to be disbursed @ Rs. 1 lakh every year, the student is eligible for interest subsidy for the disbursements made in 2009 (if it is after 1.4.2009) and 2010.

Moratorium period is the study period + one year of six months after getting employment whichever is earlier.

Interest subsidy is available for either Under Graduation or Post Graduation. From the same family, brothers and sisters can avail the subsidy individually.

Students can avail the subsidy under only one scheme. Students who availed subsidy under the second scheme (loans prior to 1.4.2009) are not eligible for subsidy under the first scheme.

Please go through the guidelines in this links very carefully.

http://www.eltf.in/2010/10/central-scheme-to-provide-interest.html

http://www.eltf.in/2012/03/interest-subsidy-scheme-on-education.html

Problems faced by students

The students were required to submit the Income Certificate to the Bank to claim interest subsidy. Since the Banks did not intimate many of the students in the early years, many eligible students did not get interest subsidy.

It is the duty of the Banks to identify the eligible students and advise them to get the income certificate. Also, it is the duty of the Bank to submit the claim through the Nodal Bank portal to the Government of India within the time stipulated by the Government. Due to the fault of many of the Branches, claims were not submitted in the past claiming interest subsidy by the Banks.

Even the students who got subsidy, received only a small portion of the interest debited by the Bank. In many cases, Banks failed to submit the claim for few years. For example, banks might not have claimed for 2009-10, but claimed for other years. Also, they might have claimed for 2009-10, 2010-11, but might not have claimed for other eligible years during the moratorium period.

ELTF has been taking up this issue through supporting MPs in the Parliament and with the Government for the past three years.

The eligible students can check the status of their interest subsidy through this link

https://epayment.canarabank.in/MHRD/CSISACDetails.aspx

(Some students may get 'Data not available' message. In that case, the students have to approach only the Bank manager for details. It is the responsibility of the Bank Managers to provide the claim related details to the students.)

Government of India opens the portal as one time measure

In order to resolve the confusion of the past disbursement of Interest Subsidy, the Government of India (MHRD) has now permitted the Nodal Bank Canara Bank to open their portal to enable the Banks to file the claim.

Accordingly, all the pending claims, unclaimed interest subsidy for the period from 2009-10 to 2013-14 can now be claimed by the Banks. Though the portal was supposed to have been opened on 1st Sep 2015, due to some technical reasons, it is likely to be opened next week. Please keep watching this site and our Facebook page for latest updates.

https://www.facebook.com/EducationLoanTaskForce

(Update: The Portal is opned on 7th Sep 2015 and will remain open till 10th October 2015)

What students can do

If you have any education loan disbursement on or after 1.4.2009 (irrespective of your date of sanction say 2008 or 2007) and if you are eligible for interest subsidy as given in the early paras, then check your statement of account and also through the link given above for the subsidy claimed by the Bank.

Please compare the actual interest debited by the Bank during that Financial Year with the interest credited or not credited. If the students find that either interest subsidy for that year has not been claimed or shortly credited, please write a letter giving the complete details and hand over to the Manager. Please request the Manager to claim the interest subsidy, when the portal opens.

If the students get a response from the Managers that they have not received any instructions from the Head Office, the students can send their request to the Chairman of the Bank, Regional Manaer and to the Branch under Registered Post. You can also mention that the Manager refused to accept the request. You can request the Managers to claim the interest as and when the portal gets opened, after verifying the correctness.

If required, the students can meet the Regional Manager and submit a letter personally. Though it is the duty of the Bank Manager to identify and submit the claim, to avoid any future confusion, ELTF suggests that students themselves can verify and draw the attention of the Managers.

For the latest IBA guideline, please click

http://www.eltf.in/2015/08/all-pending-interest-subsidy-claims-can.html

ELTF will not follow up individual cases. If the students find any difficulty, they have to send complaint to Chairman of the Bank and to Reserve Bank of India. Please do not write to ELTF for individual issues. They can personally meet the Regional Managers and sort out the issues.

This is an one time measure allowed by the Government. Hence, students and banks should avail the opportunity so that all the pending cases are resolved.

By K Srinivasan, Convenor, ELTF

All pending interest subsidy claims can be submitted immediately as one time measure

2015-08-26T22:52:00.000-07:00

Under instructions from MHRD, Indian Banks' Association has notified that all pending interest subsidy claims (1.4.2009 to 31.3.2014) belonging to SC/ST and General category can be submitted immediately by the bank branches to the nodal bank.

The eligible students, who did not get the interest subsidy earlier may immediately meet the Manager and submit a letter of request to the Bank. They can also give the copy of the notification to the branches. If the Branch Managers do not respond positively, the students can report to the Chairman of the Bank and also to Reserve Bank of India.

Canara Bank will open the portal on 1st Sep 2015 and close on 15th Sep 2015. The eligible students may meet the Bank Manager and give a letter requesting him to submit the pending claims within the due date.

The copy of the notification:

No RB/CIR/CSIS/15

26^th August, 2015

VERY URGENT

To:

The Chief Executives of Member Banks

Dear Sir/Madam,

Opening of CSIS portal for claiming CSIS subsidy for

OLD CASES-final chance

The Ministry of HRD vide their communication dated 20^th August, 2015 has advised to keep the web portal open and sensitize all the banks that, this is the last opportunity for banks to lodge the claims and ensure that the eligible students who have availed education loans are not deprived of the benefit of interest relief. The Ministry of HRD has requested IBA to advise members banks that portal will be opened for lodging all old pending claims in respect of ALL THE ELIGIBLE unclaimed cases [including SC/ST and General Category] for the period from the year 01.04.2009 to 31.03.2014 as a onetime measure. This will be the final chance.

Accordingly, the Nodal bank viz. Canara Bank has informed us that they are in process of opening the CSIS Web Portal for submission of the old pending / left over cases and will be informing the date of the opening of portal very soon.

In the meantime, we request all the members to please keep the required details ready for submission of the eligible claims. KINDLY NOTE THAT THIS WILL BE THE FINAL ONETIME MEASURE AND THERE WILL BE NO MORE OPPORTUNITY TO CLAIM THE CSIS SUBSIDY for the old claims for the period from the year 01.04.2009 to 31.03.2014.

Please note that the CSIS Scheme is also applicable to RRBs, we request all sponsoring Public Sector Banks to inform their respective RRBs to take necessary action in the matter.

Please be guided accordingly with immediate effect.

Yours faithfully,

K Unnikrishnan

Dy. Chief Executive

Interest subsidy claims for 2014-15 to be submitted before 25th September 2015

2015-08-07T08:54:00.000-07:00

All Bank Branches should submit the interest subsidy claims for 2014-15 before 25th September 2015. Though it is the duty of all the branch managers to submit the claim to the nodal bank Canara Bank before the due date, in the past, due to various reasons, managers have not submitted the claims properly. This has resulted in many eligible poor students not getting the interest subsidy from the Government.

Students who have availed education loans under IBA Scheme pursuing professional or technical courses in the approved institutions and whose annual parental income is less than Rs.4.50 lakhs are eligible for 100% interest subsidy during the moratorium period. They should have submitted the income certificate duly signed by Thasilldar.

Eligible students may meet the branch managers and get the confirmation that the Branch has included their name and the exact amount (100% of interest charged during 2014-15). The students can also submit a letter to the Managers seeking confirmation for having submitted the claim. They can endorse a copy to the concerned Regional Managers and the Branch Managers. We are suggesting this as an abundant caution.

If the Branch Managers refuse to give proper information, the students can write a complaint to the Chairman of the Bank and to the Regional Manager.

AADHAR Card not mandatory for processing of Education Loans

2015-08-07T07:29:00.000-07:00

We are receiving complaints that some of the banks are not processing / sanctioning the Education loan applications if the applicants do not submit the AADHAR card. When we sought clarification from the Nodal Bank Canara Bank, Shri Badrinath, AGM, Canara Bank Head Office has responded to us the following quoting IBA guidelines. From these guidelines, it is clear that Aadhar cards are not mandatory for processing the education loan applications.

quote

IBA Mumbai during the revision of Education loan scheme guidelines had advised banks to Obtain UID number issued by UIDAI ( Aadhaar ) to the students and note the same in the System.

Accordingly we had issued guidelines to the branches to prevail upon the students to submit the PAN/AADHAAR card particulars before completion of the course.

Wherever a student is not having UID number, branches are advised to obtain undertaking letter from the student for submission at a later specified date. However, the disbursement in subsequent years should not be stopped for the said reason. The same should be followed up till submission for noting in records.

From the above , it is clear that obtention of AADHAAR card is neither mandatory nor a condition for sanction of loan.

UnQuote

Mr Unnikrishnan, Deputy Chief Executive of Indian Banks' Association has further clarified as follows:

Quote

Aadhar is not mandatory for sanction of Education loan, but students are advised to submit Aadhar before completion of course.

Unquote

Personal Loans For Bad Credit: Provide Fair Financial Benefits

2015-07-07T15:24:00.000-07:00

Finally, you got personal loans for bad credit to meet you devouring demands. First of all, it is important for you to understand the nature of your personal loan. Personal loans are unlike to a home loan or a car loan. It means that you do not have to offer any collateral to secure the loan. For the reason, the personal loan becomes inherently risky for a lending institution to provide loan to the people in deep credit deficits.

For all that you need to determine if you are able to qualify for personal loans in your bad credit state. You need to fill out an application form in this regard. The application is made possible online as well as offline, processing online is preferred though. This loan form takes into account of your name, Social Security number, income, and other relevant information. Later, your credit worthiness is determined by a loan officer in the face of your bad credit history.

The loan officer can even assist you in making your application more appealing. He can make is more attractive by encouraging you to borrow a smaller amount of money. As well as, he can suggest you to make payments over a longer span of time. Moreover, the loan officer can also suggest the right way to lower down your monthly payments.

You are able to borrow a great deal more money from a high street lender than you would be able to borrow otherwise from a traditional bank. However, your chances are bright enough to secure up to $15,000 for a period ranges in 6 months to 10 years. You may be able to get an APR for as low as 7.99 percent. You can even shop around for the best possible deal also.

People who do not possess any property to keep against the loan amount can apply for personal loans for bad credit. They do not need to place any collateral as well as credit statement for securing the loan amount. So, in all the personal loans for bad credit borrowers provide fair financial benefits.

Dharmapuri MP Dr Anbumani shows the way - Organises Education Loan Awareness programme for bankers and students

2015-06-03T09:44:00.000-07:00

Dr Anbumani Ramadoss MP (third from left), Prime Point Srinivasan (fourth from left)

Dr Anbumani Ramadoss (Former Union Health Minister and sitting MP of Dharmapuri, Tamil Nadu) organised an unique event on 1st June 2015 at Dharmapuri to create awareness about education loan among the students and parents. He had also invited all the local Bank Managers.

Probably this is the first time, a sitting MP is organising such awareness programme anywhere in India for the benefit of people in his constituency. They made a wide publicity through media, banners and pamphlets. More than 300 students and parents participated in this event.

Prime Point Srinivasan, Convenor of Education Loan Task Force (ELTF) was the Chief Guest and he delivered a talk on various aspects of Education Loan guidelines. This event helped to ease the tension between the bankers and the public and to understand each others difficulties.

Two important things observed was that though Reserve Bank of India and Indian Bank Head Office specifically advised all the banks not to follow 'service area concept' for education loans, Lead District Manager of Indian Bank openly admitted in the meeting that they were following service area concept for their convenience. However, ELTF has taken up the issue with Indian Bank Head Office.

Secondly, the local State Bank of India has not been granting any education loans presently citing bad debts. This matter is also being taken up by ELTF with State Bank of India Chairman.

While addressing the gathering, Srinivasan explained the application procedures, eligibility of interest subsidy, grievance redressal mechanism, etc.

While summing up the views, Dr Anbumani MP said that this programme was more a sensitization programme for both bankers and the students. He also assuired to take up with Finance Minister the mess up of interest subsidy matter.

This event was an unique event which can be emulated by other MPs and MLAs in their constituencies. Another important matter which needs 'three cheers' is the total neutrality of the programme. Though Dr Anbumani is the leader of a big political party, his team ensured that no political colour was given to the event.

Some of the photos:

Personal Consolidation Loan

2015-04-27T07:16:00.000-07:00

A personal consolidation loan is a product that is growing in both need and demand today. As credit has become a dominant part of the American lifestyle, it has reeled the economy as well as personal lives with its pros as well as its cons. One of the greatest drawbacks of easy credit approval is that subjects are not adequately taught financial management skills. Before one knows it, they have more bills than they can pay and quickly drowning in their financial troubles.

A personal credit consolidation loan is a great way to start sweeping away some of the credit mess left by excess credit cards and other unsecured debt. You can trade out high interest rates, late charges and other fees for a clean, monthly payment that is easy to keep up with and that you can afford every month. A personal consolidation loan has been the reason many people have been saved from having to file for bankruptcy. The sooner you get started on your new loan program, the easier it will be for you to start straightening out your finances again.

A personal consolidation loan works by paying off all of your current debt. This helps your credit by reflecting all of your accounts as paid in full. In its place, you will get one lump loan at a lower interest rate than you were currently paying to all of your debtors. You can select a payment plan that you can afford, and manage just one monthly payment.

Indian Overseas Bank confirms that Govt. of India settled only 44% of the interest subsidy claim for Education Loan in 2013-14

2015-04-06T23:33:00.000-07:00

Time and again, Education Loan Task Force (ELTF) has been blaming the Government of India for not settling 100% of the eligible interest subsidy during the moratorium period. ELTF has taken up this issue through our supporting MPs in the Parliament.

Now in response to a letter of Shri Vinoth Kumar, a student borrower of Indian Overseas Bank, B. Mettur Branch, the Bank's Head Office has confirmed that only 44% of the claim was settled by the Government for the year 2013-14.

As per rules, the Government of India should settle 100% of the interest during the moratorium period. In many cases, the students get only a small portion. The banks force the students to pay the balance interest and treat them as NPA.

The eligible students can now individually approach their branch manager and request them in writing (1) the amount of interest debited in the loan account during the moratorium period and (2) the amount of interest subsidy credited to the loan account. Alternatively, you can collect the statement from the Bank and work out the details yourself. If the students need any clarification, they can approaqch the bank manager. If the Managers do not clarify, the students can meet the Regional Manager and give a written complaint.

Students should note that there are two interest subsidy schemes. (1) for loans granted on or after 1st April 2009 - it is a continuous scheme. Due date for submission of claims by banks is over for the period up to 2013-14. (2) For the loans granted prior to 1.4.2009 and outstanding as on 31.12.2013. This is one time scheme and now the due date is over for submission of claim. For more details, please see the guidelines in this site.

If there is a difference, the students can also ask the Bank Manager the details of the claim submitted by them on behalf of the concerned loan account. If there is any discrepancy in the interest subsidy received or claimed, the students can send a written complaint to the Chairman of the Bank.

Please do not post any comment for this posting. If you need to convey anything, please send a us your mail to info@eltf.in.

7 reasons why NPAs are mounting in education loan - Insensitivity of banks pushes the students into debt trap

2015-03-24T08:30:00.000-07:00

Based on the complaints received from various students, ELTF finds that the banks do not classify NPA properly and unnecessarily blame the students. We have found out 7 important reasons for inflated NPA by banks.

1. Inhuman attitude of the bank officials. Not understanding the financial status or earning capacity of the student. Though IBA stipulates 10 to 15 years of flexible and telescopic repayment (lower EMI at the beginning and gradual increase of EMI in the later years), most of the branch managers fix huge EMI for 5 years. This burdens the students. EMI is fixed more than the income of the student.

2. Reluctance of bank managers and regional managers to re schedule the EMI, even in genuine cases.

3. Wrong classification of education loans. If the education loans are properly classified, nearly 75% of the present NPA will become good assets. Banks purposely show increased NPA to avoid education loans. They prefer huge corporate loans, even if they become NPA, for 'obvious' reasons.

4. Right from the day 1 of a student entering the bank premises seeking education loan, he is being harassed and asked to run pillar to post. The students get frustrated and develop enmity with the bank. Managers do not create awareness of the bank rules among the students. In many cases, we found managers themselves do not have good knowledge.

5. Lack of good relationship between the branch officials and the borrowing students. That is why we always suggest that a get together of all the borrowing students once in a year to be conducted by the branches or regions, so that the students develop loyalty. Unfortunately, no bank is willing to accept our suggestion.

6. Lack of proper interest subsidy management by the branches. Though 100% subsidy is available for students, the branches do not claim the correct subsidy in time. Even the subsidy element is taken into account as NPA. Unpaid subsidy is the default of the Government. For example, a person who avails a loan of Rs.1,00,000/- at an interest rate of 12% pa, disbursable for 4 years @ Rs.25,000/- per annum is eligible for an interest subsidy of Rs.42,000/- from the Government, if he is eligible. Unfortunately, in most of the cases, the student gets only around 20%. If he gets a subsidy of Rs.10,000/-, the bank forces the student to pay the balance amount of interest Rs.32,000/- (amount not paid by the Government). When the student commits 3 months default, the bank classifies the entire loan as NPA, which includes the sum of Rs.32,000/- not paid by the Government. It is the NPA of the Government technically and not that of the student. How the student can be blamed?

7. Individual banks and Indian Banks Association do not take interest in creating awareness about education loan, interest subsidy, repayment etc. Even recently, when Ministry of HRD extended the interest subsidy due date for SC/ST students, neither the banks or IBA took any initiative to pubclicise the extension date. ELTF issued press note and publicised throughout India for the benefit of SC/ST students. The insensitivity of the Banks and the Indian Banks Association in implementing the Education Loan Scheme is the main reason for all the problems faced by the students.

- By K. Srinivasan, Convenor, Education Loan Task Force

City of Chicago

2015-03-10T08:07:00.000-07:00

City of Chicago

Apply For A Personal Loan Online

2015-01-28T12:59:00.000-08:00

If you do not have the time for long waiting lines, working around the schedule of your loan officer, or managing your finances around limited business hours, you may want to learn how to apply for a personal loan online.

The first thing you want to do to apply for a personal loan online is to identify your own needs. What kind of a loan are you looking for? What is its purpose? Are you looking for a loan that is secured or unsecured? Make sure you understand the terms as you do your research. A secured loan, for example, requires collateral. When you apply for a personal loan online, your loan is not secured on any item of value. You will want to think about things such as loan terms, how quickly you want to repay your loan, and what you will be using your loan proceeds for.

Once you have established your own list of needs, you can find an appropriate lender. If you are unsure about what a particular lender can ask you, call or email them to make sure you get a thorough understanding. When you have compared your options, you can select a lender. You can apply for an unsecured personal loan online or decide that a different kind of loan product may be better suites to your individual needs.

The rest is easy. Once you have selected your lender, you simply visit their website online and it will prompt you on how to apply for a personal loan online. It will generally be an online form asking for basic information — such as demographics, contact information, employment information, and other financial data. If you need help, there is generally both a help and a “frequently asked questions” (also known as FAQ) online. You can also call the company for further assistance.

Independent expert committee to investigate education loan and interest subsidy scheme demanded in Lok Sabha

2014-12-19T07:52:00.000-08:00

At the request of ELTF, Shri S R Vijayakumar, MP of Chennai Central took up the Education loan interest subsidy issue during 'Zero hour' in the Lok Sabha on 18th Dec 2014. He demanded an independent expert committee to be set up to investigate into the administration of education loan and interest subsidy scheme.

The text of his speech as published in the Lok Sabha site:

http://164.100.47.132/newdebate/16/3/18122014/7To8pm.pdf

SHRI S.R. VIJAYA KUMAR (CHENNAI CENTRAL): Hon. Deputy-Speaker, Sir, I would like to bring to the notice of the august House an important matter. An independent expert Committee should be formed to investigate the administration

of educational loan interest subsidy. In response to my submission in the Lok Sabha on 30th July, 2014 under Rule 377, the hon. Finance Minister has written that the banks have been advised not to insist on payment of interest when the students are eligible for interest subsidy on educational loan. He has also mentioned that the banks have been asked to follow the guidelines. But in reality

we get a lot of complaints that the banks are forcing students to pay interest when they are eligible for interest subsidy. The poor students are forced to borrow money from all sources to repay the bank interest. The banks are creating only a small portion as eligible interest subsidy to the students. This defeats the very

purpose of the scheme to provide educational loan to poor students with comparable repayment. We get reports that the SBI classifies the educational loans as NPA even within four to five months after the moratorium and refer to Lok Adalat. This is causing mental agony to young students. There seems to be a lot of mess in administering interest subsidy on educational loans. I would like to

request the hon. Finance Minister to investigate the matter by forming a committee of independent expert

Finance Minister's response on 'Interest subsidy' - ELTF demands constitution of an independent investigation committee

2014-12-15T02:28:00.000-08:00

As requested by ELTF, Chennai Central MP Shri S R Vijayakumar took up the issue of poor management of 'interest subsidy scheme' by the banks in the Lok Sabha under Rule No 377 on 30th July 2014. link. In response to the submission in Lok Sabha, Hon'ble Finance Minister Shri Arun Jaitley has sent his personal response to Shri S R Vijayakumar MP on 1st Dec 2014. In this letter, Finance Minister mentions the following important points.

1. All Banks have been asked to display in their branch premises prominently, a toll free number for giving complaints.

2. All Banks have been advised to follow the instructions given by the Government/RBI and IBA for considering and granting of education loans.

3. All banks have been advised not to insist the student borrowers to pay interest during the moratorium period, if they are eligible for interest subsidy.

4. Interest subsidy scheme has been duly publicised through print and TV media widely.

5. If there is a delay in reimbursement of subsidy, the students are given retrospectively by the banks.

Probably, ELTF feels that Hon'ble Finance Minister might have just reproduced the comment given by IBA or any other authorities, as if the entire system is working well. In reality, the banks are not displaying any toll free number prominently to enable the public to communicate the grievances. Banks do not follow the guidelines issued by IBA in respect of Education Loans. Many of the Private Banks have scant respect for IBA guidelines.

Though, the banks have been instructed not to insist on the payment of interest, if they are eligible for interest subsidy, during moratorium period. In reality, all the banks force the banks to pay interest during the moratorium period. Instead of calculating at simple rate, all the banks calculate interest on compounded basis. Though the students are eligible for 100% interest subsidy, they are given only a small portion of the subsidy.

Though the banks are required to communicate the interest subsidy scheme individually to all the student borrowers, they do not inform the students. No publicity campaign has been done by IBA or by any banks. Probably IBA has misled the Government with wrong information.

From the feedback received by ELTF, we are of the opinion that the Finance Minister has not been given the right picture of the management of the scheme. Though the students are promised 100% subsidy during the moratorium period, they are given only a small portion.

Though one year holiday period is given after the study, many students do not get proper employment. Banks like State Bank of India after 3 or 4 months of moratorium period, treat the loans as NPA and handover to Lok Adalat and force students to sign documents to pay the entire loan within six months. While IBA guidelines permit flexible repayment schedule upto 10 to 15 years, the many banks, including State Bank of India, pressurise the students to pay money beyond their capacity, thereby defeating the very purpose of the scheme. This affects their credit rating through CIBIL.

Recently, ELTF came across a case where a Branch in Chennai Zone of Corporation Bank did not submit the claim for interest subsidy, within the due date, since the officer was on leave. The insensitivity of the Branch Manager and the Zonal Manager has denied interest subsidy to an eligible borrower. This has also been brought to the knowledge of Finance Minister.

ELTF is once again taking up the matter with Hon'ble Finance Minister through Shri S R Vijayakumar.

ELTF appeals to the Government to constitute a committee of independent experts to look into the management of education loan and interest subsidy scheme.

One more opportunity for SC/ST students to claim interest subsidy before 31st Dec 2014

2014-11-13T22:10:00.000-08:00

Indian Banks Association has now issued a circular advising all the banks to submit any left out interest subsidy claims relating to eligible SC/ST students who have availed education loan from the banks. Since the funds allotted to SC/ST students are not fully utilised, they are now advising all the banks to submit the claims from 1.4.2009 onwards till the financial year 2013-14. This is not applicable for 'General category' students.

The claims have to be submitted by the respective banks before 31st December 2014 to nodal bank Canara Bank. If there are any eligible SC/ST students who have not claimed interest subsidy in the previous years may now avail this opportunity. ELTF requests such eligible students to meet their Branch Manager with a copy of this IBA guideline and complete the formalities.

If the Branch Managers refuse to cooperate or show ignorance of this notification, the eligible students may meet the concerned Regional Manager and submit a written complaint to him. They can also submit a written complaint to the Chairman of the Bank. The last date for submission of claim by the banks is 31st December 2014.

Education loan subsidy scheme IBA circular nov 2014 from Prime Point Foundation, Chennai

Why a business cash advance has more benefits than small business loans

2014-11-01T05:00:00.000-07:00

Every small business knows how difficult it is for one to get a small business loan these days. With the economy being what it is, qualifying for a loan has become difficult. The rates of interest provided by the banks are pretty steep and the kind of collateral that one has to keep is quite forbidding. However the need for a loan has not decreased. In such a scenario, a good option would be a business cash advance.

There are numerous alternatives to a business loan where you do not have to worry about how bad your credit history is or the kind of collateral that you will have to keep on stake. If you have decent business coming in from Visa and MasterCard sales and you have been in business from a little more than nine months, you will have no problems qualifying for a business cash advance. This will be collected against your sales transactions and the time frame is not constricting.

Here is an understanding of how a business cash advance has a few more benefits than a small business loan. With a small business cash advance, the rate of approval is much higher since more number of merchant pass the basic requirements. In the case of the small business loan, most applications tend to get rejected simply because they have a slightly doubtful credit history. The time frame for approval of a cash advance is anywhere between one day to three days, whereas that of a loan from a bank will take around a week, after you have submitted a load of paperwork.

Once you are approved for a business cash advance, you will get access to your money in a week’s time whereas from a bank it can take anywhere between a month or two to get to it. When it comes to repayment of your loan, you do not have to worry about being late on a monthly payment of a cash advance. Repayment is based on a percentage of your credit card sales. Your loan is paid in full, when your customers buy from you. So if you have a slow month at business, your repayment slows down as well. This is not the case with a small business loan and in the long run, it could even affect your credit history.

If you plan to apply for a business advance, do make sure that you make your enquiries a little in advance so that you know what the service provider needs. The qualifications can vary a small amount, though nothing that will affect your chances.

About Author: Welcome to Merchant Cash And Capital, MCC is a leading Business Cash Advances provider and can get you access to up to $250,000 dollars in just 72 hours. A Business Cash Advance is the perfect alternative to merchant loans and small business loans. There are no application fees, no restriction on use of funds, minimal documentation and fast approval and funding in as little as 72 hours.

Start up loans: Enter the Business world with This Awesome Option

2014-10-31T08:07:00.000-07:00

Are you wishing for starting a new venture? Do you know it very well that it requires a big financial support? Don’t you have such big amount but you are firm determined to do so? You need to hold the most promising deal of start up loans that would end up your problems in a quick and easygoing manner. It is available in secured and unsecured forms and so, people don’t need to hesitate in availing it as they can easily come out of their needs in a pleasing manner. This deal is purposely intended for those who are willing to start their businesses with their own efforts and means.

Start up loans is the destination where you can stop your journey for a suitable loan deal. It assists you in the way you expect. If you are interested or able to pledge any collateral against the loan sum, these loans would allow you to do so. The good thing about this deal is that they are offered at reasonable interest rate and so, you can get rid of a towering interest rate. On the other side, you can also make ample money by opting for the unsecured deals if you don’t have any valuable thing to use as collateral. What happen if you have to pay off a little bit high interest rate? You are helped out as per your need.

Through these loans, you are able to fetch an amount in the range of 100 pounds to 2500 pounds, the loan sum can be repaid through easy installments. It is really wonderful help for you as you don’t have to undergo any hectic process to have money. So, don’t get worried for anything and make a fast approach for start up loans to have money.

To save your time and to support you within some hours, the lenders use the fast applying mode and it takes just 30 minutes in completing the whole process. Hence, don’t live with any cash issue and come out of every cash dilemma using this solution.

About Author: An easy and consistent guidance can be expected from Kelvin Lopez. He contributes regularly to the financial industry through his articles and right suggestions about unsecured business loans , bad credit business loans visit http://www.businessstartuploans.me.uk

Fast no credit check loans - Financial solution for bad creditors who need immediate cash

2014-10-31T07:57:00.000-07:00

Are you looking for availing loans without any credit checking process? If yes, there are several online lenders which provide different types of loans to meet financial needs. For availing instant loan, you need to avail fast no credit check loans where you can avail these loans without having the problems of credit verification process. As the name suggests, you can now avail these loans on the same day you applied the loans.

At present, these loans are offered with attractive loan quotes or interest rates in the financial market of US. To know more details about loan quotes about these loans, you can search on the internet. For availing fast no credit check loans, there is no requirement of lengthy formality or paperwork etc.

However, to apply for these loans- you need to fulfill some basic terms and conditions such as:

- You must be a permanent citizen of US.
- You must attain above 18 years of age.
- You should have permanent job.
- You should earned monthly salary of at least $1500 bucks.
- You should have a valid checking account in US.

Once you have all the above formalities, it is quite easy for you to acquire fast no credit check loans without any hassle. With the assistance of these loans, it is quite easy for you to avail quick fund that ranges from $100 to $1500 depending upon your monthly salary status. As far as repayment option is concerned, borrowers have to pay back loan within 2 to 4 weeks. You can also easy utilize the availing funds in many purposes whether it may be for wedding expenses, electricity bills, home renovation, credit card dues, car repairs, or other short-term financial needs.

With simple online and quick loan application process, you can avail these loans. For the ease of customers, different websites have offered these loans with simple method of online application process. Overall, fast no credit check loans are ultimate financial solution for everyone who want to take quick funds at the mid of every month.

About Author: Andrew Stomes is working for many years in the financial industry of USA. He continuously writes articles on loans to give advices to the loan seekers and help them to take decisions. For further information about fast loans no faxing , fast loans visit http://www.fastloansnocreditcheck.org

Strategies - Trend Reversal Patterns

2014-08-05T21:56:00.000-07:00

The sideways price action of a reversal pattern signifies that upon breaking out of the pattern there will be a turnaround in the current trend.

We will be investigating the Head and Shoulders and Inverse Head and Shoulders on this page. Double Tops and Bottoms and Triple Tops and Bottoms will be discussed on the next page.

Other reversal patterns such as Rounded Tops and Bottoms, V-Formations, and Diamond Formations are not as common and harder to see. Rounded Tops and Bottoms will be discussed briefly on the next page while you can check our glossary for some information on V-Formations and Diamond Formations.

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Head and Shoulders
The Head and Shoulders pattern is one of the most classic patterns in a technical analyst’s toolkit.

This three-peak formation is named for its resemblance to a head and two shoulders. The center peak (head) protrudes above the remaining two peaks (shoulders), which are set at or close to identical levels. The common line of support for all three peaks, which does not have to be a horizontal line, is known as the Neckline. The final downward penetration of the neckline confirms the start of a new downward trend.

There is a chance that even after there is a break of the neckline that the trend may not reverse. A good validation of a reversal would be if the break is significant or if the neckline is tested and it turns from support to resistance. Also, a trader should look and see if momentum was higher during the formation of the left shoulder compared to the right shoulder as this would indicate that buying pressure is decreasing and a true reversal pattern is taking place. During a true head and shoulders reversal, the downward move can be expected to be equal to the distance from neckline to head.

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Inverse Head and Shoulders

The inverse Head and Shoulder pattern follows the same model.

In the 4-hour chart below you can see that at first price is heading downwards. After the pattern forms, price reverses and there is a substantial move in an upward direction. Soon though price retracts and tests the neckline.

The neckline holds as support, and the uptrend continues, completing the reversal. You can also see, from the momentum indicator, that selling pressure eases by the time the right shoulder is forming.

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