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Nitin

Nitin Sathe  | Answer  |Ask -

HR, Recruitment Expert - Answered on Jan 27, 2023

Air Commodore Nitin Sathe (retd) is an IAF veteran with experience in aviation, aviation management, recruitment and HR.He has commanded a frontline base in Jammu and Kashmir, served with the UN Peace Keeping Force in Congo and volunteered for tsunami relief operations. Today, he is a certified recruiter and personality assessor.... more
Asked by Anonymous - Jan 26, 2023Hindi
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Career

Mr Nitin Sir, I've been wanting to enroll in an aviation training school, but due to financial issues, I can't afford it. Are there any scholarships or interest-free loans that could help me?

Ans: Interest free loans especially in the field of aviation are difficult to get. And if a company sponsors your training, they will ask you to sign a bond. The only govt run aviation training school is at RaeBareilly you could check it out on the web. To become a pilot in India from a reputed DGCA approved flying school, it will cost you between 35 to 40 Lakhs
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Ramalingam

Ramalingam Kalirajan  |6995 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on Jul 17, 2024

Asked by Anonymous - Jun 24, 2024Hindi
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Sir my son is getting lower branches in nit but in mit Manipal he is getting cse I can only afford 1st year fees but not from 2nd year as my income is 5LPA with no collateral will i get an education loan for my son from second year onwards
Ans: Your son has two options: a lower branch at NIT or CSE at MIT Manipal. You can only afford the first year's fees at MIT Manipal. Your annual income is Rs 5 lakhs, and you have no collateral for an education loan. Let's explore the financial aspects and options available for managing your son's education.

Education Loan Overview
Collateral-Free Education Loans

Many banks offer collateral-free education loans. These loans are typically up to Rs 7.5 lakhs. However, for higher amounts, collateral might be required. Since you need a loan for the second year onwards, this could be a feasible option.

Eligibility and Requirements

The eligibility criteria include the student's academic performance and the course's credibility. Your son getting CSE at MIT Manipal makes him a good candidate. Banks will consider your income, but the main focus will be on your son’s future earning potential.

Evaluating Loan Options
Government Schemes

Check for government education loan schemes like the Vidya Lakshmi Portal. These schemes provide easy access to multiple loan options. They also offer subsidies on interest for economically weaker sections.

Bank Education Loans

Major banks offer education loans with flexible repayment terms. Approach them with detailed information about the course and the future earning potential of a CSE graduate. Banks are more likely to approve loans for high-demand courses like CSE.

Managing the Loan Repayments
Moratorium Period

Most education loans come with a moratorium period. This means you don’t have to start repaying the loan immediately. The repayment typically begins after your son completes the course. This provides financial relief during the study period.

Interest Rates and EMIs

Compare interest rates from different banks. Choose a loan with a reasonable interest rate. Post-graduation, when your son starts earning, he can take over the EMI payments. This reduces the financial burden on you.

Alternative Funding Options
Scholarships and Grants

Explore scholarship opportunities. Many institutions offer merit-based and need-based scholarships. Scholarships can significantly reduce the financial burden.

Part-Time Work

Your son can consider part-time work or internships. This can help cover some of his living expenses and reduce the amount needed for the loan.

Crowdfunding and Alumni Networks

Some students successfully use crowdfunding platforms to raise funds for education. Additionally, reach out to MIT Manipal's alumni network. Alumni sometimes contribute to scholarships or funding programs.

Assessing Future Financial Impact
Potential Earnings

A CSE degree from MIT Manipal offers strong earning potential. Graduates from this program often secure high-paying jobs. This enhances your son's ability to repay the loan comfortably post-graduation.

Return on Investment

Consider the return on investment. Investing in a quality education like CSE at MIT Manipal can lead to better job opportunities and higher salaries. This justifies taking a loan despite the initial financial strain.

Final Insights
Given your financial constraints, exploring collateral-free education loans is advisable. Government schemes and bank loans offer viable options. Utilize scholarships and part-time work opportunities to further reduce costs. The earning potential of a CSE graduate from MIT Manipal is high, making this investment worthwhile. By securing a loan and leveraging available resources, you can support your son's education and future career prospects.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in

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Ravi Mittal  |403 Answers  |Ask -

Dating, Relationships Expert - Answered on Nov 08, 2024

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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