EDUCATION LOAN IN INDIA

With advent of technology, the education is getting more expensive. Everyone wants to get quality education. For many, it is graduating from a top university either in India or abroad. An engineering degree in India costs Rs. 15 Lakhs+ while MBA costs Rs.20 Lakhs. Thus it is very necessary that we should know about all the intricacies of education loan-terms, conditions, procedure and benefits.

An education loan covers the basic fee of the course and the miscellaneous charges like accommodation etc. Student is the main borrower while parent is the co-applicant. As per the RBI guidelines, letter of admission, Class X and XII mark sheet, income documents of co-applicant is required. The banks can finance up to 100% of the loan depending on the amount. Currently, for loan up to Rs 4 lakh, there is no margin money required. For studies in India, 5% of the required money has to be financed by the applicant. On the other hand, for studies overseas, the required margin money increases to 15%. 

The banks also ask for collateral for loans above Rs 7.5 lakh. Presently, the banks do not ask for any collateral or third-party guarantee for loan up to Rs 4 lakh. For loans above Rs.4 Lakh up to Rs. 7.5 Lakh, a third-party guarantee is required. Collateral is required for loan exceeding Rs. 7.5 Lakh.

 Interest rate 
The banks uses the Marginal Cost of Funds based Lending Rate (MCLR), plus an additional spread to set an interest rate. Presently (in 2017), the additional spread is in the 1.35-3% range. 

Repayment 
The loan is repaid by the student. Generally, the repayment starts when the course is completed. Some banks even provide a relaxation period of 6 months after securing a job or a year after the completion of studies for repayment. The repayment period is generally between 5 and 7 years, but can be extended beyond that as well.  During the course period, the bank charges simple interest rate on the loan. The payment of simple interest during the course period lessens the equated monthly installment (EMI) burden on the student for future repayments. 

Education loans taken for certain relationships will qualify for tax deduction: Education loan taken for pursuing higher studies for self, children, and spouse or for a student for whom one is a legal guardian would qualify for tax deduction.

Thus, parents and legal guardians are eligible to claim the deduction for the interest component paid by them. However, one cannot claim this deduction for education loans taken for his sibling or other relatives. Moreover, only the borrower who has availed the education loan can claim the tax deduction. For example, if a person takes an education loan for his child, spouse or his legal ward, only he can claim the tax deduction. The student, i.e. the child, spouse or his legal ward, cannot claim the deduction even if the loan is repaid from his funds after the completion of his studies. However, if the loan is taken in the joint names of parent/legal guardian and child/legal ward, then both of them will have the flexibility to claim the tax deduction based on their tax liability.

All About NMAT 2018

NMAT conducted by GMAC is an entrance exam to get into NMIMS for various courses of business management studies. There are NMIMS campus- Mumbai, Bengaluru, Hyderabad, Indore, Navi Mumbai and Shirpur. Other institutes accepting the scores of this exam are:

SVKMs Narsee Monjee Institute of Management studies(Chennai, Bangalore and Mumbai), Xavier University, MISB Bocconi, IFCAI Business School, Thapar School of Management, VIT University and much more.

NMAT 2018 registration dates are from July 03, 2018 to October 03, 2018 while Exam dates are from October 4, 2018 to December 17, 2018. Results will be announced in the 2^nd week of January 2019.

The exam has three sections with a fixed time allotted. The answers get finalized when you move on to the next section.

Sr. No	Section	No. Of Question	Time(Minutes)
1.	Language Skills	32	22
2.	Quant. Skills	48	60
3.	Logical Reas.	40	38

There is NO NEGATIVE MARKING in this exam.

Registration Process:

Create an account on www.nmat.org.in using a valid e-mail id.

Provide Contact Information, Personal Information, Education and Work Experience, Preference of Course interested and then agree to Terms and Conditions. The exam will be held in 44 cities at 58 centers in India and at 4 International Centers. On the D-Day, candidates must bring the following things: Printout of Confirmation E-Mail & Admit Card, Photocopy of Primary ID, Latest photograph with one original ID( Passport/PAN Card/ Voter ID/ UID/ Aadhar Card/ Driver’s Licence).

The exam validity for NMAT exam is 1 year.

CUT-OFFs for NMIMS Mumbai/Bangalore and Hyderabad (2018-2020)

NMIMS	Quantitative	Logical	Language
Hyderabad	60	50	50
Bangalore	60	50	50
Mumbai	65	55	50

Candidates can appear only 3 times during a year for NMAT exam including the first and two retakes. The best score is counted.

88,454 students gave the NMAT by GMAC 2017 exam with a 7% rise from the last year.

“All you need in this life is ignorance and confidence, and then success is sure”

Cracking NMAT with flying colors depends on many factors. To stick to the syllabus, completing standard books, past year papers and mock tests are some tasks that top the list of priority.

Vocabulary for any exam can be improved only by reading newspapers like THE HINDU/HINDUSTAN TIMES/INDIAN EXPRESS daily and learning new words from it. Contribute at least 1 hour to newspaper reading. Make notes from it. Synonyms and Antonyms can be prepared well from WORD POWER MADE EASY by NORMAN LEWIS.

Books of Arun Sharma are good for NMAT and CAT but one must not focus only on one book. Follow Sarvesh Kumar Verma for better explanation and note the trend of questions in mock tests.

Along with taking mock tests daily, attempt the previous year papers in a time limit and correct your mistakes. Identify your weak topics and practice as much as you can. The exam has 120 questions with only one minute per question. The pool of questions will have mixture of questions, some easy and some difficult. Thus, it’s our duty to identify the easy questions and attempt them to maximize the score. Short tricks provided by your coaching OR available on Internet can be of great help while solving problems.

Short notes will help you at the ninth hour. Formulas should be at your tips.

For how many years is the score of NMAT valid?

‘NMAT by GMAC’ score is valid for 4/5 years while NMAT score is valid for one academic session. Therefore, if you give the exam in 2018 then the validity is from 2019-2021. The results are announced within 4 to 5 weeks after attempting the test.


For personalised coaching for GD/PI/GE/WAT , contact Vivek Gupta, IIMB Alumni

ACCOUNTING CERTIFICATIONS: THE NEW TREND OF 2018-19

The Graduate Management Admission Council reported 6.6% dip in MBA programs in the US and this is the fourth year in a row. There is a 70% decline in full time two year programs. But professionals have found a new way to earn a six-figure salary! Yes, the accounting certifications such as CPA and CMA (Certified Management Accounting), which is less expensive and time-consuming than a full MBA program.

The Institute of Management Accountants’ CMA certification reported 21% growth in past five years and 40% last year. Because of the micro credentials where you can pick up the skills very easily and quickly, these courses are setting the new trend. In this tech-savvy age, accounting profession is changing as most of the routine tasks are being automated and artificial intelligence, skills of planning, decision, strategic analysis are the new things to be learnt to excel in future. The CMA programs are so designed such that they don’t get obsolete.

To climb up the corporate ladder and become a true business partner on the finance and general management team, a new certification called CSCA (Certified in Strategy and Competitive Analysis) is introduced. The emphasis is made on data analytics technology skills to help students combat the new problems and need of the market. These programs will surely help students to pay off their student loans and debts more quickly.

According to a survey, CMAs guarantee you a job, get more promotions and earn more salary while a graduate in BS in Accounting without a certification can’t get a job these days. CMAs help earn 60% higher median total compensation compared to non-CMAs.

NEET PG EXAM 2019

At this juncture, every medical and MBBS aspirants might be feeling nervous and anxiety as NEET-PG Exam 2019 Notification has also been declared by the National Board of Examination. So, hurry and log on to www.nbe,edu.in

The candidate must possess an MBBS degree or a pass certificate from a recognized university/college and must have completed one year internship on or before 31^st March, 2019. It is a Computer Based test comprising 300 questions to test your field of expertise. It is the only exam to persue MS/MD and PG Diploma Course.

A list of books for your preparation:

ANATOMY — Chaurasia and Arvind Arora

PHYSIOLOGY — CRISP

BIOCHEMISTRY – Vasudevan and Rebecca James

PATHOLOGY — Robbins and Vandana Puri

MICROBIOLOGY — Anathanarayanan and Apurba shastry

FM — Sumer Sethi

ENT — Dhingra and Sakshi Arora

OPHTHAL — Khurana and Sudha Seetharaman

MEDICINE — Harrisons and Deepak Marwah, Vinod Khanna

SURGERY — SRB and Rajamahendran

OG — Shaw and Mudaliar and Sakshi Arora

PAEDIATRICS — Ghai; Around Arora

ORTHO — Maheshwary; Apuev Mehra

RADIOLOGY and DERM — Arvind arora

Don’t waste too much time on medicine as there are just 21 MCQs from there. The first and second part subjects are probably more important as most people don’t study them. As usual the small and tricky subjects will decide the ranks, so study these carefully. Please stop mugging up guide books’ answers. Not only are they wrong but the question bank has changed. This is true, especially for small subjects. Take hands-on training for computer too. This may range from 30 mins to 1- 2 hrs training. Make sure you consult some computer literate person. He will surely be an asset. The best thing you can do for yourself in this crucial time of preparation is to boost your answering capability on computers. You have the content in your brain; it should be appropriately translated as answers to the MCQs. So go ahead, give online tests; virtually wherever you find a chance. A quick glance at Pathology (initial 5-6 chapters from Robins small book), Medicine (CNS, Endo), PSM (changes in NHP’s, recent advances, vaccines) and Pharma (recent drugs) could be on your due chart for some days before the exam.

Thank You!

MBBS SYLLABUS OVERHAULED!

Aptly quoted “Better late than never” The Medical Council of India has finally revised the syllabus of MBBS that was two decades old. MBBS students will now have a golden opportunity to have Elective Subjects so that students can pick up only those subjects that suits their interest. The changes will take place from the next academic year 2019-20.

Big thanks to Dr. Ved Prakash Mishra who pressurised over practical training approach right from the first year. A two month foundation course in Communication skills has also been added in the curriculum. A new introduction of the use of medical mannequins has been added for clinical learning, though the use of human cadavers for anatomy training will continue.

As a doctor, it is very important how you communicate with your patients. So, MCI has also added a course called Attitude, Ethics and Communication (AETCOM) which will run throughout the year. Thus, the new curriculum is more practical, modern, outcome-oriented and appropriate for the future Indian doctors. This will surely solve the problem of brain drain too, as many Indian students after class 12^th go abroad to persue MBBS.

40,000 teachers have been trained to handle the new course. A compulsory internship programme has also been added in the course. Thus, this step is historic in it and will change the educational scenario of India.

For more info, visit Global Knowledge Works

Ireland education Fair in November

An awesome opportunity for Indian students to get admission in top-notch Ireland Universities.

November 17, 2018 will be a historic day for Indian students as Ireland’s top 20 Universities organize  a series of education fair to woo Indian students in New Delhi, Pune, Mumbai, Bengaluru and finally Chennai (25^th November). Detailed information will be provided regarding admission and scholarship procedures including 5,000+ courses and job prospects.

Indeed good news comes from UAE where education experts at the India-UAE Partnership Summit (IUPS) 2018 concluded that the new visa rules will give more impetus to Indian education entities in UAE. Indian Institute of Management Ahmedabad in Dubai, National Institute of Fashion and Manipal University Medical College in Abu Dhabi are some Indian educational entities going to open in UAE.

It’s very important for Indian Universities and Colleges to have foreign collaborations because we want Indian educational institutes in top QS world ranking. Amitabh Kant (CEO of NITI Aayog) reiterated that high-class facilities, research hubs, and foreign faculty are the need of hour if we want to develop Brand India in education sector.

List of participants universities are:

1. Athlone Institute of Technology
2. Cork Institute of Technology
3. Dublin Business School
4. Dublin City University
5. Dublin Institute of Technology
6. Dundalk Institute of Technology
7. Griffith College
8. Institute of Technology Carlow
9. Limerick Institute of Technology
10. Maynooth University
11. Michael Smurfit Graduate Business School
12. National University of Ireland, Galway
13. National College of Ireland
14. University College Dublin
15. Trinity College Dublin Business School
16. Trinity College Dublin
17. Letterkenny Institute of Technology
18. University College Cork
19. University of Limerick
20. Waterford Institute of Technology

For through counseling of various options available, visit

Global Knowledge Works

The venues and timings in different cities are

17th November	New Delhi	Shangri-La	11 am - 4 pm
18th November	Pune	Sheraton Grand	12 am - 5 pm
21st November	Mumbai	St. Regis	1 pm - 6 pm
24th November	Bangalore	Vivanta by Taj	11 am -4 pm
25th November	Chennai	Taj Coromandel	12 am - 5 pm

JIPMER 2019 notification out

Jawaharlal Institute of Postgraduate Medical Education and Research has released the notification for the exam on www.jipmer.edu.in so pull up your socks to crack this exam on June 2, 2019 as last year, the maximum percentile went up to 99.9987799. Approximately 2 Lakh students appear for the exam held t 290 centres and contest for 200 seats – 150 in Puducherry and 50 in Karaikal. The application form will be available from March 6, 2019 while admit card will be available from third week of May 2019. It is an Online Computer Based exam, 2.30 hours, 200 MCQ, and 5 Sections subject wise. The timings of the morning shift – 10 A.M to 12:30 PM and Afternoon Shift is 3PM to 5:30 PM. The counselling will start from June 26, 2019.

The age criterion is that the candidate must be 17 years on or before 31^st December 2019 or Born on or before 1^st January 2002. Academic qualification should be class 12^th with PCB as compulsory subjects with a minimum score of 50% (General) and 40% (for Reserved).

JIPMER PREPERATION STRATEGY FOR 2019

PHYSICS: Any Competitive exam book coupled with past year papers is sufficient. Be fast with the calculations. A Calculator will be provided at the top corner of the computer screen. Practice is the key to ace Physics.

CHEMISTRY: NCERT should be in your blood and DNA. Each and every word should be crammed. Not a single question will come out of NCERT. Make notes from NCERT, especially 

Inorganic and try to solve chemistry first in the exam.

BIOLOGY: NCERT is your Bible but 10-15 questions can be confusing too! So, question selection is very important. Your coaching notes will help you for this section!

ENGLISH: No extra efforts required. Just your CBSE English level questions will be asked.

LOGICAL REASONING: Just past year papers! Solve the questions there only. It will be fun!

Note: Fill out the application form correctly. Reach the examination centre one day before the exam. Maintain accuracy as attempting 200 questions in 150minutes is not an easy task. Make short notes and keep on revising them. Test series can really help you in revision!

For more info, visit  JIPMER 2019