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Everything you want to know about Credila, and whether you should go for it
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The_Chharraa Offline
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Post: #241
RE: Everything you want to know about Credila, and whether you should go for it
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vaggar4

__Edit__
Could you please furnish more details about your work exp?
Any certifications, UG projects, awards.


(05-08-2015 02:17 PM)vaggar4 Wrote:  @[The_Chharraa]

Looks like we are in the same boat. Smile
Even I have applied for Union Bank of India loan.

They are asking me for 13k cheque:
Cheque of Rs 13000 which includes 5000/- fees which is refundable and Rs 8000 legal charges for two properties.

Should I go ahead with them? Their interest rate is 12% which is good. and I have given them all my documents. But I remember that the guy said that we cant provide any sanction letter or in principle sanction letter. In how many days will they approve?

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(This post was last modified: 05-09-2015 07:17 AM by The_Chharraa.)
05-09-2015 07:14 AM
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vaggar4 Offline
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Post: #242
RE: Everything you want to know about Credila, and whether you should go for it
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The_Chharraa

Done bro.
05-09-2015 10:06 PM
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The_Chharraa Offline
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Post: #243
RE: Everything you want to know about Credila, and whether you should go for it
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vaggar4 Thanks for updating your info bank.
It is your and your family decision to which to opt for.

8k for 2 property evaluation is fine.
Interest 12%, umm, mine was in the same range ~12.25 or so.
It depend on you pursue bank manager for approval date, how good your property, cibil, other documents are.

If they cannot provide you you approval letter, would they be giving a tentative letter?

(05-08-2015 02:17 PM)vaggar4 Wrote:  @[The_Chharraa]

Looks like we are in the same boat. Smile
Even I have applied for Union Bank of India loan.

They are asking me for 13k cheque:
Cheque of Rs 13000 which includes 5000/- fees which is refundable and Rs 8000 legal charges for two properties.

Should I go ahead with them? Their interest rate is 12% which is good. and I have given them all my documents. But I remember that the guy said that we cant provide any sanction letter or in principle sanction letter. In how many days will they approve?

Will not answer any PM, instead tag.
Until you understand this thread, keep reading it. Unless, and until you understand it, please try avoiding to apply to US.
05-09-2015 10:21 PM
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vaggar4 Offline
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Post: #244
RE: Everything you want to know about Credila, and whether you should go for it
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The_Chharraa

No, the bank manager said that no provisional or in principle sanction letter to be provided and thats what making me crazy. I have got loan sanctioned from Credilla but I wont be paying them 28000 for just the loan sanction letter.
05-09-2015 10:46 PM
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shreeharshas Offline
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Post: #245
RE: Everything you want to know about Credila, and whether you should go for it
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Bank might provide a capability certificate based on any assets you show.. not sure how useful it is..

IUB and Illinois Inst of Tech
GRE 311(163 quant + 148 verb) 4.5 AWA Toefl 105
6 years work exp by fall 2015
05-10-2015 12:53 AM
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The_Chharraa Offline
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Post: #246
RE: Everything you want to know about Credila, and whether you should go for it
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vaggar4 Ouch.
Sorry, won't be able to say on Union bank's much.
It's more how you persuade, convince, etc.
Good luck.

(05-09-2015 10:46 PM)vaggar4 Wrote:  @[The_Chharraa]

No, the bank manager said that no provisional or in principle sanction letter to be provided and thats what making me crazy. I have got loan sanctioned from Credilla but I wont be paying them 28000 for just the loan sanction letter.

Will not answer any PM, instead tag.
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05-10-2015 01:27 AM
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The_Chharraa Offline
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Post: #247
RE: Everything you want to know about Credila, and whether you should go for it
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shreeharshas
Could you complete your info bank. Provide details about your 6 years work exp, UG projects, certifications, on-site exp (if any), role, responsibilities, etc.


(05-10-2015 12:53 AM)shreeharshas Wrote:  Bank might provide a capability certificate based on any assets you show.. not sure how useful it is..

IUB and Illinois Inst of Tech
GRE 311(163 quant + 148 verb) 4.5 AWA Toefl 105
6 years work exp by fall 2015

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05-10-2015 01:28 AM
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sriee Offline
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Post: #248
RE: Everything you want to know about Credila, and whether you should go for it
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I have a doubt regarding loan disbursement and interest rate calculation during the course of my study

Tell me whether I have understood correctly

1. Loan will be disbursed from the bank directly to the University per semester basis

2. If there is a 15% margin, Bank will provide 85% amount for each semester and I have to bare the remaining 15%

3. Simple Interest will be calculated during course of study & Holiday period.

4. Once I complete my studies [assuming I have not paid any amount to the bank while studying] my interest will be accumulated and I have to pay the bank in EMI's

5. If bank disburses 1 lakh during 1st semester & 1 lakh during 2nd semester, S.I for the second semester would be for 1 lakh only [and not for compounded principal i.e for 2 lakhs]

Thanks in advance Smile

05-27-2015 11:02 AM
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shreeharshas Offline
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Post: #249
RE: Everything you want to know about Credila, and whether you should go for it
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1 and 4 look alright to me.

But only your bank's manager can confirm.

IUB and Illinois Inst of Tech
GRE 311(163 quant + 148 verb) 4.5 AWA Toefl 105
6 years work exp by fall 2015
(This post was last modified: 05-27-2015 11:08 AM by shreeharshas.)
05-27-2015 11:04 AM
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Post: #250
RE: Everything you want to know about Credila, and whether you should go for it
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(05-27-2015 11:04 AM)shreeharshas Wrote:  1 and 4 look alright to me.

But only your bank's manager can confirm.

IUB and Illinois Inst of Tech
GRE 311(163 quant + 148 verb) 4.5 AWA Toefl 105
6 years work exp by fall 2015

shreeharshas

Bank managers are little sceptical when I ask these questions. I had a bad experience with a SBI ManagerMad. So if any one were in the same boat, it would be much better to discuss here.Smile

05-27-2015 11:12 AM
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lekhaemerlad Offline
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Post: #251
RE: Everything you want to know about Credila, and whether you should go for it
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Guys!
I obtained a loan for 55L pledging my collateral. I have got funding from other sources now and would like to change my loan to 15L without collateral.
Is this possible?
05-31-2015 02:24 PM
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gauravprakashsah Offline
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Post: #252
RE: Everything you want to know about Credila, and whether you should go for it
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(05-31-2015 02:24 PM)lekhaemerlad Wrote:  Guys!
I obtained a loan for 55L pledging my collateral. I have got funding from other sources now and would like to change my loan to 15L without collateral.
Is this possible?

Plz throw in more details. As the question you have asked in Start managing your finances for Visa from now on is not going along well with this one.


What I am getting from your question is that you took 55L loan from Credila against collateral, and now you want to cancel that and take a loan of only 15L without collateral.

If that's the question. I don't see a problem. You should get in touch with Credila and ask them the process.

But without collateral, you would be needing a salaried guarantor with good income. Credila has a limit of 25L loan without collateral.

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How to create InfoBank (The purpose of InfoBank is to help others help you in a precise manner. It will immensely help future applicants too. Note: Infobank is considered incomplete without detailed Misc section.)
06-01-2015 02:24 PM
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Post: #253
RE: Everything you want to know about Credila, and whether you should go for it
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(05-27-2015 11:02 AM)sriee Wrote:  I have a doubt regarding loan disbursement and interest rate calculation during the course of my study

Tell me whether I have understood correctly

1. Loan will be disbursed from the bank directly to the University per semester basis

2. If there is a 15% margin, Bank will provide 85% amount for each semester and I have to bare the remaining 15%

3. Simple Interest will be calculated during course of study & Holiday period.

4. Once I complete my studies [assuming I have not paid any amount to the bank while studying] my interest will be accumulated and I have to pay the bank in EMI's

5. If bank disburses 1 lakh during 1st semester & 1 lakh during 2nd semester, S.I for the second semester would be for 1 lakh only [and not for compounded principal i.e for 2 lakhs]

wrong, Banks will be charging interest on outstanding principle (i.e for 2 lakhs).

Thanks in advance Smile

Update on my question

I discussed with Canara Bank Manager and got my doubts clarified.
1,2,3,4 are correct.

06-02-2015 10:42 AM
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krishty0808 Offline
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Post: #254
RE: Everything you want to know about Credila, and whether you should go for it
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I got loan from Credilla..and they are asking processing fees of 1.5% i told them to make it 1%. They said no. After ready this thread i told him people got on 1 % he said get me sanction letter screenshot..I will make it...Can anybody pls help???? Confused
06-03-2015 04:01 PM
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Post: #255
RE: Everything you want to know about Credila, and whether you should go for it
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krishty0808
Please update your InfoBank completely (including Miscellaneous).

New to Edulix? Click here!
How to create InfoBank (The purpose of InfoBank is to help others help you in a precise manner. It will immensely help future applicants too. Note: Infobank is considered incomplete without detailed Misc section.)
06-03-2015 05:56 PM
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