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Bank of Baroda – Form Download, bank of baroda home loan.#Bank #of #baroda #home #loan


Bank of Baroda – India’s International Bank. UK Operations

Form Download and T & C

  • General Terms Conditions (390kb)
  • Individual Deposit Accounts (128Kb)
    • Annexure Form – For additional applicants (Individual Accounts) (98Kb)
    • Fixed Deposit Instruction Form (108Kb)
    • Certification Guidance (190kb)
    • FSCS Information Sheet (46kb)
    • FSCS Exclusion List (107kb)
    • BOB-Tax-status-declaration-for individual (80kb)
  • Business / Company Accounts (235Kb)
    • Terms Conditions (390kb)
    • Certification Guidance (190kb)
    • BOB-Tax-status-declaration-form-entity-guidance-notes (420kb)
  • Unincorporated Society,Club, Association,Trust A/c Opening (166Kb)
    • Terms Conditions (390kb)
    • Certification Guidance (190kb)
  • FSCS Information Sheet (69.47Kb)
  • FSCS Exclusion List (104.50Kb)
  • Remittances (254Kb)
  • Click Funds2India-Registration Form (101Kb)
  • Click Funds2India-Telecommunication Mandate (23Kb)
  • Debit Card with Terms Conditions (2.44Mb)
  • Personal Loan (862Kb)
  • Transaction Based Internet Banking forms
    • Application form for Internet Banking (for Individuals) (491Kb)
    • Application form for Internet banking (for Corporate) (1,656Kb)
    • Company resolution (1,202kb)
    • Internet Banking form for Mobile No and Email ID Updation (104Kb)
    • Request for generation of new password (227kb)
    • Terms and conditions Retail (227kb)
    • Terms and conditions Corporate (227kb)
  • SMS Alerts Facility
    • SMS Alerts Subscription Form (153Kb)
    • SMS Alerts Terms and Conditions (48Kb)
  • mPassbook Mobile Application
    • mPassbook Terms & Conditions (369Kb)
    • mPassbook FAQ (90Kb)

Authorised and regulated by PRA & FCA in the United Kingdom | A member of Financial Services Compensation Scheme | Government of India is major shareholder in the Bank.


PLUS Student Loan Consolidation Information, department of education loan consolidation.#Department #of #education #loan #consolidation


Consolidate Your PLUS Loans

In loan consolidation, your existing student loans are paid off and replaced by a new, large loan combining all those amounts. You only have to track one monthly payment, and that payment may be lower if your repayment term is lengthened (the maximum in the Direct Consolidation Loan, discussed below, is 30 years). Since this is a new loan, it will come with new terms and you will be able to make some choices regarding your repayment plan.

However, you should be aware that lengthening the term of your loan will mean paying more interest over the life of the loan and making more total payments, both of which increase the cost of the loan. If you had any special benefits like a principal rebate attached to your original loan, you will lose those when you consolidate.

Consolidation is final: you can t reverse your decision at a later time, so consider your circumstances carefully before deciding. You re usually eligible for a consolidation loan if you stop attending school for any reason or if your enrollment drops below half-time.

Department of education loan consolidation

Federal Direct Consolidation Loan Program

Both old PLUS loans made under the now-defunct Federal Family Education Loan (FFEL) program and new Direct PLUS loans made either to graduate and professional students or to parents of dependent undergraduates are eligible for inclusion in a federal Direct Consolidation Loan. But the Direct Consolidation Loan isn t limited to PLUS loans.

You may also consolidate the following types of loans:

  • Direct Subsidized and Unsubsidized Loans
  • Subsidized and Unsubsidized Federal Stafford Loans
  • Supplemental Loans for Students
  • Federal Perkins and Nursing Loans
  • Health Education Assistance Loans, and
  • even some types of existing consolidation loans, but not private loans.

Fixed And Capped Interest Rate

The Direct Consolidation Loan rate is fixed by the government based on the interest rates of your existing loans. The calculation rounds up the weighted average of those rates to the nearest one-eighth of a percent, but sets the maximum rate at 8.25%. Note: the weighted average means both the individual interest rates and the amounts of each loan will be included in the averaging process. If you have one $100 loan and one $1,000 loan, the weighted average will be closer to the rate on the $1,000 loan.

About Repayment

After the loan is disbursed, you will have, at most, 60 days to begin repayment. The company chosen by the U.S. Department of Education (your lender) to service your loan, called the loan servicer, will let you know when payment is expected. Repayment terms vary from 10 to 30 years in length, depending on how much you owe and which repayment plan you choose.

There are two repayment plans available for Direct Consolidation Loans, depending on whether or not the consolidation included a PLUS loan made to parents. They are called Income-Based Repayment and Income-Contingent Repayment.

The Income-Based Repayment Plan

The Income-Based Repayment Plan (IBR) is structured to lower your monthly payment amount in order to keep your loan out of default. It has one unique requirement for eligibility: your financial situation must qualify as a partial financial hardship, meaning your monthly repayment amount as calculated under the Standard Repayment Plan, using a loan term of ten years, is higher than your monthly repayment amount as calculated under the IBR.

In IBR, your monthly payment changes depending on your income and family size (defined as number of dependents plus spouse). You only need to reach partial financial hardship status once in order to qualify for a switch to IBR, so if your financial situation improves that will increase your payment amount but not render you ineligible for IBR. Your Direct Consolidation Loan will be eligible for IBR if it does not include any PLUS loans made to parents.

The Income-Contingent Repayment Plan

The Income-Contingent Repayment Plan (ICR) is for Direct Consolidation Loan borrowers who do not qualify for IBR. The maximum loan term is 25 years, and your payment amount is based on income, family size, and Direct Loan indebtedness, plus a third amount.

That amount is either the monthly payment you would make if you repaid the loan in 12 years, multiplied by an income percentage that varies with your income, or 20% of your discretionary income, whichever is less. Fortunately, the pages linked above for IBR and ICR have calculators, so you do not have to perform the computations on your own.


Student Loans – Types, Eligibility, and More, The Art of Manliness, types of loans.#Types #of #loans


What Every Young Man Should Know About Student Loans

Types of loans

Back-to-school time is once again right around the corner. Millions of recent high school graduates will be heading off to colleges and universities to fill their minds with knowledge and their bellies with ramen. New students are thinking about a lot of things what friends they’ll make, what classes they’ll take, and what it’ll be like being away from home for the first time.

What they’re probably not thinking about, unfortunately, are the loans they’ve likely taken out to pay for the education and experience that awaits them. This aversion is understandable the world of student loans is confusing, overwhelming, and seems disconnected from the present. It’s something you can worry about in 4-6 years, right?

Wrong. Taking the time right now to understand how student loans work will save you money and headaches down the road. So if you’re a young gent (or the parent of one) who’s heading off to college this year or next, we offer this accessible primer on the basics you should know about student loans.

If this info comes too late for you, as you’ve already graduated and are struggling with your student debt, later this week we’ll offer tips for paying it down.

Reduce the Amount You Need to Borrow

Before you consider taking out student loans, it’s financially prudent to find as many ways as possible to reduce the amount you need to borrow in the first place. The less debt you take on now, the less you have to pay back after college. It’s hard to overestimate how much you’ll appreciate even a small reduction in your total debt later on, but trust me, someday you will.

Know that about 2/3 of all college students graduate with student debt, and the average debt is about $30,000. It’s hard for a young man to put that into perspective, but when you’re repaying that loan, the average bill per month is about $320. When combined with other bills and debts, and especially when you get married, it will be a large chunk of your monthly budget. In fact, only about 60% of all student loans are being actively repaid at any given time; this means that just under half of all borrowers can’t afford that monthly payment (and failing to pay has dire consequences which we ll discuss next time). These are just numbers, of course, but are sobering nonetheless, and hopefully give some credence to the reality of student loans and the necessity of reducing them as much as you can.

Save for college. Sure, you’re probably not going to be able to save enough money from your high school job to pay for the entirety of your college education, but every little bit helps. So get out there and get a job. Use some of that money for fun, but be sure to set aside a chunk for school.

If you’re a parent with young children, start thinking ahead by opening up a 529 account with your state to save money for your kid’s future education. Contribute a little bit each month. The money you contribute is taxable, but it grows interest-free. Also consider asking family members to contribute as Christmas and birthday gifts, especially early on when Junior won’t know the difference anyway.

Apply for scholarships. I wish I sought out more scholarships when I was applying for my undergraduate degree. I think I applied for like five, and I ended up getting one for a few hundred dollars. But I had only scratched the surface there are literally thousands of opportunities out there. Don’t just apply for the scholarships that your school offers a lot of organizations have scholarship funds available, and in many cases that money doesn’t even get dispersed because no one ever applies for it. Thanks to the internet, hunting for scholarships is a breeze. Search these sites for scholarship opportunities:

Once you put together a big list of scholarships, dedicate a few hours each weekend to submitting the applications. Sure, it’s tedious and boring, but if you can score a few thousand dollars to go towards your tuition, it’s completely worth it.

“Moneyball” your way through college. Last year AoM guest contributor Jay Cross published an article on how to use CLEP exams to reduce the amount you pay in college tuition. The tests cost just $80 each, but if you pass, you don’t have to take that class in college, saving yourself hundreds or thousands of dollars.

Coupling CLEP exams with taking AP classes (and passing the exam) in high school is another effective way to save big-time money and months of your time. Using a combination of AP exam credit and CLEP exams, I was able to shave off a whole year of college. It was awesome!

Go to a community college the first two years. If you can’t CLEP out of some of your general ed requirements, consider attending a local community college for the first two years of your schooling. Sure, you’re not getting the “full college experience,” but you’ll save a lot of money.

Live at home. My first semester of college I lived in the dorms at OU. It was a blast, but my grades suffered, and it cost me several thousand dollars. At the end of the semester, I decided to transfer to a college in my hometown and move back in with my folks. The tuition was much cheaper, plus I saved a ton of money on living expenses. And as a bonus, I had a 4.0 my second semester.

If it’s an option, consider living with your folks while you’re in college. Sure, they’ll cramp your style some, but you’ll be amazed at how much money you’ll save and how much more productive you’ll be.

Don’t take the full amount of student loans offered you. Before school starts, you’ll get a letter telling you how much in student loans you’ve been approved for. You don’t have to accept the full amount. Take a look at your whole financial situation and decide how much you need to make it through the college year. Many students take the full amount and use what’s left over after tuition and books as spending money. But if you work while you’re going to school, you won’t need to do that. Which brings me to my next point…

Work your way through college. Yes, school should be your top priority. But with efficient use of your time, you can make room for a part-time job. I waited tables and made smoothies throughout college. And most schools offer on-campus jobs that are pretty easy to get, and of course flexible with your class schedule.

Because I had money to pay for my living expenses, I didn’t have to take the full loan amount I was offered each semester. I typically just took enough to cover my tuition and books, and I saved thousands of dollars because of that.

Understand the Two Types of Student Loans

So you’ve done all you can to reduce the amount you need to borrow, but you still have to take on some loans.

Student loans will come in two broad categories: federal student loans and private loans. With federal student loans, the U.S. government is your lender. Thanks to various laws, money lent by the government comes with provisions to help you manage your student debt, such as fixed, relatively low-interest rates, grace periods, and flexible repayment plans.

With private loans, a bank or some other institution is your lender. The company you borrow the money from sets the rules on repayment and they’re not as generous as Uncle Sam.

To help you navigate the various types of student loans out there, we’ve created this handy-dandy chart:

Determining Your Eligibility for Federal Student Loans

To be eligible for any federal student loan, you must meet a few baseline requirements. Most are what you’d expect: graduate high school, be enrolled or accepted to an accredited college, have a valid Social Security Card.

The one eligibility requirement that I didn’t know about and that is unique to men is that you have to be registered with the Selective Service if you’re between the ages of 18 and 25. Uncle Sam won’t give you any loans unless you’re willing to be drafted into World War III.

If you meet the above requirements, then you just need to fill out and submit a Free Application for Federal Student Aid (FAFSA). You can submit applications for the fall semester after January 1. The earlier you submit your FAFSA application, the better. It takes awhile to fill out, so look to set aside about an hour if you’re a first-time applicant.

When Do You Have to Start Paying Back Your Student Loans?

With both federal subsidized and unsubsidized student loans, you’re a given a six-month grace period before you’re required to start paying back your loan. The grace period starts after you gradate, leave school, or drop below half-time enrollment. Just remember, with unsubsidized student loans, you’ll be accruing interest during your grace period and the interest will be added to your total principal. With subsidized loans, the grace period is interest-free.

When it comes to student loans, a little knowledge goes a long way. Do what you can to reduce the amount you borrow, understand the nature of the loans you’re taking, and start thinking now about how you’ll pay them back after you get your sheepskin.

If you’ve already graduated and are having trouble making your loan payment, on Thursday we’ll offer you some tips on paying back that debt.


Types of Federal Student Loans, types of loans.#Types #of #loans


Types of Federal Student Loans

The first step to managing your student loan debt is understanding what types of loans you have. Many repayment options and other programs are available for only certain types of loans, so you need to know which type you have. This article covers the most common types of federal loans.

(If you are struggling with student loan debt, after you figure out what types of loans you have, see our Student Loan Debt area. You can get information on loan cancellation, deferment, and more.)

What Are Guaranteed Loans?

In the past, most student loans were provided by private lenders and guaranteed by a guarantee agency and then by the federal government these are called Federal Family Education Loans (FFELs). The guarantee means that the government will reimburse your lender if you default, and can then go after you to collect on the loan.

In 1993, the federal government began providing loans directly to students called Direct loans. As of July 2010, FFELs are no longer available to students. However, if you (like many Americans), took out a student loan prior to July 2010, you very well may have a FFEL. Through these and other programs, the federal government provides about 70% of all student aid.

Student Loan Terminology

Guaranty agency. A guaranty agency is a state or private nonprofit company that insured your loans and pays the holder if you default.

Loan holder. The holder owns your loan or was hired by the owner to service it (that is, collect and process payments). Your loan holder may be your lender or a company that has purchased your loan from the lender. If you re in default, the holder will be a guaranty agency, the Department of Education, or a collection agency working for the Department.

Sometimes finding out who holds your student loan is tricky. To learn how to do this, see Who Is My Student Loan Holder?

Lender. The lender is the institution from which you obtained your loan. This may be a bank, a savings and loan, a credit union, your school, or the federal government.

Types of Federal Student Loans

Here are the details of FFELs, Direct loans, and other common federal loans.

Federal Family Education Loans (FFELs)

FFELs may be one of the following:

  • Stafford loans, (previously called Guaranteed Student Loans or GSLs or Federal Insured Student Loans (FISLs))
  • PLUS loans (loans to parents or to graduate students)
  • SLS loans, or
  • consolidation loans (to learn more, see Student Loan Consolidation).

Stafford loans are the most common; they help pay for college or graduate school education. These loans have been around in one form or another since the 1960s. If a student qualifies for a subsidized Stafford, the student does not have to pay any interest on the loan for the time the student is in school or after leaving school, in the grace period.

As of July 2010, FFEL loans are no longer available. So, if you got your loans after June 30, 2010, they are not FFEL loans.

Direct Loans

Direct loans were first made available in about 1993. These loans are made directly by the federal government, rather than by a bank or other lender. Direct loans may be a:

Direct loans have had a more favorable repayment option then FFELs for students who do not have sufficient income to pay the standard payments. But as of July 2009, both types of loans will have similar flexible repayment plans available.

Most existing federal loans are either FFELs or Direct loans. (As mentioned above, loans made after June 30, 2010 cannot be FFELs.)

Perkins Loans

A Perkins loan is a low-interest loan for under-graduate or graduate students with very low incomes. These loans were previously known as National Direct Student Loans, and before that, National Defense Student Loans. The federal government guarantees repayment of Perkins loans but, unlike other loans, Perkins loans are made by the school with a combination of federal and school funds. This means that the school, not a bank or the government, is the lender.

PLUS Loans

These loans are available to creditworthy parents and graduate and professional students. These loans are either federally guaranteed or direct federal loans.


Axis Bank Home Loan – Interest Rates November 2017, EMI Eligibility Calculator, bank of baroda home loan.#Bank #of #baroda #home #loan


Bank of baroda home loanAxis Bank Home Loan

Axis Bank home loan available at interest rates of 8.35%. Borrowers will check Documents, Eligibility, EMI per lakh, Repayment options, loan amount, prepayment charges online at deal4loans.com. Axis Bank offers affordable & flexible Housing/Home Loans online which are available with Nil prepayment charges, Low Interest rates, Quick processing & Flexible repayment which makes your owning experience of dream home sweet & stress-free.

Key Highlights of Axis Bank Home Loan

✓ Flexible Interest Rates – You have option to choose Floating or fixed rate

✓ Special Balance Transfer Schemes Available

✓ Doorstep Service which makes your loan process Easy and convenient

✓ Nil Pre Payment charges means you can pre pay loan at any time without Penalty. (valid only in floating rate option)

✓ Longer Repayment Period of 30 Years.

✓ eDGE Loyalty Points on Home Loans.

Axis Bank Home Loan Interest Rates 2017: Updated on 19 May 2017

Marginal Cost Based Lending Rate (MCLR) – 8.15%

1) For BT, Upto 3 Cr, MCLR without any markup

2) Top up loan upto 100% is being offered at MCLR without any markup

3) No PF on BT and for upto 30% top up. 4) LAP PSL loan @10%

5) No EM Charges on pre-qualified BT loans.

Super Saver Home Loans

Super Saver gives the customer an option to park additional funds which will reduce the interest obligation on the home loan to the extent of the funds parked, with the flexibility to withdraw the funds anytime. In order to provide the customers with the flexibility to redraw excess funds parked by him, Super Saver account comes with an ATM card, cheque book, internet and phone banking facility.

List of Home Loan documents required

Axis Bank Home Loan Eligibility Criteria

  • Individuals in permanent service in the Government or reputed companies
  • Applicants should be above 24 years and between 60 years at the time maturity
  • Professionals (ie, doctors, engineers, dentists, architects, chartered accountants, cost accountants, company secretary, and management consultants only) can apply.
  • Applicants above 24 years of age at the time of loan commencement and up to 65 years or less at the time of loan maturity meet our housing loan criteria.

C) – Self Employed Individuals

  • Any individual filing income tax returns can apply
  • Applicants should be above 24 years of age at the time of loan commencement and up to 65 years or less at the time of loan maturity

check your loan eligibility by using Deal4loans Home Loan Eligibility Calculator

What criteria will AXIS Bank look at to decide my eligibility for a Home Loan?

✓ Income of all applicants.

✓ Age of the primary applicant.

✓ Number of dependents that the applicants have to support.

✓ Assets and liabilities of the applicants.

✓ Stability and continuity of the primary applicant’s occupation.

Axis bank home loan procedure?

Once bank receive a completed application form along with the necessary supporting documents two things happen:

Axis Bank will convey its decision within 30 working days from the date of receipt of the application provided the application is complete in all respects. The computation of 30 days shall starts from the day on which all documents required for a proper appraisal of the application are provided by the Customer to bank.

Legal and Technical verification: Lawyers and property valuers empanelled by the Bank will verify your title documents conduct a technical evaluation of the property.

Once both these are complete, the Bank will process the disbursement of your Home Loan.

Axis Bank Home Loan Centre Address all over the India


Types of Loan Programs: Conforming, Jumbo Loans, FRM, ARM, Balloon Mortgage, types of loans.#Types #of #loans


types of loans

Types of loans

Types of loans

Types of loans

Types of loans

Types of Mortgage Loans

Conventional and Government Loans

Any mortgage loan other than an FHA, VA or an RHS loan is conventional one.

The Federal Housing Administration (FHA), which is part of the U.S. Dept. of Housing and Urban Development (HUD), administers various mortgage loan programs. FHA loans have lower down payment requirements and are easier to qualify than conventional loans. FHA loans cannot exceed the statutory limit. Go to FHA Programs page to get more information.

If you are looking for an FHA home loan right now, please feel free to request personalized rate quotes from HUD-approved mortgage lenders via our website.

VA loans are guaranteed by U.S. Dept. of Veterans Affairs. The guaranty allows veterans and service persons to obtain home loans with favorable loan terms, usually without a down payment. In addition, it is easier to qualify for a VA loan than a conventional loan. Lenders generally limit the maximum VA loan to $203,000. The U.S. Department of Veterans Affairs does not make loans, it guarantees loans made by lenders. VA determines your eligibility and, if you are qualified, VA will issue you a certificate of eligibility to be used in applying for a VA loan.

VA-guaranteed loans are obtained by making application to private lending institutions. If you are interesting in obtaining a VA-guaranteed loan you can try our VA loan request form.

Please see also pamphlets published by VA.

RHS Loan Programs

The Rural Housing Service (RHS) of the U.S. Dept. of Agriculture guarantees loans for rural residents with minimal closing costs and no downpayment. Visit our page RHS programs for details.

Ginnie Mae which is part of HUD guarantees securities backed by pools of mortgage loans insured by these three federal agencies – FHA, or VA, or RHS. Securities are sold through financial institutions that trade government securities.

State and Local Housing Programs

Many states, counties and cities provide low to moderate housing finance programs, down payment assistance programs, or programs tailored specifically for a first time buyer. These programs are typically more lenient on the qualification guidelines and often designed with lower upfront fees. Also, there are often loan assistance programs offered at the local or state level such as MCC (Mortgage Credit Certificate) which allows you a tax credit for part of your interest payment. Most of these programs are fixed rate mortgages and have interest rates lower than the current market.

Conventional loans may be conforming and non-conforming. Conforming loans have terms and conditions that follow the guidelines set forth by Fannie Mae and Freddie Mac. These two stockholder-owned corporations purchase mortgage loans complying with the guidelines from mortgage lending institutions, packages the mortgages into securities and sell the securities to investors. By doing so, Fannie Mae and Freddie Mac, like Ginnie Mae, provide a continuous flow of affordable funds for home financing that results in the availability of mortgage credit for Americans.

Fannie Mae and Freddie Mac guidelines establish the maximum loan amount, borrower credit and income requirements, down payment, and suitable properties. Fannie Mae and Freddie Mac announces new loan limits every year.

The national conforming loan limit for mortgages that finance single-family one-unit properties increased from $33,000 in the early 1970s to $417,000 for 2006-2008, with limits 50 percent higher for four statutorily-designated high cost areas: Alaska, Hawaii, Guam, and the U.S. Virgin Islands. Since early 2008, a series of legislative acts have temporarily increased the one-unit limit to up to $729,750 in certain high-cost areas in the contiguous United States. Permanent limits, which apply to the Enterprises’ acquisitions of certain mortgages originated prior to July 1, 2007, are set under the terms of the Housing and Economic Recovery Act of 2008 (HERA).

For every county and county-equivalent in the country, maximum loan limits for mortgages can be found at: http://www.fhfa.gov/Default.aspx?Page=185

The 2013 conforming loan limits for first mortgages remain at the limits set in 2006, 2007, 2008, 2010 and 2011:


Bank of India Home Loan Interest Rates 2017 – EMI Calculator online – Deal4loans, bank of baroda home loan.#Bank #of #baroda #home #loan


Bank of India Home Loan Interest Rates 2017 EMI Calculator online

Bank of India Home Loan: BOI Home Loans, Eligibility, Processing Fee, Interest rates 2017, Documents Required Bank of India Housing loan. Current Interest Rates starts from 8.40%.

Bank of India Home Loan Details

The Salient features Benefits Why to choose Bank of India Home Loan Schemes:

✓ To purchase/construct house/flat/renovate/extend/repair existing house/flat.

✓ Maximum loan amount is Rs.3 crores and repayment ranges upto 30 years, with reasonable processing charges. No commitment /administrative charges.

✓ Attractive home loan interest rates according to Available in Industry.

✓ Option for different EMI amounts for different periods during tenure of loan to suit customers repayment capacity.

✓ No prepayment charges under floating rate option

✓ Interest is calculated on daily balance basis which is of great advantage to customer as it results in lower interest amount.

✓ Simplified application form/procedures for convenience of customers, and speedy approvals.

✓ Life Insurance Cover to borrowers for Loan Protection(optional)

✓ Free Personal Accident Insurance cover (Renewed at banks discretion)

Eligibility Criteria for Bank of India Home Loan

Salaried employees, Professionals, Self-employed persons. Requests are also considered from NRIs, PIOs, HUF, and Prop. Firm, Partnership firms and corporate

Latest Interest Rates of Bank of India Home Loans 2017

STAR HOME LOAN SCHEME – Interest Rates are 8.55% for women, 8.60% for others

STAR DIAMOND HOME LOAN Interest Rates are 8.55% for women, 8.60% for others

STAR SMART HOME LOAN Interest Rates are 8.55% for women, 8.60% for others

PRADHAN MANTRI AWAS YOJANA Interest Rates are 8.40% for women others.

Bank of India Home Loan EMI Calculator

Enter your required loan amount, Interest Rates No. of repayment years and click calculate answer in front of you within seconds.

Other Attractive Features

✓ Interest on Daily Reducing Balance Basis

✓ No Pre-Payment Charges on Floating Rate Loans

✓ Facility for step up/ step down EMIs

✓ Inclusion of notional rental income in case of 2nd House and also Employees staying in Staff Quarters;

✓ Inclusion of Income of Close relatives for enhanced loan

✓ Tax Benefit on Interest and Installments repaid in Home Loans

✓ Facility for 100% loan irrespective of stage of construction OR Bridge Loan subject to conditions:

Available Products of Bank of India:


Student Loans – Types, Eligibility, and More, The Art of Manliness, types of loans.#Types #of #loans


What Every Young Man Should Know About Student Loans

Types of loans

Back-to-school time is once again right around the corner. Millions of recent high school graduates will be heading off to colleges and universities to fill their minds with knowledge and their bellies with ramen. New students are thinking about a lot of things what friends they’ll make, what classes they’ll take, and what it’ll be like being away from home for the first time.

What they’re probably not thinking about, unfortunately, are the loans they’ve likely taken out to pay for the education and experience that awaits them. This aversion is understandable the world of student loans is confusing, overwhelming, and seems disconnected from the present. It’s something you can worry about in 4-6 years, right?

Wrong. Taking the time right now to understand how student loans work will save you money and headaches down the road. So if you’re a young gent (or the parent of one) who’s heading off to college this year or next, we offer this accessible primer on the basics you should know about student loans.

If this info comes too late for you, as you’ve already graduated and are struggling with your student debt, later this week we’ll offer tips for paying it down.

Reduce the Amount You Need to Borrow

Before you consider taking out student loans, it’s financially prudent to find as many ways as possible to reduce the amount you need to borrow in the first place. The less debt you take on now, the less you have to pay back after college. It’s hard to overestimate how much you’ll appreciate even a small reduction in your total debt later on, but trust me, someday you will.

Know that about 2/3 of all college students graduate with student debt, and the average debt is about $30,000. It’s hard for a young man to put that into perspective, but when you’re repaying that loan, the average bill per month is about $320. When combined with other bills and debts, and especially when you get married, it will be a large chunk of your monthly budget. In fact, only about 60% of all student loans are being actively repaid at any given time; this means that just under half of all borrowers can’t afford that monthly payment (and failing to pay has dire consequences which we ll discuss next time). These are just numbers, of course, but are sobering nonetheless, and hopefully give some credence to the reality of student loans and the necessity of reducing them as much as you can.

Save for college. Sure, you’re probably not going to be able to save enough money from your high school job to pay for the entirety of your college education, but every little bit helps. So get out there and get a job. Use some of that money for fun, but be sure to set aside a chunk for school.

If you’re a parent with young children, start thinking ahead by opening up a 529 account with your state to save money for your kid’s future education. Contribute a little bit each month. The money you contribute is taxable, but it grows interest-free. Also consider asking family members to contribute as Christmas and birthday gifts, especially early on when Junior won’t know the difference anyway.

Apply for scholarships. I wish I sought out more scholarships when I was applying for my undergraduate degree. I think I applied for like five, and I ended up getting one for a few hundred dollars. But I had only scratched the surface there are literally thousands of opportunities out there. Don’t just apply for the scholarships that your school offers a lot of organizations have scholarship funds available, and in many cases that money doesn’t even get dispersed because no one ever applies for it. Thanks to the internet, hunting for scholarships is a breeze. Search these sites for scholarship opportunities:

Once you put together a big list of scholarships, dedicate a few hours each weekend to submitting the applications. Sure, it’s tedious and boring, but if you can score a few thousand dollars to go towards your tuition, it’s completely worth it.

“Moneyball” your way through college. Last year AoM guest contributor Jay Cross published an article on how to use CLEP exams to reduce the amount you pay in college tuition. The tests cost just $80 each, but if you pass, you don’t have to take that class in college, saving yourself hundreds or thousands of dollars.

Coupling CLEP exams with taking AP classes (and passing the exam) in high school is another effective way to save big-time money and months of your time. Using a combination of AP exam credit and CLEP exams, I was able to shave off a whole year of college. It was awesome!

Go to a community college the first two years. If you can’t CLEP out of some of your general ed requirements, consider attending a local community college for the first two years of your schooling. Sure, you’re not getting the “full college experience,” but you’ll save a lot of money.

Live at home. My first semester of college I lived in the dorms at OU. It was a blast, but my grades suffered, and it cost me several thousand dollars. At the end of the semester, I decided to transfer to a college in my hometown and move back in with my folks. The tuition was much cheaper, plus I saved a ton of money on living expenses. And as a bonus, I had a 4.0 my second semester.

If it’s an option, consider living with your folks while you’re in college. Sure, they’ll cramp your style some, but you’ll be amazed at how much money you’ll save and how much more productive you’ll be.

Don’t take the full amount of student loans offered you. Before school starts, you’ll get a letter telling you how much in student loans you’ve been approved for. You don’t have to accept the full amount. Take a look at your whole financial situation and decide how much you need to make it through the college year. Many students take the full amount and use what’s left over after tuition and books as spending money. But if you work while you’re going to school, you won’t need to do that. Which brings me to my next point…

Work your way through college. Yes, school should be your top priority. But with efficient use of your time, you can make room for a part-time job. I waited tables and made smoothies throughout college. And most schools offer on-campus jobs that are pretty easy to get, and of course flexible with your class schedule.

Because I had money to pay for my living expenses, I didn’t have to take the full loan amount I was offered each semester. I typically just took enough to cover my tuition and books, and I saved thousands of dollars because of that.

Understand the Two Types of Student Loans

So you’ve done all you can to reduce the amount you need to borrow, but you still have to take on some loans.

Student loans will come in two broad categories: federal student loans and private loans. With federal student loans, the U.S. government is your lender. Thanks to various laws, money lent by the government comes with provisions to help you manage your student debt, such as fixed, relatively low-interest rates, grace periods, and flexible repayment plans.

With private loans, a bank or some other institution is your lender. The company you borrow the money from sets the rules on repayment and they’re not as generous as Uncle Sam.

To help you navigate the various types of student loans out there, we’ve created this handy-dandy chart:

Determining Your Eligibility for Federal Student Loans

To be eligible for any federal student loan, you must meet a few baseline requirements. Most are what you’d expect: graduate high school, be enrolled or accepted to an accredited college, have a valid Social Security Card.

The one eligibility requirement that I didn’t know about and that is unique to men is that you have to be registered with the Selective Service if you’re between the ages of 18 and 25. Uncle Sam won’t give you any loans unless you’re willing to be drafted into World War III.

If you meet the above requirements, then you just need to fill out and submit a Free Application for Federal Student Aid (FAFSA). You can submit applications for the fall semester after January 1. The earlier you submit your FAFSA application, the better. It takes awhile to fill out, so look to set aside about an hour if you’re a first-time applicant.

When Do You Have to Start Paying Back Your Student Loans?

With both federal subsidized and unsubsidized student loans, you’re a given a six-month grace period before you’re required to start paying back your loan. The grace period starts after you gradate, leave school, or drop below half-time enrollment. Just remember, with unsubsidized student loans, you’ll be accruing interest during your grace period and the interest will be added to your total principal. With subsidized loans, the grace period is interest-free.

When it comes to student loans, a little knowledge goes a long way. Do what you can to reduce the amount you borrow, understand the nature of the loans you’re taking, and start thinking now about how you’ll pay them back after you get your sheepskin.

If you’ve already graduated and are having trouble making your loan payment, on Thursday we’ll offer you some tips on paying back that debt.


Bank of India Home Loan Interest Rates 2017 – EMI Calculator online – Deal4loans, bank of baroda home loan.#Bank #of #baroda #home #loan


Bank of India Home Loan Interest Rates 2017 EMI Calculator online

Bank of India Home Loan: BOI Home Loans, Eligibility, Processing Fee, Interest rates 2017, Documents Required Bank of India Housing loan. Current Interest Rates starts from 8.40%.

Bank of India Home Loan Details

The Salient features Benefits Why to choose Bank of India Home Loan Schemes:

✓ To purchase/construct house/flat/renovate/extend/repair existing house/flat.

✓ Maximum loan amount is Rs.3 crores and repayment ranges upto 30 years, with reasonable processing charges. No commitment /administrative charges.

✓ Attractive home loan interest rates according to Available in Industry.

✓ Option for different EMI amounts for different periods during tenure of loan to suit customers repayment capacity.

✓ No prepayment charges under floating rate option

✓ Interest is calculated on daily balance basis which is of great advantage to customer as it results in lower interest amount.

✓ Simplified application form/procedures for convenience of customers, and speedy approvals.

✓ Life Insurance Cover to borrowers for Loan Protection(optional)

✓ Free Personal Accident Insurance cover (Renewed at banks discretion)

Eligibility Criteria for Bank of India Home Loan

Salaried employees, Professionals, Self-employed persons. Requests are also considered from NRIs, PIOs, HUF, and Prop. Firm, Partnership firms and corporate

Latest Interest Rates of Bank of India Home Loans 2017

STAR HOME LOAN SCHEME – Interest Rates are 8.55% for women, 8.60% for others

STAR DIAMOND HOME LOAN Interest Rates are 8.55% for women, 8.60% for others

STAR SMART HOME LOAN Interest Rates are 8.55% for women, 8.60% for others

PRADHAN MANTRI AWAS YOJANA Interest Rates are 8.40% for women others.

Bank of India Home Loan EMI Calculator

Enter your required loan amount, Interest Rates No. of repayment years and click calculate answer in front of you within seconds.

Other Attractive Features

✓ Interest on Daily Reducing Balance Basis

✓ No Pre-Payment Charges on Floating Rate Loans

✓ Facility for step up/ step down EMIs

✓ Inclusion of notional rental income in case of 2nd House and also Employees staying in Staff Quarters;

✓ Inclusion of Income of Close relatives for enhanced loan

✓ Tax Benefit on Interest and Installments repaid in Home Loans

✓ Facility for 100% loan irrespective of stage of construction OR Bridge Loan subject to conditions:

Available Products of Bank of India:


The Different Types of Loans: A Primer, types of loans.#Types #of #loans


The Different Types of Loans: A Primer

The other day a friend of mine asked me about different loan types, as she was on her way to the bank to consolidate some high-interest credit card debt. I was surprised at the seemingly elementary questions she was asking she is an intelligent well-established gal who is pretty good with numbers (the credit card debt is another story).

It made me realize that maybe she is not alone. Although you may know what the various debt vehicles and loan types are, do you know all their inherent characteristics? If you re not sure, here is a loan primer to refresh your knowledge.

Secured vs. Unsecured

All loans, no matter what they are, are either secured or unsecured.

Secured Loans

These are secured (or borrowed) against an asset you own, such as your home, which is offered up as collateral. Ultimately if you default on the loan, the bank will get their money back by way of foreclosing your house (or otherwise seizing the collateral).

The interest rate should be very low (and often negotiable), hovering close to prime rate. The better your credit rating is, the more bargaining power you have with the terms, including loan amount and repayment period.

Payment terms are flexible, and can even be structured as interest-only.

If the loan is secured against the equity in your home, the application process usually involves a drive by appraisal of your home and some legal fees, that together amount to a few hundred (up to a thousand) dollars. As such, it s usually best to apply for a higher loan qualification amount than you think you need (as long as you know yourself well enough not to get into more debt unnecessarily). This way if you wish to borrow more money later on, new appraisals and legal fees can be avoided.

Examples of secured loans:

  • Car loans
  • Boat (and other recreational vehicle) loans
  • Mortgages
  • Home equity loans
  • Home equity lines of credit

Unsecured Loans

These are (as they sound) not secured against any assets. The bank can only utilize collectors (and freeze your accounts) if you default.

The loan amount granted is largely attributable to your credit history and income/assets/debts at the time of application. There is a considerably higher assumption of risk on the bank s part with an unsecured loan. Thus, the interest rate is much higher.

Examples of Unsecured Loans:

  • Personal loans
  • Personal lines of credit
  • Student loans
  • Credit cards/department store cards

Loan Types

There are a few different ways the bank can lend you money.

Line of Credit

Similar to a credit card,you are given a maximum allowable balance, and each month you can borrow as much as you wish from the line of credit up to the maximum.

Monthly minimum payments vary from a percentage (e.g. 3%) of the outstanding balance (as for most unsecured lines of credit), to as little as interest only (as for some secured lines of credit).

You can pay as much as you wish above the minimum payment amount, whenever you wish.

Some lines of credit come with checks, or can be linked to your bank card for debit transactions.

Can be secured or unsecured.

Conventional Loans

Conventions loans include personal loans, home equity loans, car loans, etc.

The repayment terms and amortization is pre-determined and consistent. For example, a $5,000 loan payable over 3 years in equal payments at 8% interest.

You cannot add to this loan without applying for a new loan entirely.

You can usually pay off the loan faster than schedule without penalty.

Monthly minimum payments will often be higher than they would with a Line of Credit, due to the shorter amortization (period of time to pay it back).

Can be secured or unsecured.

Mortgage

Mortgages are always secured loans, with the collateral usually being real estate. They are for large amounts of money, and are payable over long periods of time.

Maximum amortizations (repayment periods) for a mortgage range from 25 to 30 years, depending on where you live.

You can borrow up to a certain percentage of the appraised value of the property, subject to some restrictions and insurance provisions.

Interest terms can be either fixed or variable. Fixed interest locks your rate in for a fixed period, typically five years. Variable interest rates will fluctuate with the prime rate, and have little to no lock-in period.

The penalty to break a fixed rate mortgage mid-term can be outrageous. So if the interest rates go down dramatically, you are stuck with the rate you have until the term (e.g. five years) is up. On the flip side, if the interest rates go up dramatically, your interest rate is protected for the duration of the term.

All the interest is paid up front. In the first few years of having a mortgage, almost all of your payments are comprised of interest, with only a few dollars reducing the principal. It is not until the later years of a mortgage that the reduction of your principal loan amount picks up momentum.

Althoughp you can t always repay as much as you wish, you can usually make additional payments which directly reduce your principal loan amount.

Credit Cards

Known in some circles as the antithesis of all things good and pure, credit cards tend to get a bad rap. Depending on how they are used and abused, they can admittedly be bad news.

You are allocated a maximum balance, with freedom to charge as much or little to it within the limit.

Standard credit cards are always unsecured, so the interest rate is high: usually 9-19% (with the average being closer to 18%)

The minimum payment is usually quite small expressed sometimes as a percentage of the outstanding balance, but in some cases it is little more than just the interest.

Ifyou pay off the balance in full before the due date, you are not usually charged any interest (this depends on the credit card).

Each type of debt serves a specific purpose, although they can be interchanged depending on your situation. The most important thing in managing your debt is to be realistic about what you can handle. Underestimate the amount of money you have to pay towards your debt each month to be safe, in order to avoid getting in too deep.

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Types of loans