For students aiming to pursue higher education, securing the necessary finances can often be a hurdle. While many families may have valuable assets like property or savings to offer as collateral, others, especially those from middle-income backgrounds, may not have such resources. This is where student loans without collateral come into play. These unsecured loans allow students to fund their education without putting their family’s assets at risk.

What is a Student Loan Without Collateral?

A student loan without collateral is an education loan that does not require the borrower or their family to pledge any property or valuable assets (like gold or fixed deposits) as security. Also known as unsecured education loans, these loans are based on the applicant’s academic record, the reputation of the institution, and the potential to repay the loan after graduation.

Such loans are ideal for students who may not have substantial family assets but are committed to furthering their education. They can be used to cover expenses like tuition fees, living costs, and other related educational expenditures, without risking family property.

Collateral-Based Loans vs. Collateral-Free Loans

While collateral-free loans offer accessibility to students without significant assets, collateral-based loans require a guarantee of valuable property or savings to secure the loan. These loans typically come with lower interest rates and higher loan limits, making them ideal for students from families with assets. However, these loans carry the risk of losing the pledged asset in case of non-repayment.

Key Features of Student Loans Without Collateral

Unsecured education loans come with several key benefits that make them an attractive option for many students:

1. No Collateral Requirement: The most significant advantage is that no asset is required as collateral. This makes the loan accessible to students who do not have substantial financial backing.
2. Eligibility Based on Academic Merit: Lenders often evaluate the student’s academic performance, the reputation of the institution, and the course selected to assess eligibility. Students from top universities or in-demand courses are more likely to secure these loans.
3. Flexible Loan Amounts: These loans offer varying amounts depending on whether the student is studying domestically or abroad. For domestic studies, the loan amount can range from ₹20 lakh, while for studying abroad, it can extend to ₹50 lakh or more.
4. Simple Documentation: The application process is less complicated than collateral-based loans. Required documents usually include the admission letter, KYC documents, proof of income for the co-applicant, and the course fee structure.
5. Flexible Repayment Terms: Lenders offer flexible repayment plans, which include an initial moratorium period (the time between course completion and loan repayment). Students can start repaying the loan once they have secured employment or are financially capable.
6. Government Subsidy Schemes: Many government schemes, such as the Central Sector Interest Subsidy Scheme and Padho Pradesh Scheme, provide interest subsidies on education loans, reducing the overall financial burden.

Eligibility Criteria for a Student Loan Without Collateral

To be eligible for an unsecured student loan, applicants must typically meet the following requirements:

• Age Limit: Applicants should generally be between 18 to 35 years of age.
• Admission: You must have secured admission to a recognized institution in India or abroad.
• Academic Performance: A strong academic record improves your chances of loan approval.
• Co-Applicant Requirement: Most lenders require a co-applicant (usually a parent or guardian) with a stable income to strengthen the application. The co-applicant’s financial standing plays a significant role in the loan approval process.

Interest Rates and Loan Limits for Student Loans Without Collateral

Interest rates and loan limits can vary based on the lender, the loan amount, and the applicant’s profile.

Interest Rates:

• Domestic Education: Typically ranges from 9% to 15% per annum. The rate may be lower for loans covered by government schemes.
• Study Abroad: The interest rate for loans for international studies is usually higher, between 10% and 15%, due to the increased risks and higher loan amounts.

Loan Limits:

• Domestic Education: Loans generally go up to ₹20 lakh for most courses. For more premium institutions or high-demand courses, loans may exceed ₹20 lakh.
• Study Abroad: Loans can range from ₹10 lakh to ₹50 lakh or more, depending on the course fees, the country of study, and the institution’s reputation.

Repayment Terms and Considerations

• Moratorium Period: Most lenders offer a grace period of 6 to 12 months after course completion before the repayment begins.
• Repayment Tenure: The loan repayment period can extend from 5 to 15 years, depending on the loan amount.
• Flexible EMIs: Some lenders offer flexible EMI options, where the borrower can adjust payments based on their income after graduation.

Government Schemes for Collateral-Free Student Loans

The Indian government offers various subsidized education loan schemes for students, particularly those from economically weaker sections. These schemes make higher education more affordable and accessible:

• Central Sector Interest Subsidy (CSIS) Scheme: This scheme provides interest subsidies to students from economically weaker backgrounds pursuing professional or technical courses in India. The family income must not exceed ₹4.5 lakh per year to qualify.
• PM-Vidya Lakshmi Scheme: Offers collateral-free loans up to ₹7.5 lakh with a 75% credit guarantee and interest subvention for students with an annual family income of up to ₹8 lakh.
• Dr. Ambedkar Central Sector Scheme: Aimed at supporting SC/ST students for postgraduate studies abroad, covering tuition, living expenses, and more.
• Padho Pardesh Scheme: This provides interest subsidies for students from minority communities pursuing higher education abroad.
• National Minorities Development and Finance Corporation (NMDFC): Offers loans up to ₹20 lakh for students from minority communities, without requiring collateral.

State-Specific Student Loan Schemes

Several states in India have introduced student loan schemes to make education more accessible. Some examples include:

• Kerala Higher Education Scholarship Loan Scheme
• Gujarat Education Loan Scheme
• West Bengal Student Credit Card Scheme
• Karnataka Arivu Education Loan Scheme

Top Lenders Offering Student Loans Without Collateral

Several Indian banks and financial institutions provide student loans without requiring collateral. Here’s a snapshot of some popular lenders:

Documents Required for Student Loan Without Collateral

To apply for a collateral-free education loan, you’ll generally need the following documents:

• University Admission Letter with fee details
• Academic Records (Marksheets, degree certificates)
• Income Proof of Co-Applicant (ITR, salary slips, bank statements)
• KYC Documents (Identity and address proof of both applicant and co-applicant)
• Bank Account Details (of the applicant)

How to Apply for a Student Loan Without Collateral?

1. Research Lenders: Compare various lenders, including banks, NBFCs, and government schemes, to evaluate interest rates, loan amounts, and repayment terms.
2. Check Eligibility: Ensure you meet the criteria for the loan, such as admission to a recognized institution and meeting income thresholds.
3. Prepare Documents: Gather necessary documents, including academic records, admission letters, and co-applicant details.
4. Apply: Submit your application online or at a branch, either through the lender’s website or platforms like the Vidya Lakshmi Portal.
5. Approval & Disbursement: Upon approval, you will receive a loan sanction letter with details on the loan amount, interest rate, and repayment terms. The loan will be disbursed directly to your institution or as agreed.

NRI quota: The High Court of Madhya Pradesh is presently dealing with a petition challenging the selective NRI quota seat allocation in all private medical colleges of the state.
The case was presented by Dr. Ojas Yadav, a Bhopal-based doctor, against the said selective distribution of reserved NRI quota seats across several medical disciplines.The petitioner argues that 15 per cent of the seats in private medical colleges, that were supposedly meant for NRI students are being disproportionately allocated to eight high-demand courses alone. Those other branches remain unutilised.

According to the petition, there are as many as 22 medical branches in total; however, the NRI quota seats are available in eight of them. According to Dr. Yadav, this selective allotment violates the rights of meritorious non-NRI students whose options are significantly reduced as an outcome.
He particularly points out that 152 NRI quota seats are divided into only eight popular branches like MBBS, MD, and MS, which collectively have only 545 seats.

That means a sizeable chunk of the seats in such critical courses is reserved for NRI students, leaving fewer slots open for deserving domestic applicants.

Alok Bagrecha, arguing for Dr. Yadav, mentioned that the NRI seats violate the Medical Education Admission Rules 2018, as they only allow 15% of the total seats to be reserved for NRI candidates.

He further claimed that in many cases, the actual NRI quota exceeds this limit, with up to 40-50% of seats in some branches being allocated to NRI students.

The paper also goes on to point out lapses in procedure during the allocation of seats, including allowing insufficient time for claims and objections during the choice-filling stage of admissions.

As a reply, the Madhya Pradesh High Court, through judges Justice Sanjeev Sachdeva and Justice Vinay Saraf, issued notices to the state government and all concerned authorities, demanding that they provide their responses within a week.

This case raises the growing issue of merit-based admissions and an equal distribution of seats, particularly in high-demand courses, in order to make it fair to all students.

Moving forward, the legal process may lead to wide-reaching implications as far as the immediate case is concerned and, hence, the overall medical admissions procedure in Madhya Pradesh could undergo reforms that make seat distribution in the private medical colleges of the state more balanced and transparent.

CAT 2024 Provisional Answer Key Release Date Set for December 3

CAT 2024 Provisional Answer Key: The Common Admission Test CAT 2024 has been the most awaited and sought-after exam for MBA aspirants all over India and the latest communication by the Indian Institutes of Management IIMs has some important news regarding the same. As per an announcement made on the IIMCAT web page, CAT 2024 Provisional Answer Key has been scheduled for release on December 3, 2024. This comes after the candidates’ response sheets were made available to them on November 29, 2024.

Announcement of CAT 2024 Provisional Answer Key

In one of the notices dated November 29, while addressing the ambiguity surrounding the conducting of the said examination, CAT examination authority stated that their CAT 2024 Provisional Answer Key had been released for the test held on November 24, 2024. According to the announcement, “The provisional answer keys for CAT 2024, which were conducted on November 24, 2024, will be released on December 3, 2024.”

Facility for Candidates to Raise Objections 

The announcement goes ahead to establish the framework according to which the candidate can raise an objection to the provisionally made answer key. Then complainants will be in a position to contest particular questions through the Objection Management link, which is available on the applicable website of the CAT. This feature can be used with a candidate’s login details with regard to their CAT application. You can check the CAT 2024 Provisional Answer Key. 

It is expected from candidates to check the CAT 2024 provisional answer key and point out any mistakes by making their challenges during the objection window.

IIT Kanpur has announced the JEE Advanced 2025 date, Exam Is On May 18,2025

As one of the prime engineering entrance exam in India, IIT (Indian Institute of Technology) Kanpur has now unveiled the date for JEE Advanced 2025. In a recent notification published today, the examination is noted to be held on Sunday the 18th of May 2025.

JEE Advanced 2025 will comprise of two papers with each paper lasting three hours and is compulsory for all. Paper 1 will be taken from 9:00 AM to 12:00 PM, Paper 2 from 2:30 PM to 05:30 PM. Admission into some of the best institutes, the IITs, is possible through both these exams and their papers.

Earlier in the past year, a major announcement was made by the Joint Admission Board (JAB), giving applicants three chances to sit for the examination. This decision was retracted, however, following a meeting dated the 15th of November 2024, in which JAB decided to go back to the earlier standing eligibility policies and limit the attempts to two. Officially, that rollback was justified by the need to maintain the administrative integrity of the selection procedure, in line with selection procedures implemented since 2013.

For those wishing to take JEE Advanced 2025, there are fixed age limits which must be adhered to.

General candidates must not exceed the age of maturity that is 22 years as of 2003. Other reserved category candidates like SC, ST, and PwD candidates get five years cut-off.

XAT 2025: The Xavier Aptitude Test (XAT) registration deadline for 2024 has been extended from November 30 to December 10, offering candidates an additional opportunity to secure their spot. This extension comes as a relief to aspiring MBA students looking to join XLRI, Jamshedpur, or any of the 250+ esteemed B-schools that accept XAT scores.

The application form for XAT 2025 is available on the official website, xatonline.in, and candidates can complete their registration after logging in.

Important Dates

• Registration Deadline: December 10, 2024
• Admit Card Release: December 20, 2024
• Examination Date: January 5, 2025

XAT 2025 is scheduled to take place on January 5, 2025, from 2:00 PM to 5:30 PM. The exam will be conducted across 110 cities in India, providing widespread accessibility to aspirants nationwide.

The registration fee for the test is INR 2200, with an additional charge of INR 200 for each XLRI program selected.

This comprehensive examination serves as a gateway to top management programs in the country, offering candidates a chance to secure admission to XLRI and other premier B-schools.

The XAT score is highly valued for admission into MBA/PGDM programs offered by XLRI-Jamshedpur, XAMI institutes, and other reputed management schools.

Indian candidates applying for the PGDM (General Management) program can opt to submit GMAT or GRE scores, while NRI and international candidates can use GMAT scores for any XLRI program.

Application Fee for XAT 2025

XAT Registration Fee: INR 2200

Additional Fee for Each XLRI Program: INR 200

PGDM (GM) via GMAT/GRE (Indian Applicants): INR 2500

NRI/International Applicants via GMAT: INR 5000

Candidates submitting GRE scores should note that these are accepted only for the PGDM (GM) program.

Steps to Register for XAT 2025

1. Visit the official XAT website: xatonline.in.
2. Click on the “Register” link on the homepage.
3. Complete the registration and verify your email address.
4. Fill out the application form and upload the required documents.
5. Pay the applicable fee through the portal.
6. Submit your application and save or print a copy for future reference.

Why Consider XAT 2025?

The XAT examination is a gateway to some of the most prestigious management programs in India. With its vast reach and credibility, the test opens doors to institutions offering a robust curriculum and excellent career prospects.

Candidates are encouraged to take advantage of the extended deadline to complete their registration. The test is an excellent opportunity for MBA aspirants to realize their academic and professional aspirations.

ESIC Bond Policy: Aspiring doctors applying for PG medical (MD/MS) or Super speciality (DM) courses at ESIC medical institutes nationwide must complete a mandatory 2-year service at ESIC institutes or government institutes under the ESI Scheme.

Although the bond duration remains consistent for MBBS graduates applying for MD, MS admissions and PG medical graduates applying for DM courses at ESIC institutions, the bond penalty differs at Rs 10 lakh and Rs 15 lakh respectively. The students have the option to cover part of the payment for services provided.

This effect was confirmed by a recent notification posted on the official website of the Karnataka Examination Authority (KEA) on November 25th, 2024.

 As per the notice released on 28-7-2020, there was a modification in the Bond conditions for post-graduate (MD/MS) / super-specialty (DM) trainees of ESIC Medical Education Institutions.

The notification makes reference to:

Following approval by the Competent Authority, I am instructed to refer to the subject mentioned above and communicate the updated Bond conditions for post-graduate (MD/MS) / super-specialty (DM) trainees of ESIC Medical Education Institutions.

A) Post-graduate Courses (MD/MS)

B) Super-specialty Courses (DM)

The advantage of decreasing both the Bond period and Bond amount will apply to current PG (MD/MS) & super-specialty trainees (DM), new PG (MD/MS/DM) graduates, and PG (MD/MS/DM) graduates already fulfilling a bond at ESIC.

If pass-outs who are already serving under a bond have worked for more than 2 years, they can be released from their bond obligations without having to pay ESIC for the remaining bond period.

New graduates (this year) must provide a Bank Guarantee for the full Bond amount (as updated) at the beginning if they choose to work for the Corporation. If they choose not to serve, they can pay a different Bond amount and be excused.

The current PG trainee (MD/MS/DM) must sign a new Bond with updated terms and provide a Bank Guarantee, if necessary, within three months of receiving these instructions. The notice stated that post-graduate trainees must submit a revised Bond with Bank Guarantee within 3 months, or else their original Bond conditions will still apply.

The Corporation will keep the student/trainee’s original documents until the Bank Guarantee is submitted. Updated Bond conditions would not affect situations in which cases have been concluded, meaning individuals have been released after paying the Bond amount.”

NMC Extended of Last Date for Submission of PG Annual Declaration Report

NMC: The National Medical Commission (NMC) has issued an important update regarding the submission of the Postgraduate (PG) Annual Declaration Report for medical courses.

 In response to requests from various government medical colleges, the NMC has decided to extend the deadline for submitting the PG Annual Declaration Report by an additional 15 days.

The Commission has also clarified that the terms and conditions outlined in the original notice dated

The penalty of ₹20,000 plus 18% GST will be levied

However, the extended deadline comes with a condition: a penalty of ₹20,000 plus 18% GST (a total of ₹23,600) will be levied for each PG course that is submitted after the original deadline.

 This means that while the extension offers some relief, colleges will need to bear the additional cost if they miss the original submission date.

New last date for submission is 7th December

It is crucial to note that this extended deadline is final, and no further extensions will be granted. The new last date for submission is 7th December 2024. Institutions are strongly advised to complete their submissions by this deadline to avoid facing penalties.

The NMC’s decision to extend the deadline comes after careful consideration of the requests made by government medical colleges. The Commission has also clarified that the terms and conditions outlined in the original notice dated 1st October 2024 remain unchanged. Colleges are expected to follow these terms while submitting their reports.

This move is likely to affect a number of medical colleges and institutions that may have faced difficulties in meeting the original deadline. The extended timeline gives them a final opportunity to complete the necessary formalities, ensuring that the PG Annual Declaration Reports are filed in compliance with NMC guidelines.

Medical colleges and institutions under the NMC are urged to take this opportunity seriously and ensure that their reports are submitted within the extended period to avoid any further complications or financial penalties.

The much-awaited Common Law Admission Test (CLAT) 2024 is scheduled for December 1, 2024. This national-level entrance exam, organized by the Consortium of National Law Universities (NLUs), is the gateway for admission to undergraduate and postgraduate law programs in 22 NLUs and several other affiliated institutions across India.

The Consortium of National Law Universities (NLUs) began accepting applications for CLAT 2024 on July 15, 2024, with the last date for registration set for October 15, 2024. A detailed notification regarding the exam was released on July 7, 2024.

To familiarize themselves with the test format, candidates are encouraged to practice CLAT 2024 sample questions available on the official website.

The CLAT 2024 exam will be conducted in offline mode on December 1, 2024, across more than 130 exam centers nationwide. Notably, the exam has undergone modifications in its pattern, reducing the total number of questions from 150 to 120.

However, the exam format and syllabus remain unchanged, covering areas such as English, Legal Aptitude, Logical Thinking, Mathematics, and General Knowledge, including current affairs.

 After the exam, the provisional answer key will be released in December 2024, allowing candidates to verify their responses and raise objections if necessary.

The CLAT Counselling 2024 registration process is open for candidates who qualify in the exam. Applicants will receive SMS and email notifications on their registered phone numbers and email addresses regarding the counselling procedure.

The counselling process will allocate seats based on rank, preferences, and availability, marking the next step for successful candidates on their journey to pursuing law at India’s premier institutions.

 Exam Pattern and Syllabus

 Post-Exam Schedule

1. Provisional Answer Key Release:
   A tentative answer key will be published a few days after the exam. Candidates will have the opportunity to challenge any discrepancies during a stipulated period.
2. Final Answer Key and Result Announcement:
   The final answer key and results are expected to be declared by mid-December 2024.
3. Counselling Process:
   The Counselling process will begin in the third week of December 2024 for candidates who qualify for CLAT 2024.

December is a month of aspirations, brimming with opportunities for students to take a leap toward their dream careers. With an array of prestigious entrance exams lined up, it’s the perfect time to channel your focus and energy into achieving success.

To help you navigate this crucial period, Bodmas Education has meticulously compiled a comprehensive report on the upcoming exams. This guide not only keeps you informed about the latest updates and schedules but also equips you with insights to strategize your preparation effectively.

 From engineering marvels to management ambitions, from legal excellence to teaching aspirations, these exams hold the key to unlocking your potential.

 With Bodmas Education by your side, you’re not just staying updated—you’re staying ahead.

All India Entrance Exams

1. CLAT (Common Law Admission Test)

Date: December 1, 2024

Purpose: Admission to undergraduate and postgraduate law programs in National Law Universities (NLUs).

1. RRB JE (Railway Recruitment Board Junior Engineer)

Date: December 6, 2024

Purpose: Recruitment of junior engineers in Indian Railways.

1. UGC NET 2024

Application Deadline: December 10, 2024

Fee Submission Deadline: December 11, 2024

Exam Dates: January 1–19, 2025

Purpose: Qualification for Assistant Professorship and Junior Research Fellowship (JRF).

1. MAT (Management Aptitude Test) December 2024

CBT 1 Admit Card Release: December 3–7, 2024

CBT 1 Exam: December 7, 2024

PBT Admit Card Release: December 10–14, 2024

Management Entrance Exams

1. IBSAT (ICFAI Business School Aptitude Test)

Date: December 28–29, 2024

Purpose: Admission to MBA and PGPM programs in ICFAI Business Schools.

1. Symbiosis SNAP (Symbiosis National Aptitude Test)

Dates: December 8, 15, and 21, 2024

Purpose: Admission to MBA programs in Symbiosis institutes.

Engineering Entrance Exams

1. GATE 2025 (Graduate Aptitude Test in Engineering)

Form Correction Deadline: November 20, 2024

Mock Test and Pattern Updates: Available online

Exam Date: February 1, 2025

1. JEE Main (Joint Entrance Examination)

Date: January 22, 2025

Purpose: Admission to undergraduate engineering programs in premier institutions like IITs, NITs, and IIITs.

Tips for Aspirants

• Familiarize yourself with exam patterns, syllabi, and preparation strategies.
• Keep track of release dates and ensure timely submission of applications and fees.
• Utilize mock exams to evaluate your preparation and improve time management.
• Regularly check the official websites for any changes or announcements.

Bangladesh Government: The Directorate General of Medical Education under the Medical Education & Family Welfare division of the Ministry of Health and Family Welfare, Bangladesh, has opened the doors for foreign students seeking admission to Government Medical Colleges and Dental Colleges/Units for the academic year 2024-2025. This initiative aims to foster international cooperation in medical education while maintaining the highest standards of learning and practice.

A Total of 221 Seats for Foreign Students

This year, a total of 221 seats have been allocated to foreign students under the following categories:

• SAARC Countries: 117 seats.
• Non-SAARC Countries: 99 seats.
• Reserved under Bangladesh Government Scholarship Program: 5 seats.

The allocations reflect Bangladesh’s commitment to inclusivity and regional collaboration in higher education, particularly in the medical field.

Country-Wise Distribution for SAARC Candidates

The 117 seats under the SAARC quota are allocated as follows:

• India: 22 MBBS, 2 BDS
• Pakistan: 21 MBBS, 2 BDS
• Nepal: 19 MBBS, 3 BDS
• Sri Lanka: 13 MBBS, 2 BDS
• Bhutan: 20 MBBS, 2 BDS
• Maldives: 6 MBBS, 1 BDS
• Afghanistan: 3 MBBS, 1 BDS

Allocation for Non-SAARC Countries

For candidates from non-SAARC countries, 99 seats are available, distributed as follows:

• Myanmar: 5 MBBS, 2 BDS
• Palestine: 18 MBBS, 3 BDS
• All Other Countries: 49 MBBS, 22 BDS

Note: SAARC candidates cannot apply for the seats reserved for non-SAARC countries.

Scholarship Opportunities

Bangladesh has also reserved five seats under its government scholarship program. This provides an exceptional opportunity for deserving students to pursue quality medical education with financial assistance.

Why Study Medicine in Bangladesh?

Bangladesh’s medical colleges have earned a reputation for their high standards of education and affordable fees. With globally recognized curricula, experienced faculty, and well-equipped facilities, these institutions attract students from all over the world. Additionally, students benefit from the cultural and geographical proximity, particularly those from SAARC countries.