Me and my friends got together yesterday to celebrate my "finally" getting into one of the better colleges of the country.
A treat for them, and a joyous moment for us.
We talked about everything: how it all started, the way we all got stuck, and yes, the way a few of us, finally made it into different B-schools.
But...one thing, which caught our attention, was the troubling fact of not getting the desired results. Although the enthu with which we all started was higher than an average person, we hoped (practically enough) to be a part of a list of colleges, which everyone dreams to be in.
The mock tests, the GDs, everything was quiet satisfying, but the RESULTS weren't.
But as I've mentioned before, one gets tough facing these failures. I didn't even cry after my CAT exam, which went in the bin, right away! Because while giving it, I knew its GONE.
And then and there I set my target for the next best place..
Ahh.. these bitter experiences...
But life means to move on...and so did we.
It is one of the changes you'l notice about self, when you are fighting for such places and seats.
That, though winning "is" the only thing that matters, but if you loose, do NOT give up to try again or other options.
Atleast I didn't...
But yes, I do expect to know the basis of my rejection. The reason and the criteria which these colleges and for that matter, every college uses to select students.
Because none of us(me and my friends) expected to not get into one the colleges which was on our list.
Should I say its unfortunate for us, or should I say its deliberate on there part..that not all the colleges, have transparency towards there selection procedures. Infact, to reveal the placements, is another category,where its hard to know whats the truth. For ex:they never mention the lowest salary package that a student gets, or in many cases, they won't even upgrade there website.
How should a student know, where he stands...until and unless he/she has a clear idea whether they'd make to the college or university of there choice. We all fill the forms and then get nowhere even near that institute. On the basis of a small hope, we go ahead, wasting all the money, time and effort.
Its quiet a Guilt to realise, that all that hard earned money of our parents, just got wasted.
All these false hopes and dreams may never end till the end, thats around first week of April. And till that time, we carry on...
I'm sure frustrated, like all my friends and fellow students, because we thought hard work matters.
I got selected in a good college, but its not about where you finally land up.
Its about that hope one has, and the hope your family has towards you.
I did succeed in giving back that hope to them, and to myself.
Its not IIMs, but so what... It doesn't matter where I am, what I am, does!!
And to succeed, thats all you need: Know Yourself!!
Know your strengths, know your talent(s) or explore and find that hidden talent and be Unique.
"The Unique You" is the first thing these people want to see.
And the rest will fall into the RIGHT place.
Best of Luck..
Sunday, March 30, 2008
Wednesday, March 12, 2008
Is it FINALLY over...??
Didn't we already have had enough of pressure, getting into a good B-school, that the banks also were ready for another of there tricks!?
yeah...a bit of frustration there as well..with EDUCATION LOANS
My first assignment(unofficial) was getting an education loan. And like all those people who are on a high after getting a good call converted, I just acted like a manager, made a BIG BIG BIG list of the loans available from various banks.
Go to the net, and you'l have everything (I thought!)
duh!
But how would one know the nature of minds of those sitting on BIG posts at these so called nationalised banks???!!
(wait, to hear more...)
So...me and my list were all very happy, with the list of comparison between various banks..
With each and every column ready: Loan amount, Rate of Interest, Margin, repayment period, Incentives if any, and so on..
I just patted on my back, to have completed a complex task so very easily.
Now all I had to do was, go to the bank which offered the best deal and get the loan..
wallah!!
(wait you idiot, to face the REAL world)
With the most genuine smile and the look of a "big war won"(for getting selected in a good instt.) I went to the bank XYZ, to meet the manager.
Me: Sir, I am so&so, got selected for abc instt. and require a loan..
He cut me..
Him: Hmm...so do you have an account with our bank, or your father??!!
Me(ALL SHOCKED!!): Excuse me Sir!?
Him: Do you have an account with us? Or your father??
Me: Ahem! No sir, actually I'm here for the education loan..
Him: Yes, I'm talking about the same. If you dnt have an account, you won't get a loan!
By the way, where do you have an account?
Me: Sir, so&so Bank.
Him: Then try there itself. They also provide loans..
I was getting the shock of my life, just because you don't have an account, you won't get a loan????No such thing was mentioned at the site or by RBI!
Me: Sir, but..
Him: See, until and unless you have an account here, and that too an old one, we can't do anything.
Now, I was really angry, and better thought of leaving than arguing with a person like him.
Then I thought of approaching the next bank on my list: SBI.
Thankfully it didn't deny the loan offer, but its interest rate was higher than others. But one point to be noted is, that for upto a loan amount of 7.5Lacs, it doesn't require any collateral(it means a guarantee through property or bonds,etc) That is why the interest is high, since the risk is high!
I did apply for loan there, but I wanted to explore other options as well, the interest rate being one concern and yes, the requirement of security, the other.
Upto 4Lacs, no bank would ask for any security, but your parents and guardian would be co-borrowers. But you wnt have to mortgage your land or other assets.
However, the Interest rates of banks vary. In some, there is FIXED interest rate, and in some it is FLOATING.
Its very important to keep these factors into mind, before applying.
Most of the Nationalised Banks I visited, demanded an old account with the same. It was a real disappointment, because a genuine student would not be able to avail a good loan deal for such reasons. I could not understand why such a demand. Though, before giving a loan, every bank demands proof of the person taking it and also the credit history(Know-Your-Customer, I once read in ET), but to fulfill such a requirement they'd ask for a copy of account summary of last 1year, if you are not there customer, and 6-months if you are there customer.
That is why, it frustrated me even more, that simply to increase there customer base, they adopted such techniques, and that too the nationalised banks!!
Since I had a deadline to meet, I thought else(than getting frustrated and cursing them) and applied to a bank. Not SBI, since I needed a loan amount much less, upto 4Lacs, and also since I didnt want to give the property papers. So, I applied to another bank, where upto 4lacs the interest rate is lower.
One thing to notice is, the interest rate in most banks upto 4lacs is different and it is higher above 4lacs. Also, the repayment period varies accordingly.
In view of incentives provided, different banks have different policies.
Some would even provide a 1% concession for girls. But mostly, the 1% concession comes, in case you start paying in the period, while your studies are going on. During your study period, the money is Simple interested. But later, that is, either 1 year after course completion or 6months of job, it is Compound Interest.
Here's a brief idea of how it is in SBI:
Eligible Courses
All courses having employment prospects are eligible.
For loans up to Rs.4 lacs - 12.25% p.a. Floating
For loans above Rs.4 lacs - 13.25% p.a. Floating
All loans should be secured by parent(s)/guardian of the student borrower. In case of married person, co-obligator can be either spouse or the parent(s)/ parents-in-law
Margin
Phew!
I applied on 28th feb, and still haven't got the cheque for the first instalment. If you have a deadline to meet too, you better hurry!!!
;)
yeah...a bit of frustration there as well..with EDUCATION LOANS
My first assignment(unofficial) was getting an education loan. And like all those people who are on a high after getting a good call converted, I just acted like a manager, made a BIG BIG BIG list of the loans available from various banks.
Go to the net, and you'l have everything (I thought!)
duh!
But how would one know the nature of minds of those sitting on BIG posts at these so called nationalised banks???!!
(wait, to hear more...)
So...me and my list were all very happy, with the list of comparison between various banks..
With each and every column ready: Loan amount, Rate of Interest, Margin, repayment period, Incentives if any, and so on..
I just patted on my back, to have completed a complex task so very easily.
Now all I had to do was, go to the bank which offered the best deal and get the loan..
wallah!!
(wait you idiot, to face the REAL world)
With the most genuine smile and the look of a "big war won"(for getting selected in a good instt.) I went to the bank XYZ, to meet the manager.
Me: Sir, I am so&so, got selected for abc instt. and require a loan..
He cut me..
Him: Hmm...so do you have an account with our bank, or your father??!!
Me(ALL SHOCKED!!): Excuse me Sir!?
Him: Do you have an account with us? Or your father??
Me: Ahem! No sir, actually I'm here for the education loan..
Him: Yes, I'm talking about the same. If you dnt have an account, you won't get a loan!
By the way, where do you have an account?
Me: Sir, so&so Bank.
Him: Then try there itself. They also provide loans..
I was getting the shock of my life, just because you don't have an account, you won't get a loan????No such thing was mentioned at the site or by RBI!
Me: Sir, but..
Him: See, until and unless you have an account here, and that too an old one, we can't do anything.
Now, I was really angry, and better thought of leaving than arguing with a person like him.
Then I thought of approaching the next bank on my list: SBI.
Thankfully it didn't deny the loan offer, but its interest rate was higher than others. But one point to be noted is, that for upto a loan amount of 7.5Lacs, it doesn't require any collateral(it means a guarantee through property or bonds,etc) That is why the interest is high, since the risk is high!
I did apply for loan there, but I wanted to explore other options as well, the interest rate being one concern and yes, the requirement of security, the other.
Upto 4Lacs, no bank would ask for any security, but your parents and guardian would be co-borrowers. But you wnt have to mortgage your land or other assets.
However, the Interest rates of banks vary. In some, there is FIXED interest rate, and in some it is FLOATING.
Its very important to keep these factors into mind, before applying.
Most of the Nationalised Banks I visited, demanded an old account with the same. It was a real disappointment, because a genuine student would not be able to avail a good loan deal for such reasons. I could not understand why such a demand. Though, before giving a loan, every bank demands proof of the person taking it and also the credit history(Know-Your-Customer, I once read in ET), but to fulfill such a requirement they'd ask for a copy of account summary of last 1year, if you are not there customer, and 6-months if you are there customer.
That is why, it frustrated me even more, that simply to increase there customer base, they adopted such techniques, and that too the nationalised banks!!
Since I had a deadline to meet, I thought else(than getting frustrated and cursing them) and applied to a bank. Not SBI, since I needed a loan amount much less, upto 4Lacs, and also since I didnt want to give the property papers. So, I applied to another bank, where upto 4lacs the interest rate is lower.
One thing to notice is, the interest rate in most banks upto 4lacs is different and it is higher above 4lacs. Also, the repayment period varies accordingly.
In view of incentives provided, different banks have different policies.
Some would even provide a 1% concession for girls. But mostly, the 1% concession comes, in case you start paying in the period, while your studies are going on. During your study period, the money is Simple interested. But later, that is, either 1 year after course completion or 6months of job, it is Compound Interest.
Here's a brief idea of how it is in SBI:
Eligible Courses
All courses having employment prospects are eligible.
- Graduation courses/ Post graduation courses/ Professional courses
- Other courses approved by UGC/Government/AICTE etc.
- Fees payable to college/school/hostel
- Examination/Library/Laboratory fees
- Purchase of Books/Equipment/Instruments/Uniforms
- Caution Deposit/Building Fund/Refundable Deposit (maximum 10% tution fees for the entire course)
- Travel Expenses/Passage money for studies abroad
- Purchase of computers considered necessary for completion of course
- Cost of a Two-wheeler upto Rs. 50,000/-
Any other expenses required to complete the course like study tours, project work etc.
Amount of Loan
- For studies in India, maximum Rs. 10 lacs
- Studies abroad, maximum Rs. 20 lacs
For loans up to Rs.4 lacs - 12.25% p.a. Floating
For loans above Rs.4 lacs - 13.25% p.a. Floating
- No processing fee/ upfront charges
- Deposit of Rs. 5000/- for education loan for studies abroad which will be adjusted in the margin money
Repayment will commence one year after completion of course or 6 months after securing a job, whichever is earlier.
| Place of Study | Loan Amount | Repayment Period in Years |
| Studies in India | Rs. 10.0 lacs | 5-7 |
| Studies Abroad | Rs. 20.0 lacs | 5-7 |
| Amount | For loans upto Rs. 10.00 lacs for Studies in India and upto Rs. 20.00 lacs for studies abroad |
| Upto Rs. 4 lacs | No Security |
| Above Rs. 4 lacs to Rs. 7.50 lacs | Collateral security in the form of suitable third party guarantee. The bank may, at its discretion, in exceptional cases, weive third party guarantee if satisfied with the net-worth/means of parent/s who would be executing the documents as "joint borrower". |
Above Rs. 7.50 lacs. | Tangible collateral security of suitable value, along with the assignment of future income of the student for payment of installments. |
Margin
- For loans up to Rs.4.0 lacs : No Margin
- For loans above Rs.4.0 lacs:
- Studies in India: 5%
- Studies Abroad: 15%
- Completed Education Loan Application Form.
- Mark sheets of last qualifying examination
- Proof of admission scholarship, studentship etc
- Schedule of expenses for the specified course
- 2 passport size photographs
- Borrower's Bank account statement for the last six months
- Income tax assessment order, of last 2 years
- Brief statement of assets and liabilities, of the Co-borrower
- Proof of Income (i.e. Salary slips/ Form 16 etc)
Phew!
I applied on 28th feb, and still haven't got the cheque for the first instalment. If you have a deadline to meet too, you better hurry!!!
;)
Friday, March 7, 2008
Some REALLY good websites for CAT prep to check out....
These websites, web-portals provide you everything you may need..
but its totally upto you, to go for coaching institutes.
http://www.pagalguy.com/
http://www.totalgadha.com/
all the coaching institutes, also have websites, which you must make use of to the fullest!
some of them are as follows:
http://mba.careerlauncher.com/
http://www.ptindia.com/
http://www.time4education.com/
I went to each and every of these institutes, to know which one is better in my city.
Remember, its not the name which matters, its the faculty and the student response, its a ot of money to put in, so be safe in choosing.
I got to know, that apart from the regular course material, they provide online support to solve problems present in the regular tests and mock-CATs.
Not only that, they have there own magazines and general knowledge enhancement material, clips and presentations on day to day happenings.
And after you get a call, they also have a few classes on GDs(Group discussions) and PI(personal interview)
These mocks helped me a lot to know the areas I needed to work on, and also my strengths.
Often, when we analyse ouself, we tend to see first and formost, our weaknesses. True, we all have weaknesses, and its very very normal, believe you me!
But, if you really, really want to be ahead of others, rather than being ashamed of it, work on it, you may even do your own scripting.
Writing about yourself, often makes you realise of the things which you may otherwise ignore, but may prove to be your major strengths!!
For ex: I thought I could never be good at english, let alone CAT... but with gradual hard work and SMART work, I was able to master it, not in terms of learning BIG words and learning the whole dictionary, but in terms of communications skills and ability to put my ideas forth.
It took me eight months to realise, how well I had adopted it and was using it successfully.
I mastered the GDs, which was one hell of an impossible thing, I had a big stage fright(which is nowhere to be seen now).
Its your determination and ATTITUDE, which counts, nothing less, nothing more.
The early you change it, the most the benefit will you ripe in the end!!
SO, have faith, and carry on....
but its totally upto you, to go for coaching institutes.
http://www.pagalguy.com/
http://www.totalgadha.com/
all the coaching institutes, also have websites, which you must make use of to the fullest!
some of them are as follows:
http://mba.careerlauncher.com/
http://www.ptindia.com/
http://www.time4education.com/
I went to each and every of these institutes, to know which one is better in my city.
Remember, its not the name which matters, its the faculty and the student response, its a ot of money to put in, so be safe in choosing.
I got to know, that apart from the regular course material, they provide online support to solve problems present in the regular tests and mock-CATs.
Not only that, they have there own magazines and general knowledge enhancement material, clips and presentations on day to day happenings.
And after you get a call, they also have a few classes on GDs(Group discussions) and PI(personal interview)
These mocks helped me a lot to know the areas I needed to work on, and also my strengths.
Often, when we analyse ouself, we tend to see first and formost, our weaknesses. True, we all have weaknesses, and its very very normal, believe you me!
But, if you really, really want to be ahead of others, rather than being ashamed of it, work on it, you may even do your own scripting.
Writing about yourself, often makes you realise of the things which you may otherwise ignore, but may prove to be your major strengths!!
For ex: I thought I could never be good at english, let alone CAT... but with gradual hard work and SMART work, I was able to master it, not in terms of learning BIG words and learning the whole dictionary, but in terms of communications skills and ability to put my ideas forth.
It took me eight months to realise, how well I had adopted it and was using it successfully.
I mastered the GDs, which was one hell of an impossible thing, I had a big stage fright(which is nowhere to be seen now).
Its your determination and ATTITUDE, which counts, nothing less, nothing more.
The early you change it, the most the benefit will you ripe in the end!!
SO, have faith, and carry on....
Afterall all the endless melodrama, I'm finally here..with all the calls converted and a good college to finally go to!!
What more could one ask for?!
Esp a comman person like me..
Well..thats life, I guess. But with more than a year's drill,with a job at hand, everything that I experienced and everything that changed within, was worth it!
You may not believe me, but its true. Its not the MBA which makes you "the manager", its the process of getting into one. There's a lesson at every path!
Its quiet scary, if you realise and see your friends, peers,subordinates,etc..working passionately long hours(and longer ones later on) towards this MBA thing, sorry the kitty..
but dnt worry, they are pretty much as confused as you are, but would do anything, just about anything to be in the race.
So, with this pressure building up, you also join and race and ultimately fail to AGAIN understand(like your engineering) why you are there..
you may even win, definitely, its no big deal, but then is this where you really, really, really wanna be..is for you to figure out.
If I could, so could you.....
The whole process is very slow, but whatever turns out, is for your best, and for all those people, who know why they are there. This rat race has only "added" to the population and not the right people who have a reason and a focus to be there.
You may not be the one, but anyways...Its how you interpret it.
For me..its very important, to do what I like and would love to do. So here I am, in the place I most deserve to be, after all the hard work and pain that I put in.
I'm still putting in those pains, with the education loans etc..
But let me put it up on a different post, till then, all the best to all those preparing!!
:)
What more could one ask for?!
Esp a comman person like me..
Well..thats life, I guess. But with more than a year's drill,with a job at hand, everything that I experienced and everything that changed within, was worth it!
You may not believe me, but its true. Its not the MBA which makes you "the manager", its the process of getting into one. There's a lesson at every path!
Its quiet scary, if you realise and see your friends, peers,subordinates,etc..working passionately long hours(and longer ones later on) towards this MBA thing, sorry the kitty..
but dnt worry, they are pretty much as confused as you are, but would do anything, just about anything to be in the race.
So, with this pressure building up, you also join and race and ultimately fail to AGAIN understand(like your engineering) why you are there..
you may even win, definitely, its no big deal, but then is this where you really, really, really wanna be..is for you to figure out.
If I could, so could you.....
The whole process is very slow, but whatever turns out, is for your best, and for all those people, who know why they are there. This rat race has only "added" to the population and not the right people who have a reason and a focus to be there.
You may not be the one, but anyways...Its how you interpret it.
For me..its very important, to do what I like and would love to do. So here I am, in the place I most deserve to be, after all the hard work and pain that I put in.
I'm still putting in those pains, with the education loans etc..
But let me put it up on a different post, till then, all the best to all those preparing!!
:)
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