LTF SBI Elite Credit Card for IIT students

[Nitheesh]

So the SBI at the IIT Madras branch is conducting a campaign to give LTF Elite credit cards to the current students of IIT Madras. This campaign is there till the end of this week. Maybe the SBI cards team will visit each IIT SBI branch and will offer this campaign. Unfortunately, this offer is only for the current students. It's an offline process and only an ID card is required as per their instruction. You can go to your campus branch and enquire about this.

 

[pandeyji]

Anything for alumni?

 

[aayusharyan]

Time to go back to college.

 

[Sourabh_13]

Finally, SBI Card folks are here with this offer...😀

 

[Card Maniac]

Finally, SBI Card folks are here with this offer...😀

Great ...
This is for which IIT?

 

[Sourabh_13]

Great ...
This is for which IIT?

IIT Bombay .

 

[Yugi]

I don't understand their logic of giving credit card to students but not to the alumni, who can afford to spend on those cards.

 

[ltf4ever]

I don't understand their logic of giving credit card to students but not to the alumni, who can afford to spend on those cards.

that's the whole point: make them addicted to spending on credit, even before becoming capable enough to earn a salary.
it's like those drug dealers who give out the first dose to newbies for free.

 

[pintuk]

They are offering it in IIT Bombay now, but yesterday only I generated rupay simply save card and I already have cashback card.

Their system gave some error because of recently approved simply save rupay card ( was approved yesterday) I asked about possibility of upgrading simply save to elite not sure that will work.

 

[Pankhuri]

I don't understand their logic of giving credit card to students but not to the alumni, who can afford to spend on those cards.

students are more likely to miss payments and they can milk that. Alumni are more likely to milk the credit card companies.

 

[KingAAR]

students are more likely to miss payments and they can milk that. Alumni are more likely to milk the credit card companies.

what if these alumni default payments and go to some other country for higher studies

 

[Yugi]

what if these alumni default payments and go to some other country for higher studies

That can happen with Alumni or non Alumni, it is the risk of credit card businesses they are into.

 

[ltf4ever]

what if these alumni default payments and go to some other country for higher studies

That can happen with Alumni or non Alumni, it is the risk of credit card businesses they are into.

that's why they set up shops mostly in premier institutes where the probability of campus placements is high. so the risk that the bank takes in terms of bad loans/writeoffs is low.

 

[Yugi]

that's why they set up shops mostly in premier institutes where the probability of campus placements is high. so the risk that the bank takes in terms of bad loans/writeoffs is low.

Completely agree with you, isn't giving alumni further reducing the risk, who have jobs for sure. Other banks give to both Alumni and final year students.

 

[ltf4ever]

Completely agree with you, isn't giving alumni further reducing the risk, who have jobs for sure. Other banks give to both Alumni and final year students.

low risk, low return.
alumni are working individuals 'supposedly' having good financial sense and already in the habit of managing expenses and savings. so them defaulting is rare. low default = low earning for the bank in the form of interest and penalities.

for students, risk of default is high. but also the bank earns from their rash spending habits. plus the bank has significant advantage in being the customer's FIRST credit card as they are prone to be the top-of-the-wallet card for that customer for decades. as I said, getting the customers hooked to spending on borrowed money.

or it might also just be SBI's foolishness, you never know. because ICICI, HDFC has offers of ltf for alumni.

 

[Batman]

any alumnus from IIT/IIM who's been able to clim this offer so far?

 

[Pankhuri]

or it might also just be SBI's foolishness

Not foolishness, SBI usually is one of the few banks allowed to have branches inside the IIT campus. Don't know the rules these days but you needed to have a bank account of the banks available inside the campus to for mess food. So, most of the students of these institutions do have a banking relationship with SBI. But probably seeing the success of HDFC with their ltf dcb for alumni, SBI finally is waking up to the realization that they can have more than 1 banking relationship with students of such institutes.

 

[card-shard]

Don't know the rules these days but you needed to have a bank account of the banks available inside the campus to for mess food.

If any college has specific bank account rule for providing mess food, it's ridiculous.
Wondering which college had this stupid rule?? (Are you mixing any other rule with mess food 🤔 )

Usually central govt colleges has one/more PSU banks. It helps in multiple ways in management of college administration.
Student loans, bank accounts, atm, professor/support staff's salary accounts, staff's loan needs, college's current account for fee collection etc... all are managed by in-campus banks.
Students mostly get 0 MAB accounts, and cheaper rate loans. And bank profits if any, comes back to central govt indirectly. It's a win-win situation for all parties.

 

[jaiverma]

So the SBI at the IIT Madras branch is conducting a campaign to give LTF Elite credit cards to the current students of IIT Madras. This campaign is there till the end of this week. Maybe the SBI cards team will visit each IIT SBI branch and will offer this campaign. Unfortunately, this offer is only for the current students. It's an offline process and only an ID card is required as per their instruction. You can go to your campus branch and enquire about this.

I too applied for this LTF SBI Elite offered by my institute, got approved and the card was delivered on 01.01.2024 in 21 days.

So the SBI at the IIT Madras branch is conducting a campaign to give LTF Elite credit cards to the current students of IIT Madras. This campaign is there till the end of this week. Maybe the SBI cards team will visit each IIT SBI branch and will offer this campaign. Unfortunately, this offer is only for the current students. It's an offline process and only an ID card is required as per their instruction. You can go to your campus branch and enquire about this.

I too got this LTF SBI Elite offered by my institute.

 

[rasutosh]

I too applied for this LTF SBI Elite offered by my institute, got approved and the card was delivered on 01.01.2024 in 21 days.

I too got this LTF SBI Elite offered by my institute.

You are from which institute? I have applied at IIT Bombay haven't received yet.

 

[Sourabh_13]

You are from which institute? I have applied at IIT Bombay haven't received yet.

I received the first verification call the day before yesterday.