Indian Bank Education Loan

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Indian bank offers education loan to the Indian national students who want to study in India or in abroad for higher education.

Bank Name	Amount of Loan	Repayment Tenure	Interest Rate
	15-25 lacs	10-15 years	12.25 %

Eligible Courses

Studies in India:

Post-graduation / graduation / diploma courses from one of many disciplines.
Courses of computer certification from any of the reputed institutes.

Studies abroad:

All job oriented technical / professional courses that are offered under some reputed university.
MS, MBA, MCA etc.
The courses which are conducted under CIMA – CPA in US, London etc.

Expenses that can be considered for granting loan

The education loan is supposed to provide the money for one of the following
college / school / hostel fee
purchase of equipment / books / computer which should be necessary as per the course the candidate is studying in
travel expenses
All the refundable deposits that cannot be greater than ten percent of the total tuition fee
The candidate / applicant who borrow the necessary fund from the Bank is also supposed to sign on an insurance premium scheme so that in case if the borrower could not repay then the insurance agency would be there to repay the borrowed money to the bank.

Amount of loan granted

15 Lac if the student wishes to study in India and 25 Lac in case if the student has got admission in any of the non-Indian university / institute. In both of the case if student found meritorious then the loan amount limit can even be extended.
A candidate can apply in any of the nearest branch of Indian bank to grant the education loan.

Interest rates

12.25 % per annum for the loan amount.
0.50% concession is applicable in case of female candidate application for fresh Educational Loans under IBA Scheme. Concession will not be applicable for education loan under non IBA scheme.
These are the floating rates made available here and they are liable to change under the change of policies.

Processing fee

Not Applicable

Repayment tenure

repayment period is 10-15 years which starts from one year post the completion of course or 6 months after getting job, wherever of then is earlier.

Security

No security for loan up to 4 Lac. A third party security is necessary if the loan amount is up to 7 Lac. Collateral security in form of value is necessary for loan more than 7 Lac.

Margin

Nil up to loan of 4 Lac
5% for loan of Indian student
15 % for loan of abroad student

Required Documents

Residence proof
Full past academic record
Age proof
Income of the family of borrower
Admission letter
Passport
Fee structure
Collateral if required
Margin amount
Declaration that no other loan is being availed from any other bank for the same course.

Eligibility criteria

The candidate should have the Indian nationality.
He / she should have secured a seat in any of the technical / professional courses of India or abroad.
The selection process of the candidate should be based on entrance examination basis or through meritorious basis.
The age limit of the student is 15 to 30 years for studying in India and 18 to 35 years if he / she want to study abroad.