IDBI Bank Education Loan

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The education loan scheme of IDBI bank aims to provide support to meritorious and deserving candidates for studying in India or abroad.

Bank Name	Amount of Loan	Repayment Tenure	Interest Rate
	10 - 20 years	10 - 15 years	10.75 - 11.75 %

Eligible Courses

Below are given the courses for which education loan can be granted

B.com, B.A and B.Sc. Etc.
All post-graduation and Ph.D. courses
Professional course which include medical, engineering, veterinary, management, dental, computer and law
Course from any of the autonomous institute which include IIT, IIM, IISc and NIFT etc.
Courses that leads to diploma / degree from any of the reputed Indian universities.

Graduation courses which are offered by any one of the reputed foreign university.
Some post-graduation courses like MBA, MS and MCA etc.
Courses by CIMA or CPA

Hostel / school / college fee
Expenses for books / examination / laboratory / library / uniform / instrument / equipment
Refundable deposits including caution money / hostel security etc.
Travel and related expenses
Computer purchase amount if necessary for course
Project work / tours / research fee etc.
Insurance premi

No processing fee for loan up to 4 Lakhs.

Commencement of the tenure of loan repayment usually starts after either 1 year after course or 6 months after the job or whichever of the above is earlier.
After the commencement of loan repayment tenure the repayment can be done in
10 years if loan is less than or equal to 7.5 lakhs
15 years if loan is greater than 7.5 lakhs

No security for the terms like loan of 4 lakhs
Third party security guarantee for the loan of amount less than 7.5 lakhs
Collateral security of value equal to loan amount for loans of above 7.5 lakhs. Collateral security can be one of the following fixed deposits in the bank, home building, govt. security, gold, LIC policy etc.

Up to the loan amount 4 lakhs Nil

More than 4 Lakhs

Below is given the list of documents that should be presented to the bank officer before granting the education loan.

Duly filled education loan application form
All the past academic background mark sheets if not possible at least last qualified exam scholarship
Proof that the loan applicant has secured a sheet in the course for study
Proof of income of co-borrower who is usually guardian of the borrower itself.
Indian national certificate
Proof of birth / domicile etc.