Indian Bank Education Loan

Educational Loan

Salient Features: To meet the cost of education covering fee payable to college/school/hostel, exam fees, purchase of books/equipments, travel expenses/passage money for studies abroad, purchase of computers essential for completion of the course etc.

Eligibility: The applicant should be an Indian National. He/She should have secured admission to professional/technical courses in India/Abroad through Entrance Test/Merit based selection process.

Quantum of Loan: For Studies in India: Rs.10.00 lakhs and for Studies Abroad: Rs.20.00 lakhs. Higher Quantum of loan subject to a maximum of Rs.15 lakhs for studies in India and RS.25 lakhs for studies abroad also can be considered in deserving and meritorious cases.

Margin:  Upto Rs.4.00 lakhs - Nil.

Above Rs. 4.00 lakhs: For Studies in India - 5%, For Studies Abroad - 15%.

Repayment Period Maximum period The loan is to be repaid in 5-7 years after commencement of repayment.

Security: Upto Rs.4.00 lakhs - Coobligation of parents. No Security. Above Rs.4.00 lakhs and upto Rs.7.50 lakhs - Coobligation of parents together with collateral in the form of a satisfactory third party guaran. Above Rs.7.50 lakhs - Coobligation of parents together with tangible collateral security of suitable value along with the assignment of future income of the student for payment of instalments.

Other Requirements/Details:

• Holiday Period: The course period PLUS 1-year or 6 months after getting a job, whichever is earlier.
• Family Income: There is no restriction. The main emphasis is that no deserving student is denied an opportunity to pursue higher education for want for financial support.
• Place of availment: The loan is to be availed from the branch nearest to the place of domicile of the student.
• Course of study in India: Diploma/Graduation/Post graduation courses in various disciplinesComputer Certificate courses in reputed institutes accredited to the Department of Electronics.
• Course of study abroad: Job-oriented professional/technical courses offered by reputed universities, MCA,MBA, MS etc.Courses conducted by CIMA - London, CPA in USA etc.

(i) Student's Age should be 15 to 30 years for studying in India.
(ii) Student's age should be 18 to 35 years for studying abroad.

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