Indian Bank Educational Loan- Student Loan in India
Indian Bank Educational Loan Scheme
Indian Bank Education Loan Eligibility
- The applicant should be an Indian National.
- 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.
- Age of the Student - 15 to 30 Years (For Studies in India)
- Age of the Student - 18 to 35 Years (For Studies in Abroad)
Indian Bank Education Loan Purpose
· To meet the cost of education covering fee payable to college / school / hostel, exam fees, purchase of books / equipment’s, travel expenses / passage money for studies abroad, purchase of computers essential for completion of the course etc. Caution Deposit, Building fund/ refundable deposit supported by institution bills/receipts, subject to a maximum of 10% of total tuition fees for the entire course.
· Insurance premium for student borrower.
Indian Bank Education Loan Course of Study
Studies in India
- Diploma/Graduation/Post-graduation courses in various disciplines.
- Computer certificate courses of reputed institutes accredited to The Department of Electronics.
Studies Abroad
- Job-oriented professional/technical courses offered by reputed universities.
- MCA, MBA, MS etc.
- Courses conducted by CIMA – London, CPA in USA etc
Maximum Permissible Amount of Loan
- For Studies in India - Rs.15.00* lakhs
- For Studies Abroad - Rs.25.00* lakhs
* Higher quantum of loan also can be considered in deserving and meritorious cases.
Place of availment
The loan can be availed from the branch nearest to the place of domicile
Indian Bank Education Loan Margin
- Upto Rs.4.00 lakhs - NIL
- Above Rs.4.00 lakhs
For Studies in India - 5%
For Studies Abroad - 15%
Indian Bank Education Loan Rate of Interest
- Upto Rs.4.00 lakhs -12.25 % p.a. at present
- Above Rs.4.00 lakhs -12.25 % p.a. at present
- Floating Rate linked with Benchmark Prime Lending Rate (BPLR) of the Bank and liable to undergo changes whenever there is a change in BPLR.
Holiday Period & Repayment
The course period PLUS 1 year or 6 months after getting a job, whichever is earlier. Repayable in 5– 7 years.
Insurance
Life Insurance cover available to the student borrowers under 'IB Jeevan Vidya' Insurance Scheme
Indian Bank Education Loan Security *
Documents should be executed both by the student and parent / guardian as joint borrower.
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 guardian
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 installments
Particulars/Documents to be submitted
Sl. No. |
Particulars |
For studies in India |
For studies Abroad |
1 |
2 |
3 |
4 |
1. |
Proof of residence |
Xerox copies of Ration Card or Voters Identity Card or Passport or Electricity or Telephone bill or any such document acceptable to the bank |
Same as in Col.3 |
2. |
Academic record |
Copy of the Xth std/XIIth std mark list, for under graduates. Degree mark list/provisional certificate for post graduates |
Same as in Col.3 |
3. |
a. Date of birth/age |
SSLC/TC/Mark list |
Same as in Col.3 besides Passport |
4. |
Family Income |
Salary certificate/Pension certificate/Auditor's certificate in case of business category/IT return filed/any other proof for the income stated |
Same as in Col.3 |
5. |
Admission |
Admission letter/Bonafide student certificate from the College/University |
Certificate/I 20 from the College/University |
6. |
Fee structure |
Letter/Certificate from the College/University |
Certificate/I 20 from the College/University |
7. |
Passport/VISA |
Not applicable |
Copies to be enclosed |
8. |
Guarantee/Co-obligation |
Parent's/Guardian's Co-obligation to be furnished |
Same as in Col.3 |
9. |
Collateral, wherever required |
LIC policy (surrender value of which should be not less than the loan amount at the time of availing the loan) /Share certificates/Units of UTI etc. Valuation certificate from Bank's approved panel valuer and legal opinion from Bank's panel advocate in case of land/buildings. |
Same as in Col.3 |
10. |
Margin (Above Rs.4.00 lakhs) |
Details regarding source of funds for meeting the margin furnished alongwith documentary evidence |
Same as in Col.3 |
11. |
Declaration/affidavit stating that no Educational Loan is availed from any other bank by the applicant and his parent |
To be submitted |
To be submitted |
12. |
Documents to be enclosed |
|
Same as in Col.3 |