Education Loan in Indian Bank

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Education Loan in Indian Bank

Indian Bank provides convenient educational loans for meritorious / deserving students to acquire knowledge and skill in the field of their interest. By playing beacon, new-generation’s quest for success is ably supported, paving way for Generation Banking.

Indian Bank Education Loan Eligibility

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

Purpose of Indian Bank Loans

  • 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 :

Indian Bank Education Loan for Studies in India

  1. Diploma / Graduation / Post-graduation courses in various disciplines.
  2. Computer certificate courses of reputed institutes accredited to The Department of Electronics.

Indian Bank Educational Loan for Studies Abroad

  1. Job oriented professional / technical courses offered by reputed universities.
  2. MCA, MBA, MS etc.
  3. Courses conducted by CIMA London, CPA in USA etc.

Indian Bank Maximum Permissible Amount of Education Loan

  • For Studies in India – ₹ 10.00* lakhs.
  • For Studies Abroad – ₹ 20.00* lakhs.
  • Higher quantum of loan also can be considered in deserving and meritorious cases.

Indian Bank Educational Loan Place of availment

The loan can be availed from the branch nearest to the place of domicile.

Indian Bank Education Loan Margin

  • Upto ₹ 4.00 lakhs – Nil.
  • Above ₹ 4.00 lakhs
    1. For Studies in India – 5 %.
    2. For Studies Abroad – 15 %.

Rate of Interest for Education Loan in Indian Bank

  • Upto¬† ₹4.00 lakhs – 12.00 % p.a. at present.

₹ 4.00 lakhs upto₹ 7.50 lakhs – 12.00 % p.a. at present.

Above¬† ₹ 7.50 lakhs – 12.25 % p.a. at present.

Concession of 0.50 % in applicable rate of interest will be allowed on fresh Educational Loans to Girl Students for studies in India and Abroad with effect from 1st July 2009.

This interest concession will not be applicable to :

  • Existing female educational loan borrowers.
  • Educational Loan borrowers who are enjoying finer rate of interest allowed to select premier educational institutions.

Floating Rate linked with Benchmark Prime Lending Rate ( BPLR ) of the Bank and liable to undergo changes whenever there is a change in BPLR.

Indian Bank Education Loan Holiday Period and 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.

Collateral Security for Education Loan in Indian Bank*

Documents should be executed both by the student and parent / guardian as joint borrower.

  1. Upto Rs. 4 lacs – No security.
  2. Above ₹ 4 lacs and Upto ₹ 7.50 lacs – Collateral in the form of satisfactory third party guarantee.
  3. Above ₹ 7.50 lacs – Co-obligation of parents / guardians together with tangible collateral security of suitable value along with assignment of future income of the student for payment of installments.

* In case of receipt of application for more than one loan from students from a family, the ‘family’ as a unit will be taken into account for considering the loan and security will be taken in realtion to the total quantum of finance disbursed, subject to margin and repaying capacity of the parent / student.

Indian Bank Educational Loan Particulars / Documents to be submitted

SI.No.
Course
Events
Eligibility Criteria
1.
BEComputer Science and Engineering, Electrical and Electronics Engineering, Electronics and Communication Engineering, Civil Engineering, Mechanical EngineeringPass in PUC / + 2 and secured not less than 45% of aggregate marks with physics, maths and any one of the optional subjects. Through entrance test like KEA / CET / COMED-K / AIEEE.
2.
MBAFinance Management, Human Resources Management, Marketing ManagementPass in recognized Bachelor's degree in any discipline with a minimum of 50% ( 45% for SC / ST and OBC groups ) marks in aggregate.
3.
MTechEngineering Analysis & DesignBE / BTECH in appropriate branch with aggregate of 50% marks. Minimum 45% for SC, ST & Category I Candidates.

JEE Main

Application Form Submission 16 Dec 2020 to 16 Jan 2021.