Education Loan in IDBI Bank

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Education Loan in IDBI Bank

Education loans from IDBI Bank aim at providing financial support to deserving / meritorious students for pursuing higher education in India and abroad. With an array of courses to choose from and easy repayment options, IDBI Bank makes sure you get complete financial backing.

Courses Offered :

An installment based education loan for all courses mentioned below :

A. IDBI Education Loan for Studies in India :

  • Graduation Courses : BA, B.Com., B.Sc., etc.
  • Post Graduation Courses : Masters & Phd.
  • Professional Courses : Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer etc.
  • Computer certificate courses of reputed institutes accredited to Department of Electronics or institutes affiliated to university.
  • Courses like ICWA, CA, CFA etc.
  • Courses conducted by IIM, IIT, IISc, XLRI, NIFT etc.
  • Courses offered in India by reputed foreign universities.
  • Evening courses of approved institutes.
  • Other courses leading to diploma / degree etc. conducted by colleges / universities approved by UGC / Govt. / AICTE / AIBMS / ICMR etc.
  • Courses offered by National Institutes and other reputed private institutions. Banks may have the system of appraising other institution courses depending on future prospects / recognition by user institutions.

B. IDBI Bank Educational Loan for Studies abroad :

  • IDBI Bank Education Loan for Graduation : For job oriented professional / technical courses offered by reputed universities.
  • IDBI Bank Education Loan for Post graduation : MCA, MBA, MS, etc. Courses conducted by CIMA – London, CPA in USA etc.

C. IDBI Bank Education Loan for Special Courses :

Regular Degree / Diploma courses like Aeronautical, pilot training, shipping etc., approved by Director General of Civil Aviation / Shipping. In case the course is pursued abroad, the Institute should be recognized by the competent local aviation / shipping authority.

IDBI Education Loan Amount

Maximum IDBI Educational loan amount :

  • Study in India ₹ 10 lakhs.
  • Study Abroad ₹ 20 lakhs.

IDBI Education Loan Margin :

  • Upto ₹ 4 lac  –  Nil.
  • Above ₹ 4 lac
    1. Studies in India – 5 % of the total course expenditure.
    2. Studies abroad – 15 % of the total course expenditure.

Expenses Covered under Education Loan in IDBI Bank :

  • Fee payable to college / School / hostel.
  • Examination / Library / Laboratory fee
  • Purchase of books / equipments / instruments / uniforms.
  • Caution deposit / building fund / refundable deposit supported by Institution bills / receipts.
  • Travel expenses / passage money for studies abroad.
  • Purchase of computers essential for completion of the course.
  • Any other expense required to complete the course like study tours, project work, thesis, etc.
  • Insurance premium for student borrower.

IDBI Bank Education Loan Repayment Terms

The repayment of education loan to begin after the course period + 1 year or 6 months after getting a job, whichever is earlier. The education loan to be repaid within 5 – 7 years ( maximum tenor 84 months ) after commencement of repayment.

IDBI Rate of Interest

Course
Eligibility Criteria
DM - Doctor of Medicine
1. Cardiology
2. Neurology
MD in General Medicine or
Paediatrics from a College recognised by Medical Council of India.
3. Cardiac AnaesthesiaMD Anaesthesia
M.Ch - Master of Chirurgical
1.Cardio Thoracic & Vascular Surgery
2. Urology
3. Plastic Surgery
4. Paediatric Surgery
5. Neuro Surgery

MS in General Surgery from a college recognized by Medical Council of India.

Simple interest to be charged during repayment holiday and moratorium Accrued interest during the repayment holiday period should be added to the EMIs.

Where the borrower has not opted for the repayment holiday or is willing to service the interest during the repayment holiday (for principal) the interest rate should be 1% lower than the applicable rate.

  • 50 basis points reduction for girl applicants.
  • 50 basis points reduction for physically challenged applicants ( subject to submission of certificate from a medical practitioner )
  • BPLR subject to change.

Repayment holiday / moratorium

Duration of the course period + 1 year / 6 months after getting a job, whichever is earlier. The education loan to be repaid in 5 – 7 years ( maximum tenor 84 months ) after commencement of repayment.

Collateral Security for Education Loan in IDBI Bank

RankName of the Institutions
1Dr. B.R. Ambedkar Open University
2

University of Madras
3 IGNOU
4Sikkim Manipal University
5Birla Institute of Tech & Sci- Pilani
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6Kuvempu University
7University of Mumbai
8Annalmalai University, DDE
9Karnataka State Open University
10Punjab Technical University

Wherever the land / building is already mortgaged, the unencumbered portion can be taken as security on II nd charge basis provided it covers the required loan amount. In case the education loan is given for purchase of a computer the same to be hypothecated to the IDBI Bank.

Location of IDBI Education Loan Centers

ParticularsDate
Start date of Online registration 1st December 2011
Last date of Online registration 15th January 2012
Cancellation of Admission* 21st January 2012
Confirmation of Admission for January 2012 batch31st January 2012
Commencement of January 2012 batch 15th February 2012

JEE Main

Application Form Submission 16 Dec 2020 to 16 Jan 2021.