IDBI Education Loan Schemes
Thursday, February 21, 2019
Education & Career
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IDBI Education Loan Schemes

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

Education Loan scheme for Non Vocational Courses includes General offer, Education loan for students studying in Premier Education Institutes and Education Loan for courses offered by ICAI, ICWAI & ICSI.

A) Education Loan for Non Vocational Courses

Eligibility :

Education Loan for Non Vocational Courses are granted to Students who are Indian Nationals.

Courses

a) For Studies in India

b) Studies abroad:

b) Special Courses :

Loan Details

Coverage of expenses 

Quantum

Note: In case of Executive programs in India and Abroad maximum finance should not exceed Rs. 20 Lakh.

Security

Tangible Security:

a. In the form of immovable property in the name of student/ parent/ guardian/ Co-applicant(s) which should have value of 1.33 times the amount of loan sought. Such security should not be an open plot or agricultural land engaged in cultivation activities.
OR
b. Any Fixed Income Security viz. Govt. securities/ Public Sector Bonds, NSC, KVP, LIC policy, debentures, Fixed Deposits with IDBI bank, etc. having fixed returns/ surrender value in the name of student/ parent/ guardian/ Co-applicants). The minimum value of such security shall be 1.1 times of the loan sought after considering the margin requirement applicable for the loan against respective security instrument.

Repayment

Moratorium period: Duration of the course period + 1 year
Repayment tenor: Repayment of the loan will be in equated monthly installments for a period of up to 15 years after completion of the moratorium period.

 

B) Education Loans for students studying in Premier Education Institutes including ISB, Hyderabad

IDBI Premier Education Institutes Loans are granted to students who are Indian nationals and are studying in premier educational institutes like IIMs & ISB (Full time executive and regular programs only), IITs (full time engineering and management courses only) and, Top Medical Institutes, Indian Institute of Foreign Trade (IIFT), Top Management Colleges.

Loan Details

Coverage of expenses 

Quantum

Rs. 30 Lakhs or 100 % of the total cost of the program (Inclusive of insurance cover) whichever is lower

Security

Co-applicant is mandatory in each case, irrespective of loan amount.

Collateral security:

No security for loans up to Rs. 30 lakhs for students who have secured admission to Indian School of Business (ISB)-Hyderabad and Mohali Campus and the following Indian Institutes of Management (IIMs): Ahmedabad, Bangalore, Kolkata, Kozhikode, Indore and Lucknow provided the loan applicant provides satisfying net worth/ means of the parent who is the joint borrower.

For other Premier Institutes:

Repayment

Moratorium period: Course period + 1 year

Repayment tenor: Repayment of the loan will be in equated monthly installments for a period of up to 15 years after completion of moratorium period.

 

C) Education Loan for Chartered Account Course offered by ICAI, courses offered by ICWAI and ICSI

IDBI Education Loan for Chartered Account Course are granted to students who are Indian nationals pursuing Course offered by The Institute of Chartered Accountants of India (ICAI), the Institute of Cost and Works Accountants of India courses (ICWAI) and Institute of Company Secretaries of India (ICSI)

Loan Details

Coverage of expenses 

Quantum

Maximum Rs. 3 Lakhs

Security

No security. Parent(s) to be joint borrower(s)

Repayment

Moratorium period: Course period + 1 year

Repayment tenor: Repayment of the loan will be in equated monthly installments for a period of up to 15 years after completion of moratorium period.

 

Rate of Interest

For interest rate check out this link, IDBI Bank Interest Rate

Contact Details

Industrial Development Bank of India Ltd (IDBI),
IDBI Tower, WTC Complex, Cuffe Parade,
Colaba, Mumbai - 400005
Telephone No. : 91-22-22189111/ 66553355
Fax No. : 91-22-22181294 /5179/8137
Website : visit

Click here for the nearest bank branches

Note : Since the rules, regulations, eligibility conditions, repayments and interests rates etc. are revised by the banks from time to time in keeping pace with the changing capital market conditions, students and parents are advised to thoroughly check the terms and conditions of educational loan scheme on offer at the time of application.



 Tags
   IDBI Education Loans , Premier Education Institute Loan , Loan for Non vocational course , Loan for CA courses







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