Indian Bank Education Loan Scheme

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Indian Bank provides convenient educational loans for meritorious/deserving students to acquire knowledge and skill in the field of their interest.

Eligibility :

Student

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.

Courses

a) For Studies in India

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

b) Studies abroad:

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

Loan Details

Coverage of expenses

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.

Quantum

Studies in India - Upto Rs.10 lakhs
Studies in Abroad - Upto- Rs. 20 lakhs

Higher quantum of loan also can be considered in deserving and meritorious cases.

Margin

Upto Rs.4 lakhs - Nil
Above Rs.4 lakhs
- Studies in India 5%
- Studies abroad 15%

Security

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

Upto Rs. 4 lacs - No security
Above Rs. 4 lacs & Upto Rs.7.50 lacs - Collateral in the form of satisfactory third party guarantee
Above Rs.7.50 lacs - Collateral security of suitable value OR co-obligation of parents / guardians / third party along wtih the assignment of future income of the student for payment of instalments.

Rate of Interest

12.25 % p.a. at present (irrespective of the loan limit sanctioned under both IBA as well as non-IBA scheme)

Concession of 0.50% in applicable rate of interest will be allowed on fresh Educational Loans under IBA Scheme to Girl Students for studies in India and Abroad with effect from 1st July 2009. This interest concession will not be applicable to Education Loans under non-IBA scheme.

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

Floating Rate linked with Base Rate (BR) of the Bank and liable to undergo changes whenever there is a change in BR.

Repayment

Holiday Period- The course period PLUS 1 year or 6 months after getting a job, whichever is earlier.

Repayable in 10-15 years

Contact Details

Indian Bank - Corporate Office
PB No: 5555, 254-260, Avvai Shanmugam Salai,
Royapettah, Chennai - 600 014
Telephone No. : 044-28134300
National Toll Free No.: 1800 425 00 000 / 1800 425 4422
E-mail : Contact Now
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

Professional Education Loan , Study Abroad Loan

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