Student Education loans in India

Here know the complete information about Student Education Loans offered by Indian Bank India.

Indian Bank


Studies in India

Eligibility for Education Loan
  • Must be an Indian National and age should be 15 to 30 years.
  • Secured admission to Professional/ Technical courses through Entrance Test/ Selection Process.
Eligible Courses for Education Loan
  • Professional courses like Medical/Engineering/Veterinary/Nursing/Law/Management/PGDRIM/ ICWA/CA/CFA/IIM/ IIT/IISC/XLRI/NIFT and other courses approved by State/ Central Government.
  • All other courses leading to diploma/ degree etc., conducted by colleges/ universities approved by UGC/ Govt./ AICTE/ AIBMS/ ICMR etc., and offered by National Institutes and other reputed private institutions.
Quantum of Finance
Minimum of Rs. 10.00 lacs and maximum of Rs. 15.00 lacs for studying in India
Margin
  • Upto Rs.4,00,000/- -- NIL
  • Above Rs.4,00,000/- -- 5%

Studies in Abroad

Eligibility
  • Must be an Indian National and age should be 18 to 35 years.
Eligible Courses for Education Loan
  • Post graduation/technical courses like MCA, MBA, MS and PhD(Doctor of Philosophy) etc, offered by reputed universities.
  • Courses conducted by CIMA - London, CPA in USA etc.,
Quantum of Finance
Minimum of Rs. 20.00 lacs and maximum of Rs. 25.00 lacs for studies in abroad.
Margin
  • Upto Rs.4,00,000/- -- NIL
  • Above Rs.4,00,000/- -- 15%

Common aspects for Indian and Abroad studies

Security
  • Upto Rs.4.00 lacs - Coobligation of parents(No security)
  • Rs. 4.00 lacs to 7.5 lacs - Co-obligation of parents with collateral in the form of third party guarantee
  • Above Rs. 7.50 lacs - Coobligation of parents together with tangible collateral security of suitable value along with the assignment of future income of the student for payment of instalments.
Holiday Period
1 year after course period or 6 months after getting job, whichever is earlier.
Repayment
The loan to be repaid in 5-7 years after commencement of repayment.
Place of availment
The loan is to be availed from the branch nearest to the place of domicile of the student.
For more details visit Indian Bank official website: indianbank.in

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