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.
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| 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.
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| 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%
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Studies in Abroad |
Eligibility |
- Must be an Indian National and age should be 18 to 35 years.
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| 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.,
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| 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%
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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.
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| 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 |