About Indian Bank Education Loan
Here you will find Indian Bank Education Loan Interest Rates, its Eligibility and Repayment Process.
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..
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.
Course of Study
Studies in India
Diploma/Graduation/Post-graduation courses in various disciplines.
Computer certificate courses of reputed institutes accredited to The Department of Electronics.
Job-oriented professional/technical courses offered by reputed universities.
MCA, MBA, MS etc.
Courses conducted by CIMA - London, CPA in USA etc.
Maximum Permissible Amount of Loan
For Studies in India - Rs.10.00* lakhs
For Studies Abroad - Rs.20.00* lakhs
* Higher quantum of loan also can be considered in deserving and meritorious cases.
The loan can be availed from the branch nearest to the place of domicile.
Margin - Rate of Interest
Upto Rs.4.00 lakhs - NIL
Above Rs.4.00 lakhs
For Studies in India - 5%
For Studies Abroad - 15%
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.
for more details.