IDBI Bank: Education Loans

Education Loan for Studies in India

• Graduation courses : BA, B.Com., B.Sc., etc
• Post Graduation courses : Master & PhD
• Professional courses : Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer etc
• Computer certificate courses of reputed institutes accredited to Dept. of Electronics or institutes affiliated to university
• Courses like ICWA, CA, CFA etc
• Courses conducted by IIM, IIT, IISc, XLRI. NIFTetc
• Courses offered in India by reputed foreign universities
• Eveningh courses of approved institues
• Other courses leading to diploma/ degree etc. conducted by colleges/universities approved by UGC/ Govt. / AICTE/ ICMR etc
• Coursed offered by National Institutes and other reputed private institutions. Banks may have the system of appraising other institution courses depending on future prospects/ recognition by user institutions

Education Loan for Studies Abroad

Graduation: For job oriented professional/ technical courses offered by reputed universities. Poste graduation: MCA, MBA, MS, etc. courses conducted by CIMA- London, CPA in Usa etc.

Education Loan for Special Courses

Regular Degree/ Diploma courses like aeronautical pilot training, shipping etc. , approved by Director General of Civil Aviation/ Shipping. In case the course is pursued abroad, the Institute should be recognized by the competent local aviation/ shipping authority.

IDBI Bank Education Loan Processing Fees

Study in India : NIL

Study in Abroad : 1% of the loan amount subject to a maximum of Rs 5000/-, to be refunded at the time of disbursement if and when availed by the borrower Service tax is applicable on the amount of processing fee.

Rate of Interest – IDBI Education Loan

Upto Rs. R lacs: BPLR – 1% p.a (12.25%)

Above Rs 4 lacs : BPLR p.a (13.25%)

Expenses Covered under Loan

• Fee payable to college/ School / Hostel.
• Examination/ Library/ Laboratory fee
• Purchase of books/ equipment/ instruments/ uniform.
• Caution deposit/ building fund/ refundable deposit supported by Institution bills/ receipts
• Travel expenses / passage money for studies abroad
• Purchase of computers – essential for completion of the course
• Any other expense required to complete the course- like study tours, projects work, thesis,etc.

Education Loan Amount

Studies in India – Maximum Rs 10 lacs Studies Abroad – Maximum Rs 20 lacs

Loan Margin

Studies in India –upto Rs 4 lac- NIL Studies abroad –155 of the total course expense

Repayment Holiday / Moratorium

The repayment of loan to begin after the course period + 1year of 6 month after getting a job, whichever is eaerlier. The loan to be repaid with 5-7 years (maximum tenor 84 months) after commencement of repayment of repayment.

Colletera Security

Up to Rs. 4 lacs No security

Above Rs 4 lacs- Collateral security in the form of Land/ Building, (The minimum value shall be 1.33 times the amount of loan sought).

Govt. securities / Publiv Sector Bonds/ Units of UTI, NSC, KVP, LIC policy, gold, shares/ debentures, bank deposit in the name of parents/ guardian or in the name of the co-applicant (The minimum value shall be 1.1 times of the amount of loan sought).

IDBI Tower, WTC Complex Cuffe Parade, Colaba, Mumbai – 400005 Ph:91-22-22198111/ 66553355 Fax: 91-22-22181294/ 5179/ 8137

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