Indian Bank: Education Loans

Education Loan Eligibility in Indian Bank

You should be an Indian National. You should have secured admission in College/ Institute/ University for Professional/ Technical course through Entrance Test/ Selection Process or should have secured admission to a foreign University/ Institutions.

Age of the Student : 15 to 30 Years (for studies in India) and 18 to 35 Years (For studies in Abroad).

Purpose of Education Loan

The loan will meet the cost of the education, covering fee payable to college/ school/ hostel, exam fees, purchase of books/ equipment’s travel expenses/ passage money for studies abroad, purchase o computers essential for completion of the course etc.

Caution Deposit, Building fund/ refundable deposit supported by institution bells/ Receipts subject to a maximum of 10% of total completion of the course.

Insurance premium for Student Borrower

Course of Study in India

Diploma/ Graduation/ Post Graduation curses in various disciplines. Computer Certificate courses of reputed institutes accredited to The Department of Electronics.

Study in Abroad

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 Place of availment

- For Studies in India – Rs 10.00 lakhs

- For Studies Abroad – 20.00 lakhs The loan can be availed from the branch nearest to the place of domicile.

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

Repayment of Loan

Repayable: Repayable in 5-7 years

Security

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

1. upto Rs. 4 lacs – no Security

2. Above Rs 4 lacs & upto Rs 7.50 lacs Collateral in the form of satisfactory third party guarantee.

3. Above Rs. 7.50 lacs- Collateral security of suitable value OR co-obligation of parents/ guardians/ third party along with the assignment of future income of the student for payment of instalments.

Margin

(Above rs 4.00 lakhs)

For studies in India: 5%

For the studies abroad: 15%

Education Loan Rate of Interest

Upto RS. 4.00 lakhs – 12.50% p.a. at present

Above Rs. 4.00 lakhs – 13.00% p.a. at present

Floating Rate linked with Benchmark Prime Lending Rate (BPLR) of the Bank and liable to undergo changes whenever there is a change in BPLR.

Loan Insurance

Life Insurance cover available to the student borrowers under ‘IB Jeevan Vidya’ Insurance Scheme

Indian Bank

No: 66, PB No.1384, Rajaji Salai

Chennai – 600 001

Phone : 044-2523 3231/2523 1253/2523 1254

Email : indianbank@vsnl.com and indbank@vsnl.com

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

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