Looking for a study abroad loan? We understand that obtaining an education loan is no easy task. Especially if you are unaware of your options. Education loans can assist you in realizing your educational goals. Without a doubt, studying abroad is costly, but it also has a high return on investment. There are numerous banks in India that can assist you in obtaining funds for your international studies. IDBI Bank is one such public-sector bank. The IDBI Bank offers a range of education loan schemes such as the IDBI education loan without collateral to help students meet their expenses towards educational pursuits.
The bank provides education loans for undergraduate, PGDM, and professional courses. It also extends loans for foreign nationals in India. The bank offers interest rates on its education loan schemes that are lower than the market rate of interest on personal loans. We have listed the features, details, and eligibility criteria for IDBI Bank education loans in this blog.
IDBI Bank Education Loan With Nil Margin/No Collateral
An education loan is similar to a home or car loan but with some additional features like flexible payment options and adjustable interest rates based on your creditworthiness. IDBI bank is one of the leading banks in India that have a wide network across the country. The bank offers IDBI education loans without collateral, without margin, and without security. As per their recent survey, more than 90% of students who graduated from colleges in India received an education loan from IDBI Bank to finance their studies. IDBI education loan without collateral is offered to students pursuing management courses. The maximum loan amount is Rs. 10 lakhs and the tenure is up to 5 years. The interest rate for this loan product is fixed at 9.75% p.a
Educational Loans For Foreign Nationals
IDBI Bank offers education loans to foreign nationals who are working in India. The loan is available for up to Rs. 2 lakhs and the tenure of the loan is up to five years.
The eligibility criteria for an IDBI bank education loan without collateral are:
- The applicant must be a foreign national residing in India on a valid visa with a valid passport and should have at least 1 year of stay left on the visa or else will be considered an illegal immigrant by Indian authorities if applying for this loan from outside of India.
IDBI Educational Loan For Medical Courses
IDBI Bank is one of the leading banks in India that offers a variety of educational loans. Eligibility criteria to apply for the IDBI bank education loan without collateral:
- You must be at least 18 years old to apply for an IDBI education loan without collateral.
- You should have passed class 10 with 60% aggregate marks or above, or an equivalent qualification recognized by the Central Government of India.
- The minimum age limit will vary depending on whether you want to study abroad or stay within India. The bank recommends that you check with them before applying so as not to waste time and effort on filling out unnecessary paperwork later on if your application is deemed ineligible due to age restrictions (which could happen if there were any changes made by law).
Interest Rates On Education Loans By IDBI Bank
The interest rates for IDBI Bank Education Loan Without Collateral varies based on the duration of the loan, course and institution. Interest rates are generally higher than other personal loans and credit card limits as these are unsecured loans
For a student of Indian nationality getting an education loan from IDBI Bank, the applicable rate is 8.50%. This means that for every Rs100 borrowed for 12 months, you will have to pay back Rs108 with interest in one year’s time. The same goes for international students as well though their maximum permissible term is 5 years instead of 7 years.
Education Loan Schemes Of The Bank To Meet Educational Expenses
IDBI Bank offers education loans to meet expenses towards educational pursuits. The eligibility criteria for the loan are
- The candidate should be an Indian national resident or the spouse of the principal borrower who is a foreign national staying in India on a valid visa and at least 18 years of age;
- Candidates must have obtained their qualification from recognized institutes as per UGC norms;
- Candidates should have cleared all previous examinations with minimum 55% marks out of 100% marks in aggregate or CGPA 6.5 on 10 point scale or equivalent grade approved by UGC at first attempt;
The IDBI Bank is a leader in the education loan market and has been offering these schemes for Indian students. Students can apply for loans with zero margin/collateral or even no interest rates depending on their profile. The bank offers various types of loans and has tie-ups with several universities to ensure that students get the best education at affordable rates. We hope that this guide on IDBI Bank Education Loan Without Collateral has helped you with all your queries and doubts. You can also read our blogs that may interest you: