Indian Bank, one of the top public sector banks in India, was founded in 1907 and now has a large network of branches throughout the country. Indian Bank education loan is a financial option that students can use to further their education at prestigious colleges in India and abroad. Education loans from Indian banks have flexible repayment plans and repayment periods that begin after the student obtains a permanent job.
An Indian Bank study loan assists students who wish to pursue their studies in various disciplines at colleges throughout India and universities abroad. Indian Bank’s education loan schemes cover expenses such as college fees, exam fees, hostel fees, equipment fees, books, travel money, and so on for overseas education. The loan also includes any refundable deposits, building fund deposits, and caution deposits. Indian Bank also provides insurance coverage for the loan through the ‘New IB Jeevan Vidya’ scheme, with the loan amount covering the premium. We will walk you through all of the features, requirements, and advantages of an Indian Bank education loan in this blog. So, let’s get started…
What Is The Interest Rate On The Indian Bank Education Loan?
The annual Indian Bank education loan interest rate is 12.5%. Female applicants can also receive a 0.50% interest rate reduction.
What Is The Amount Of The Margin Money On The Indian Bank Education Loan?
On education loans up to INR 4 Lakhs, there is no margin money. For loans of more than INR 4 Lakhs, the margin cash is up to 15% for overseas education and 5% for study in Indian colleges.
|Maximum Loan Amount||For abroad education: Up to INR 25 LakhsFor study in India: Up to INR 15 Lakhs|
|Loan Tenure||For up to INR 7.5 Lakhs: up to 10 YearsFor more than INR 7.5 Lakhs: up to 15 Years|
|Interest Rate||12.50% per annum with 0.5% concession for girls|
|Moratorium Period||Either after the course completion or 1 year after the student gets a job|
|Margin Money||Up to INR 4 Lakhs- NilFor more than INR 4 Lakhs- 15% for studying abroad and 5% for Indian college/university|
|Eligibility||The student must be an Indian national. Students must have been accepted into professional and technical courses in India or abroad.|
Know About Abroad Education Loan
How Much Money Can Be Borrowed Through The Indian Bank Education Loan?
The bank can grant up to INR 15 lakhs for in-country studies and up to INR 25 lakhs for out-of-country studies.
How Long Does The Indian Bank Education Loan Take To Repay?
Repayment of an Indian Bank study loan can begin after the course is completed or a year after the student has obtained a permanent job. If the loan amount is up to INR 7.5 Lakhs, the repayment period is up to 10 years; if the loan amount is greater than INR 7.5 Lakhs, the repayment period is up to 15 years.
What Type Of Security Is Required For The Indian Bank Student Loan?
- Students are not required to pledge any form of collateral or security if the loan amount is less than INR 4 Lakhs. It is sufficient if both parents are co-applicants.
- A third-party co-applicant is required in addition to the parents for loans between INR 4 Lakhs and INR 7.5 Lakhs.
- If the loan amount exceeds INR 7.5 Lakhs, the parents or guardians can be co-applicants, and collateral security of sufficient value is required to ensure loan repayment.
What Documents Are Needed For An Indian Bank Education Loan?
- Proof of address: passport, voter ID, utility bill, etc.
- Academic record: 10th/12th-grade mark sheet for undergraduate students and graduate degree and mark sheet for graduate students.
- Proof of age
- Certificate of community service
- ITR, salary certificate, and pension certificate of parent/guardian are examples of family income proof.
- Admission letter or I-20 form from the college/university
- Fee specifics
- Documents used as collateral (if applicable): LIC policy, valuation certificate, registry documents, and so on.
- An affidavit stating that the student and his/her parent have not obtained a study loan from any other bank.
Is The Indian Bank Able To Provide Education Loans For All Degrees And Disciplines?
Indian Bank provides education loans for diplomas, undergraduate courses, and postgraduate courses in India and abroad that lead to professional and technical degrees. If you are looking for an education loan to study abroad, you can get one from a government bank, a private bank, or an NBFC. To provide the best deal on education loans, we have partnered with leading financial lenders in India. You can check your loan eligibility and see if you are eligible for an education loan, whether it is secured or unsecured. If you are eligible, our education loan counsellor will contact you to discuss your specific needs and recommend the best loan options.
1. What is the maximum education loan provided by the Indian bank?
Indian Bank offers a maximum education loan of INR 75 lakhs for domestic studies and INR 1.5 crores for international education.
2. What is the processing time for Indian Bank education loan?
After submitting the application, Indian Bank typically takes 3 to 7 business days to conduct background verification and approve the loan.
3. What is eligibility for Indian Bank education loan?
To be eligible for an Indian Bank education loan, the student must be an Indian citizen with admission to a recognised institution and good academic standing, and the co-applicant should have a good credit history.
4. What documents are required for Indian bank education loan?
To apply for an Indian Bank education loan, you’ll need to submit a completed application form along with identity and address proof for both the student and co-applicant, a passport for international studies, academic records, an admission letter, a statement detailing the cost of education, and two passport-size photos for both parties.
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