Education loans from IDBI Bank aim at providing financial support to deserving / meritorious students for pursuing higher education in India and abroad. With an array of services to choose from and easy repayment options, IDBI Bank makes sure you get complete financial backing. However, the facility is also being offered to the meritorious students secured admission through Management Quota.
Education Loan Scheme for the Management Quota Students
Education Loan Scheme for the Students of Premier Institutions
The Courses for which an Education Loan from IDBI Bank can be availed are:
a. ForStudies in India:
b. For Studies abroad:
- Graduation courses: BA, B.Com., B.Sc., etc.
- Post Graduation courses: Masters and 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. NIFT etc
- Courses offered in India by reputed foreign universities
- Evening courses of approved institutes
- Other courses leading to diploma / degree etc. conducted by colleges / universities approved by UGC / Govt. / AICTE/ AIBMS / ICMR etc.
- Courses offered by National Institutes and other reputed private institutions.
c. Special Courses:
- Graduation: For job oriented professional /technical courses offered by reputed universities
- Post graduation: MCA, MBA, MS, etc. Courses conducted by CIMA- London, CPA in USA etc.
- 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 competent local aviation / shipping authority should recognize the Institute.
Educational Loan Amount
Maximum loan amount:
- Study in India- Rs.10 lakhs
- Study Abroad- Rs. 20 lakhs
- studies in India - 5% of the total course expenditure
- Upto Rs. 4 lac - Nil
- Above Rs. 4 lac
- studies abroad - 15% of the total course expenditure
- studies partly in India and partly Abroad : 5% of the total course expenditure
Expenses Covered under Loan
- Fee payable to college / schoo l/ hostel
- Examination / Library / Laboratory fee
- Purchase of books / equipments / instruments / uniforms
- 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, project work, thesis, etc.
- Insurance premium for student borrower, if insurance cover sought
The repayment of loan to begin after the course period + 1 year or 6 months after getting a job, whichever is earlier.The maximum repayment tenor starting from the date of commencement of EMI are as under:
- For loans up to Rs. 7.5 lakhs: up to10 years
- For loans above Rs. 7.5 lakhs: up to15 years
Education Loan Rate of Interest
Rate of Interest (RoI)
Loans qualifying as Priority Sector Lending(PSL) :
Up to Rs. 10 lakhs for studies in India
Up to Rs. 20 lakhs for studies Abroad
BR+1% (currently 11.25%)
Loan amounts not qualifying as Priority Sector Lending(PSL) :
Above Rs. 10 lakhs for studies in India
Above Rs. 20 lakhs for studies abroad
BR+2% (currently 12.25%)
|Up to Rs. 4 lacs
|Above Rs. 4 lacs and up to Rs. 7.5 lacs
||Collateral in the form of a third party guarantee
|Above Rs. 7.5 lacs
Collateral security in the form of Land/ building, (The minimum value shall be 1.33 times the amount of loan sought).
Govt. securities/ Public Sector Bonds/ Units of UTI, NSC, KVP, LIC policy, gold, shares/ debentures, bank deposit in the name of parent/ guardian or in the name of the co-applicant (The minimum value shall be 1.1 times of the amount of loan sought).
Wherever the land / building is already mortgaged, the unencumbered portion can be taken as security on IInd charge basis provided it covers the required loan amount. In case the loan is given for purchase of a computer the same to be hypothecated to the Bank.
For more information visit your nearest branch.
Conditions apply. Loans at the sole discretion of IDBI Bank Ltd.