Make college memories that last a lot longer than your student loan payments.
Make college memories that last a lot longer than your student loan payments.
  • Indian Bank Education Loan

     4.0 / 5.0   by 25 users
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    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Overview:

    As a premier banking institution in India, Indian Bank has a well-established network of branches, ATMs, specialized banking offices, SME branches and 240 overseas correspondent banks in over 70 countries. Indian Bank has a vast loan portfolio comprising of agricultural loans, group loans, personal loans, SME loans, NRI loans and education loans. An Indian Bank education loan is a convenient financing option that can be availed by students intending to pursue their higher education in premier institutions in India or abroad. Indian Bank offers educational loans with flexible repayment options for students and the repayment can be started after the applicant has been permanently employed.

    Feature & Benefits of an Indian Bank educational loan:

    As a popular method for financing education in India or abroad, education loans have gained importance to meet rising educational costs. Indian Bank provides an excellent education loan product to students looking to pursue their studies in various institutions across various disciplines. An Indian Bank educational loan helps individuals to cover costs involving college fees, hostel fees, exam fees, books and equipment fees, travel or passage money for overseas education and other student expenses. The loan also includes the caution deposit amount, building fund deposit and any refundable deposit up to a maximum of 10% of the total tuition fees of the course opted for. Indian Bank also provides insurance coverage for the student and the educational loan covers the premium required for the same. Indian Bank offers educational loans at attractive interest rates and flexible repayment options.

    Rate of Interest:

    Indian Bank offers education loans at a floating interest rate of 12.50% per annum with a concession of 0.50% on the interest rate under the IBA scheme for female students.

    Loan Margin:

    Borrowers are not required to cover any amount as loan margin for education loans taken up to Rs 4 lakhs. For any loan above Rs 4 lakhs, Indian Bank requires borrowers to bring in a loan margin amount of up to 5% for studies in India and up to 15% for overseas education.

    Quantum of Loan:

    Indian Bank sanctions loan amounts up to Rs 15 lakhs for admissions in India and up to Rs 25 lakhs for students applying for institutions abroad.

    Loan Repayment:

    Repayment of an Indian Bank education loan can be initiated either after the completion of the course or a year after the applicant has got a job. Loan amounts up to Rs 7.50 lakhs have to be repaid within a period of 10 years and loans availed above Rs 7.50 lakhs can be repaid within 15 years.

    Insurance Cover:

    Indian Bank also provides life insurance coverage to student borrowers under the 'New IB Jeevan Vidya' scheme.

    Security:

    • For loans amounts below Rs 4 lakhs, the bank does not require applicants to submit any form of security and the parents’ co-obligation would suffice.
    • For loan amounts ranging between Rs 4 lakhs and Rs 7.50 lakhs, the co-obligation of the parents along with collateral in the form of third party guarantee is required.
    • Borrowers taking education loans above an amount of Rs 7.50 lakhs require the co-obligation of parents or guardian along with collateral security of suitable value, assuring the future income of the student for repayment of the loan.

    Eligible courses:

    Education in India:

    • Students applying for diploma, undergraduate or postgraduate courses regardless of the discipline are eligible to avail an Indian Bank education loan.
    • Education loans can also be availed for computer certificate courses from institutions accredited to The Department of Electronics.

    Education Abroad:

    • Indian Bank educational loans are offered for job-oriented professional or technical courses offered by universities.
    • Students applying for an MBA, MCA, MS and courses conducted by CIMA - London and CPA in USA are also eligible to avail an Indian Bank educational loan.

    Documentation Required:

    Documents

    Education in India

    Education Abroad

    Residence Proof

    Ration Card/ Voter’s ID/ Passport/Electricity bill/ Telephone bill

    Ration Card/ Voter’s ID/ Passport/Electricity bill/ Telephone bill

    Academic record

    Xth / XIIth mark lists for UG students.

    Degree mark list/provisional certificate for PG students

    Xth /XIIth mark lists for UG students.

    Degree mark list/provisional certificate for PG students

    Age Proof

    SSLC/TC/Any mark list

    SSLC/TC/Any mark list/Passport

    Community

    Community Certificate

    Community Certificate

    Family Income Proof

    Salary certificate/Pension certificate/Auditor's certificate for businessmen/IT Returns

    Salary certificate/Pension certificate/Auditor's certificate for businessmen/IT Returns

    Admission details

    Admission letter

    Bonifide student certificate from the College/University

    Certificate or I 20 from the College/University

    Fee details

    Letter or Certificate from the College/University

    Certificate or I 20 from the College/University

    Passport and VISA

    Not required

    Copies of both are required

    Guarantee/Co-obligation details

    Parent's or a Guardian's Co-obligation is required

    Parent's or a Guardian's Co-obligation is required

    Collateral requirement

    LIC policy /Share certificates / Units of UTI / Valuation certificate and legal opinion from the bank in case of land or buildings

    LIC policy /Share certificates / Units of UTI / Valuation certificate and legal opinion from the bank in case of land or buildings

    Margin Requirement (Above Rs.4.00 lakhs)

    5%

    Documentary evidence for source of funds to meet the margin amount

    15%

    Documentary evidence for source of funds to meet the margin amount

    Declaration or affidavit declaring that no Educational Loan is availed from any other bank by the applicant and his parent

    Required

    Required

    Other documents

    A & L of the student/parent/guardian/guarantor

    Details of securities and collateral

    A & L of the student/parent/guardian/guarantor

    Details of securities and collateral

    Eligibility:

    • All applicants are required to be Indian citizens.
    • Students who apply for an Indian Bank education loan, should have secured admission to professional or technical courses in India or abroad through an Entrance test or a merit based selection process.

    Subsidy Scheme for Indian Bank Education Loans:

    The Central Subsidy scheme from the HRD Ministry provides a full interest subsidy for students availing Indian Bank education loans from the weaker sections of the society with a maximum parental annual family income of Rs. 4.50 lakhs. The subsidy is valid for the entire course period plus one year after course completion or six months after getting a job, whichever is earlier. The Indian Bank education loan subsidy scheme is applicable for undergraduate or postgraduate studies in technical and professional courses in India and can be availed only once. The interest rates that will be charged on an Indian Bank educational loan will be as per the BPLR or the base rate. The subsidy scheme can be used by students applying for courses in UGC/AICTE recognized institutions, IIMs and other Central or State Government institutions.

    Eligible Courses

    Non-Eligible Courses

    UG and PG courses in -

    1. Engineering

    2. Medical

    3. Para Medical

    4. Agriculture

    5. Veterinary

    6. Law

    7. Dental

    8. Management

    9. Computer Science

    PG Diploma Courses approved by

    AICTE/UGC

    Courses pursued abroad or without completing Class XII.

    Non-Professional and Non-Technical UG and PG courses in

    · Arts

    · Science

    · Commerce

    · Sociology

    · Music

    Diploma Courses

    Teacher Training Courses

    Skill Development

    Vocational Training courses

    Indian Bank Education Loan FAQs:

    1. Does Indian Bank require the parents of the applicant to fall under a particular income category?
    2. No, Indian Bank does not have preset conditions regarding an applicant’s parental income or repayment capability.
    3. At what locations can an Indian Bank education loan be availed by an applicant?
    4. An Indian Bank education loan can be availed at any branch in or near the applicant’s place of domicile.
    5. Does Indian Bank have a ‘Holiday period’ on an education loan repayment?
    6. Yes, Indian Bank borrowers can start repaying their education loans after the completion of the course and up to a year after they have found permanent employment.
    7. Does the Indian Bank education loan extend to all types of degrees and disciplines?
    8. Indian Bank education loans can be taken for diplomas, undergraduate and postgraduate courses which offer professional and technical degrees.
    9. Does the interest rate concession for female candidates apply under the non-IBA scheme?
    10. No, the interest rate concession for educational loans is not applicable under the non-IBA scheme.

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    Indian Bank Education Loan Reviews

  • Page 1 of 2 1 2
    • Indian Bank Education Loan
      "No Response"
      INDIAN BANK
      0.5 3.0/5 "Satisfactory"
      I have taken a educatin loan from INDIAN BANK. The process took lot of time for approval. Everyday i have to visit the branch for the inquiry for the education loan. The approved loan amount is 75000. It almost took 20 days for the approval. The promised rate of interest is 10% which is compulsory for all banks.
      Was this review helpful? 1
      , erode
      Reviewed on Sep 26, 2017
    • Indian Bank Education Loan
      "Good for education"
      INDIAN BANK
      0.5 4.0/5 "Great!"
      I took education loan before three years from Indian Bank, they provided very good service. I am happy with the loan amount as well. now as my loan got closed. I had done the Foreclosure of my loan but there was no charges applicable, overall I am fine with their deal.
      Was this review helpful? 0
      , chennai
      Reviewed on Sep 05, 2017
    • Indian Bank Education Loan
      "Good"
      INDIAN BANK
      0.5 4.0/5 "Great!"
      I got the education loan from the Indian bank and the interest rate was around 8.5%. The loan amount got disbursed to my account within two months of time because of some delay. Documentation procedures were very much minimal with INDIAN Bank.
      Was this review helpful? 2
      , cuddalore
      Reviewed on Jun 10, 2017
    • Indian Bank Education Loan
      "Speedy customer serivce"
      INDIAN BANK
      0.5 4.0/5 "Great!"
      Indian bank was able to lend educational loan even at rural areas. They had asked for my Father's details too for providing this loan as I was a minor at that time. Me and my father had a joint account and it was offered based on that particular account. Coming to the service part they are very good in rendering service to customer.
      Was this review helpful? 3
      , chennai
      Reviewed on Sep 20, 2016
    • Indian Bank Education Loan
      "Long process "
      INDIAN BANK
      0.5 3.0/5 "Satisfactory"
      The indian bank service was quite average related to the education loan process.They are sending the mail and not user friendly to the customer.They have taken a months time to complete the education loan process.They require more documents to complete the loan process.
      Was this review helpful? 7
      , chennai
      Reviewed on Mar 04, 2016
    • Indian Bank Education Loan
      "Not bad..."
      INDIAN BANK
      0.5 2.0/5 "Expected more"
      My educational loan was taken from Indian bank which was last 4 years back. I just applied 75% of loan but I got only 40% of loan. Interest rate was similar. They have huge documentation part and very difficult difficult to avail a loan from Indian bank.
      Was this review helpful? 6
      , chennai
      Reviewed on Jan 21, 2016
    • Indian Bank Education Loan
      "Late response "
      INDIAN BANK
      0.5 3.0/5 "Satisfactory"
      In getting the loan with Indian bank they require marksheet and some property documents to process.since its government oriented bank it took long time to process.The rate offered depend about the marks of the student.I felt the response provided was quite late.
      Was this review helpful? 4
      , chennai
      Reviewed on Dec 11, 2015
    • Indian Bank Education Loan
      "Satisfied.."
      INDIAN BANK
      0.5 5.0/5 "Blown Away!"
      The manger of the Indian bank is friend of my father so there were no issues in taking the education loan. At the time of getting noc, there was no issue. I was asked for guarantor signature. The process was very smooth. They asked college related papers and some general documents.
      Was this review helpful? 4
      , greater noida
      Reviewed on Nov 19, 2015
    • Indian Bank Education Loan
      "Supportive Bank..."
      INDIAN BANK
      0.5 5.0/5 "Blown Away!"
      Within 3 days they disbursed my Educational loan. Indian bank offered me around 1lakh. I have taken for five years tenure. On that time I was unable to make the payment for 6months. I did not get any trouble form them after some days I made the payment. They were very supportive.
      Was this review helpful? 3
      , chennai
      Reviewed on Oct 28, 2015
    • Indian Bank Education Loan
      "Processing can be done in a month!"
      INDIAN BANK
      0.5 4.0/5 "Great!"
      Processing time was very much delayed with Indian bank for the educational loan, which took around 6 months. Required documents like ID proof, address proof and the co applicant details were collected. Since I took a loan amount below 4L, there is no need for collateral. I took the loan in 2011 and started paying for that in 2014.
      Was this review helpful? 4
      , chennai
      Reviewed on Oct 26, 2015
    • Indian Bank Education Loan
      "Education loan was smooth..."
      INDIAN BANK
      0.5 4.0/5 "Great!"
      I got interest of 14% for education loan and that was par to the market. Indian bank did not ask for other proofs to process the loan. I pre closed the loan with nil charge. Never faced any challenges as the manger and employees were fine and they cooperated well.
      Was this review helpful? 1
      , chennai
      Reviewed on Oct 21, 2015
    • Indian Bank Education Loan
      "Perfect bank.."
      INDIAN BANK
      0.5 5.0/5 "Blown Away!"
      Interest rate was not huge in INDIAN Bank. Based on my saving account, I got my educational loan easily. I need to make the payment on monthly basis, it was 3000rs. Best part was, based on government suggestion, my principle amount got reduce. Service was really good.
      Was this review helpful? 6
      , chennai
      Reviewed on Oct 09, 2015
    • Indian Bank Education Loan
      "Simple procedure"
      INDIAN BANK
      0.5 3.5/5 "Pretty good"
      This educational loan with INDIAN Bank was taken for a period of 5 years. Its an ongoing loan and I have not submitted any documents and I have given my address proof and I have not given any collateral security . After getting the job after 6 months of time I am supposed to repay the amount.
      Was this review helpful? 2
      , chennai
      Reviewed on Sep 23, 2015
    • Indian Bank Education Loan
      "Happy customer"
      INDIAN BANK
      0.5 5.0/5 "Blown Away!"
      I have taken the education loan with the Indian Bank. The rate of interest is nominal only. I have taken this loan on 2005 and I closed it.I am happy with their services and they are flexible to the customers and I can say the loan got disbursed within 2.5 hours of time.
      Was this review helpful? 1
      , bangalore
      Reviewed on Sep 16, 2015
    • Indian Bank Education Loan
      "Good "
      INDIAN BANK
      0.5 3.0/5 "Satisfactory"
      I have taken the educational loan with the Indian bank. I have good contact with the branch manager thats why I just got up with the Indian bank. The services are good with them and I got the loan within 3 months of time. Documentation process are okay.
      Was this review helpful? 0
      , chennai
      Reviewed on Aug 28, 2015
    • Indian Bank Education Loan
      "Average"
      INDIAN BANK
      0.5 5.0/5 "Blown Away!"
      I took my educational loan from Indian Bank. The services was average from them. I got my loan within a week. The rate of interest offered was excellent. It was of 2%. They did not take a processing charge too. I only had to submit my bonafied from the college and my mark sheets.
      Was this review helpful? 2
      , chennai
      Reviewed on Aug 07, 2015
    • Indian Bank Education Loan
      "Nice Bank "
      INDIAN BANK
      0.5 4.0/5 "Great!"
      The service provided by India bank was really good while I took this Education loan.While compared to other banks its really easy to get a loan through them.The interest rate applied was around 8.35% and they provide some construction on rate as well.The processing fee for this loan was around 2000Rs.
      Was this review helpful? 3
      , cuddalore
      Reviewed on Jul 25, 2015
    • Indian Bank Education Loan
      "Try to improve"
      INDIAN BANK
      0.5 1.0/5 "Really Bad"
      I have taken my educational loan from Indian Bank about seven years back. It was good when I took the loan. The rate of interest offered to me initially was 7% and now it is of 11%. I have paid them back the loan amount of 3.75 Lakh. The customer services are not satisfactory. They need to know how to react back to a customer. The processing fee for this loan was of Rs. 1500.
      Was this review helpful? 6
      , chennai
      Reviewed on Jul 24, 2015
    • Indian Bank Education Loan
      "Awesome..."
      INDIAN BANK
      0.5 4.0/5 "Great!"
      Indian Bank is of nationalized sector so normally they are slow in response. In my location this is the only recommended bank for an educational loan and I did not face any issues. The fixed interest rate is of 14% but just I paid 25k extra for the entire amount. To get sanction the loan amount I just have submitted fee structure and my certificates.
      Was this review helpful? 11
      , chennai
      Reviewed on Jul 02, 2015
    • Indian Bank Education Loan
      "education loan by indian bank is very low interest rate"
      INDIAN BANK
      0.5 5.0/5 "Blown Away!"
      Interest rate offered by Indian bank for the education loan is really good. Customer service offered by them was not that good as it is a Government Bank we cannot expect much from them. However, if I forget to make the payment they will pressurise us to make the payment. Even if we are asking any question they wont be able to respond instantly.
      Was this review helpful? 2
      , noida
      Reviewed on May 17, 2015
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