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  • Indian Bank Education Loan

    Indian Bank Education Loan
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    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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