Make college memories that last a lot longer than your student loan payments.
Bankbazaar

Indian Bank Education Loan

 4.0 / 5.0   by 38 users
Used this product? Write a review >>

Fees & Charges

Promised Interest Rate

Customer Service

Responsiveness

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.

Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

Education Loan Tools
Education Loans By Bank
Education Loans by City
Education Loan Articles

Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

Indian Bank Education Loan Reviews

Page 1 of 2 1 2
  • Indian Bank Education Loan
    "Genuine banking"
    INDIAN BANK
    0.5 5.0/5 "Blown Away!"
    In the year of 2005, i have taken a educational loan from Indian bank and i have closed the same in the year of 2010. Since the interest rate is less hence i have chosen them. When i took the loan, the rates were less and they took 3 months to sanctioned the loan.
    Was this review helpful? 1
    , chennai
    Reviewed on Aug 23, 2019
  • Indian Bank
    Indian Bank Education Loan
    "Good service"
    INDIAN BANK
    0.5 4.0/5 "Great!"
    I had taken an Educational loan from INDIAN BANK a long time back and the experience had been pretty decent. The process did not took much time and the interest rate with them had been nominal as well. Their customer support team and their staffs had been quite helpful at times. They have not charged me any hidden charges.
    Was this review helpful? 3
    , chennai
    Reviewed on Jun 26, 2019
  • Indian Bank Education Loan
    "Very Good Service"
    INDIAN BANK
    0.5 4.0/5 "Great!"
    I had taken an Educational loan from INDIAN BANK a long time back and the experience had been pretty decent. The process did not took much time and the interest rate with them had been nominal as well. Their customer support team and their staffs had been quite helpful at times. There hasn't been much hassles faced with the banking services of them.
    Was this review helpful? 4
    , chennai
    Reviewed on May 03, 2019
  • Indian Bank Education Loan
    "GOOD"
    INDIAN BANK
    0.5 4.0/5 "Great!"
    I have taken the education loan with the INDIAN BANK the documentation process was simple and i got the loan within few days. I have got the loan amount for each semester. The customer service is good and i am satisfied with this education loan.
    Was this review helpful? 2
    , bangalore
    Reviewed on Mar 10, 2019
  • Indian Bank Education Loan
    "Not a nice loan experience from Indian Bank"
    INDIAN BANK
    0.5 3.0/5 "Satisfactory"
    I have taken my educational loan from Indian Bank. Since i had a friend to follow the educational loan status hence i have approached them. I bought the loan amount of Rs. 70000 and i have closed the loan too. I'm not convenient with the interest rates since its high. They have sanctioned the loan immediately. There was some processing fee but it was nominal.
    Was this review helpful? 3
    , chennai
    Reviewed on Feb 18, 2019
  • Indian Bank Education Loan
    "Better"
    INDIAN BANK
    0.5 3.5/5 "Pretty good"
    Its not yet completed, I have taken the Education Loan in Indian Bank in the year of 2010. Am paying the interest rate on correct basis and there won't be any issues on the charges but don't have much experience. I am paying monthly Rs.5000 and the interest is Rs.700per month. The loan amount was 2.5L, They have disbursed very quickly and rate of interest was reasonable.
    Was this review helpful? 3
    , chennai
    Reviewed on Jan 18, 2019
  • Indian Bank Education Loan
    "Good service"
    INDIAN BANK
    0.5 3.5/5 "Pretty good"
    The experience with this loan has been good initially but there has not been a proper notification system with them. For closing this loan also there has been a difficulty where they had asked to submit many letters directly which was a hassle.
    Was this review helpful? 2
    , chennai
    Reviewed on Nov 27, 2018
  • Indian Bank Education Loan
    "Okay experience with Indian Bank"
    INDIAN BANK
    0.5 3.0/5 "Satisfactory"
    I have closed my educational loan 2 months back. I have purchased my loan in the year of 2008. They have given lots of interest rate on my loan. Being a central Government bank, the fee and interest rates were bit high. If they have reduce the same, they will get more customer. I have purchased the loan of Rs. 1 lakhs. I have paid the 2.5 lakhs till July and i have settled the loan 2 months ago.
    Was this review helpful? 2
    , chennai
    Reviewed on Nov 17, 2018
  • Indian Bank Education Loan
    "Unhappy with the services"
    INDIAN BANK
    0.5 2.0/5 "Expected more"
    I have taken my education loan from Indian Bank earlier. The process to get the loan is a bit tough. The process of documentation is too much and it is too long too. The rate of interest and processing charges is also on the higher side. In all, they need improvement.
    Was this review helpful? 3
    , bangalore
    Reviewed on Oct 16, 2018
  • Indian Bank Education Loan
    "Average"
    INDIAN BANK
    0.5 3.0/5 "Satisfactory"
    My EDUCATION LOAN was taken with INDIAN bank 11 years back. I had a good process and the interest rate was very satisfactory . The tenure period was 4 years . The process was but delayed and they have taken some time to sanction it but my documentation was quite easy here. The processing fee was also very average.
    Was this review helpful? 3
    , chennai
    Reviewed on Jul 30, 2018
  • Indian Bank Education Loan
    "Hassle Free"
    INDIAN BANK
    0.5 3.5/5 "Pretty good"
    Indian Bank provides good interest rate for the Education loan, but mobile app is not convenient to use. They done the loan disbursement on time and the tenure was also flexible. Still my education loan is running, I can close my loan any time without any foreclosure charges.
    Was this review helpful? 2
    , bangalore
    Reviewed on Feb 22, 2018
  • Indian Bank Education Loan
    "Good service"
    INDIAN BANK
    0.5 4.0/5 "Great!"
    I have taken education loan with Indian back I had closed the loan long back,the service is good they had disbursed the loan amount on time.I am totally happy banking with them.The loan amount is 2.50 lakhs,rate of interest is nominal.
    Was this review helpful? 1
    , bangalore
    Reviewed on Jan 29, 2018
  • Indian Bank Education Loan
    "Loan process should be improved"
    INDIAN BANK
    0.5 2.0/5 "Expected more"
    I completed Education loan with Indian bank it gave me bad experience, they took lots of documentation from me. They not keen about their process. 10 to 20 times I walked to the bank to avail the loan. Post process was good,but there was no foreclosure charges
    Was this review helpful? 2
    , chennai
    Reviewed on Jan 25, 2018
  • 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? 2
    , 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? 3
    , 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? 5
    , 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? 5
    , 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? 8
    , 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? 9
    , 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? 5
    , chennai
    Reviewed on Dec 11, 2015
Common Loader Icon
Page 1 of 2 1 2
reTH65gcmBgCJ7k
This Page is BLOCKED as it is using Iframes.