IDBI Education Loan
IDBI Bank provides education loans to students aspiring to pursue higher education in India or abroad. The loan amount can reach up to INR 20 lakhs for studies within India and INR 50 lakhs for studies overseas. The interest rate on the loan is floating, currently set at 10.60% p.a. for studies in India and 11.10% p.a. for studies abroad. The repayment period extends up to 15 years. The loan requires tangible security, such as immovable property or government securities, along with a life insurance policy taken by the borrower and co-borrower. The application process can be completed online or at any IDBI Bank branch, offering various schemes including the CGFSEL scheme, Women's Scheme, and NRI Scheme. IDBI Bank Education Loan provides numerous benefits, such as high loan amounts, competitive interest rates, extended repayment tenure, a simple application process, and multiple scheme options tailored to eligible students. For further information, individuals are advised to visit the official IDBI Bank website or contact their nearest branch.
Education loan Eligibility:
- Age: The applicant must be between 18 and 25 years of age for studies in India and between 18 and 30 years of age for studies abroad.
- Nationality: The applicant must be an Indian citizen.
- Educational qualification: The applicant must have passed 10+2 or equivalent examination.
- Admission: The applicant must have secured admission to a recognized educational institution in India or abroad.
- Collateral: The loan is secured by tangible security, such as immovable property or government securities, or the assignment of future income of the student.
- Income: The borrower's and co-borrower's (if any) monthly income should be sufficient to meet the EMI obligations.
- Credit history: The borrower's and co-borrower's (if any) credit history should be good.
Additional Documents required:
- PAN card and Aadhaar card of the applicant and co-applicants
- Passport-size photographs of the applicant and co-applicants
- Age proof of the applicant
- Educational Details
- 10th and 12th mark sheets
- Graduation degree and mark sheets (if applicable)
- Admission letter from the educational institution
- Course details
- Income Proof
- Salary slips of the applicant and co-applicants
- IT returns of the applicant and co-applicants (for the last 2 years)
- TDS certificates of the applicant and co-applicants
- Collateral (if required)
- Property documents (if immovable property is being offered as collateral)
- Government securities (if government securities are being offered as collateral)
- Assignment of future income of the student (if the assignment of future income is being offered as collateral)
Documents Required:
Personal Documents:
- PAN card and Aadhaar card of the applicant and co-applicants
- Passport-size photographs of the applicant and co-applicants
- Age proof of the applicant
Educational Documents:
- 10th and 12th mark sheets
- Graduation degree and mark sheets (if applicable)
- Admission letter from the educational institution
- Course details
Income Proof:
- Salary slips of the applicant and co-applicants
- IT returns of the applicant and co-applicants (for the last 2 years)
- TDS certificates of the applicant and co-applicants
Collateral (if required):
- Property documents (if immovable property is being offered as collateral)
- Government securities (if government securities are being offered as collateral)
- Assignment of future income of the student (if the assignment of future income is being offered as collateral)
Other Documents:
- Bank statement of the applicant and co-applicants
- Affidavit declaring that no education loan is taken from any other bank by the student and parent
Process to apply for education loan:
- Gather the required documents including PAN card, Aadhaar card, passport-size photographs, age proof, educational details, admission letter, course details, income proof, collateral documents (if applicable), bank statements, and affidavit of no other education loan.
- Download the application form from the IDBI Bank website or obtain it from a nearby branch.
- Fill out the application form and attach the necessary documents.
- Submit the completed application form and documents to your nearest IDBI Bank branch.
- The bank will review your application within 15 to 30 days.
- If approved, the loan amount will be disbursed to your educational institution.
- Start the application process early, especially for studying abroad.
- Ensure you have all the required documents to avoid delays in processing.
- Maintain a good credit score to improve your chances of loan approval.
- Compare interest rates offered by different banks before finalizing your decision
Expenses Covered in education loan scheme:
- Tuition fees: The loan can be used to cover the cost of tuition fees for the entire course.
- Examination fees: The loan can be used to cover the cost of examination fees, such as entrance exams and semester exams.
- Living expenses: The loan can be used to cover the cost of living expenses, such as accommodation, food, transportation, and books.
- Other expenses: The loan can also be used to cover other expenses, such as travel expenses, visa fees, and insurance premiums.
Courses covered in education loan scheme:
- Undergraduate courses: The loan can be used to cover the cost of undergraduate courses, such as B.Tech, B.Com, B.A., and B.Sc.
- Postgraduate courses: The loan can be used to cover the cost of postgraduate courses, such as M.Tech, MBA, M.Com, and M.Sc.
- Professional courses: The loan can be used to cover the cost of professional courses, such as CA, CS, and ICWA.
- Vocational courses: The loan can be used to cover the cost of vocational courses, such as diploma courses in engineering, IT, and management.
- Courses abroad: The loan can also be used to cover the cost of courses abroad, such as MBA in the US, UK, or Australia.
Schemes:
- IDBI Bank offers an Education Loan scheme for studies within India, with a loan amount of up to INR 20 lakhs and a floating interest rate of 10.60% p.a.
- For students planning to pursue higher education abroad, IDBI Bank provides an Education Loan scheme with a loan amount of up to INR 50 lakhs and a floating interest rate of 11.10% p.a.
- Women students can benefit from the IDBI Bank Education Loan scheme tailored specifically for them, offering a loan amount of up to INR 20 lakhs at a floating interest rate of 10.60% p.a.
- NRIs seeking to finance their children's education in India can opt for the IDBI Bank Education Loan for NRIs, with a loan amount of up to INR 20 lakhs and a floating interest rate of 10.60% p.a.
- Students aspiring to pursue management studies can avail themselves of the IDBI Bank Education Loan scheme, providing a loan amount of up to INR 20 lakhs at a floating interest rate of 10.60% p.a.
Note: The information provided about education loans is sourced from official guidelines. However, for complete satisfaction and up-to-date details, we recommend visiting the official website of the respective financial institution. The official website will provide comprehensive and accurate information regarding eligibility, application process, documentation requirements, terms, and conditions.
