Indian Bank Education Loan
Indian Bank provides education loans for students aspiring to pursue higher education in India or abroad, offering loan amounts ranging from Rs. 50,000 to Rs. 50 lakhs with a fixed interest rate throughout the loan tenure. The repayment period extends up to 15 years. To be eligible, applicants must be Indian citizens, aged between 18 and 60 years, with a valid educational qualification and a good credit score. The application process is simple and can be completed online or at an Indian Bank branch. Required documents include a filled application form, passport-size photographs, identity and address proof, income and education proofs, guarantee, and personal accident insurance cover. Indian Bank Education Loan provides flexibility, a fixed interest rate, a long repayment tenure, and an easy application process, making it an attractive option for financing higher education.
Education loan Eligibility:
- Citizenship: You must be a citizen of India.
- Age: You must be between the ages of 18 and 60 years.
- Income: You must have a regular source of income.
- Credit score: You must have a good credit score.
- Purpose: The loan must be used for a legitimate purpose, such as education, home improvement, or business.
- Security: You must provide security for the loan, such as a mortgage or a guarantee.
Documents Required:
- Duly filled application form
- Passport-size photographs
- Identity proof such as PAN Card, Aadhaar Card, Voter ID, Passport, Driving License
- Address proof such as Recent Telephone Bill / Electricity Bill / Property Tax Receipt / Passport /Aadhaar card/ Voter`s ID
- Proof of income such as Salary Slip, Business Income Tax Return, Pension Certificate
- Proof of education such as Mark sheets, Degree certificates
- Guarantee such as a letter from the parent or guardian, or a third-party guarantee
- Personal accident insurance cover
- Identity proof: PAN Card, Aadhaar Card, Voter ID, Passport
- Address proof: Recent telephone bill, electricity bill, property tax receipt
- Proof of income: Salary slip, business income tax return, pension certificate
- Proof of education: Mark sheets, degree certificates
- Guarantee: Letter from parent or guardian, or third-party guarantee
- Personal accident insurance cover: Mandatory requirement for all education loans, provides lump sum payout in case of death or permanent disability.
Process to apply for education loan:
- Visit the Indian Bank website or nearest branch.
- Download the education loan application form.
- Fill out the application form and gather the required documents.
- Submit the application form and documents to Indian Bank.
- Indian Bank will review your application and documents.
- If approved, you will receive a letter of offer from Indian Bank.
- Review the terms and conditions in the letter of offer.
- Accept the letter of offer from Indian Bank.
- Indian Bank will disburse the loan amount to your bank account.
Expenses Covered in education loan scheme:
- Tuition fees: The loan can be used to pay the tuition fees for the course you are enrolled in.
- Hostel fees: The loan can be used to pay the hostel fees, if applicable.
- Living expenses: The loan can be used to pay for your living expenses, such as food, transportation, and books.
- Other expenses: The loan can also be used to pay for other expenses related to your education, such as study tours, project work, and thesis.
Courses covered in education loan scheme:
- Undergraduate courses
- Postgraduate courses
- Doctoral courses
- Professional courses
- Distance learning courses
- Foreign education
Schemes:
IBA Education Loan: Indian Bank's popular scheme for education loans, available for studies in India and abroad. Loan amount ranges from Rs. 50,000 to Rs. 50 lakhs, with a fixed interest rate for up to 15 years of repayment.
Scholar Loan: Specifically designed for students with scholarships, the loan amount matches the scholarship amount. The interest rate is subsidized, and repayment can be made over a period of up to 10 years.
Skill Loan: Aimed at students pursuing vocational training or skill development courses, with loan amounts ranging from Rs. 50,000 to Rs. 2 lakhs. The interest rate is fixed, and repayment can be done over a period of up to 10 years.
Global ED-Vantage: Tailored for students seeking higher education abroad, offering loan amounts from Rs. 50,000 to Rs. 50 lakhs. The interest rate is fixed, and repayment can be made over a period of up to 15 years.
Take Over of Education Loan: Assisting students with existing education loans from other banks, Indian Bank offers to take over the loan with lower interest rates and extended repayment tenure.
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.
