Education Bank Loan in India: Industrial Development Bank Of India Ltd (IDBI)
Industrial Development Bank of India (IDBI) is the largest commercial bank in India. By an Act of Parliament in 1964 IDBI was established to provide credit and other facilities for the development of the fledgling Indian industry. Industrial Development Bank of India offer education loans to the deserving candidates willing to study higher education in India or abroad.
Eligible Criteria for Industrial Development Bank Of India Education Loan:
Student Education Loan:
Student should have nationality Indian and must take secured admission to the any technical or professional courses in India as well in foreign.
Courses Eligible for Getting Loan:
- For Studies in the India
- Graduation courses : B. Sc, B.Com, BA etc
- Masters & PhD are the post graduation courses.
- Professional courses : Agriculture, Medical, Engineering, Law, Veterinary, Management, Dental, Computer etc
- Computer courses of famous institutes qualified by Dept. of Electronics.
- Courses such as CFA, CA, ICWA, etc
- All the courses arranged by IIT, IIM, IISc, NIFT, XLRI etc
- All the courses conducted in India which is offered by foreign universities, national institutes and some private institutes.
- Approved university's evening courses.
- Diploma or degree courses managed by universities or colleges approved by government, UGC, AIBMS, AICTE, ICMR etc
- Studies abroad:
- Graduation courses which are job oriented and other technical or professional courses.
- MS, MBA, MS etc such post graduation courses.
- Courses conducted by CPA - USA, CIMA- London, etc.
- Regular Degree/Diploma courses like Aeronautical, pilot training, shipping etc., approved by Director General of Civil Aviation/Shipping. In case the course is pursued abroad, the competent local aviation/shipping authority should recognize the Institute.
Details of Education Loan:
Expenses Covered under Loan
- Fee payable to college / school/ hostel
- Examination / Library / Laboratory fee
- Purchase of books / equipments / instruments / uniforms
- Caution deposit / building fund / refundable deposit supported by Institution bills / receipts
- Travel expenses / passage money for studies abroad
- Purchase of computers - essential for completion of the course
- Any other expense required to complete the course - like study tours, project work, thesis, etc.
- Insurance premium for student borrower
- The maximum amount is Rs. 10.0 lakhs for the studies in the India.
- The maximum amount is Rs. 20.0 lakhs for the studies in Abroad
- Upto Rs. 4 lakhs - Nil
- Above Rs. 4 lakhs - studies in India - 5% of the total course expenditure, studies abroad - 15% of the total course expenditure
The repayment of loan to begin after the course period + 1 year or 6 months after getting a job, whichever is earlier. The loan to be repaid within 5-7 years (maximum tenor 84 months) after commencement of repayment.
Details & Contact
Colaba, Mumbai - 005
Phone No. (022) 66553355, 22189111
Fax No: (022) 22185179, 22188137, 22181294
Email - http://www.idbi.com
Since the rules, regulations, eligibility conditions, repayments and interests rates etc. are revised by the banks from time to time in keeping pace with the changing capital market conditions, students and parents are advised to thoroughly check the terms and conditions of educational loan scheme on offer at the time of application.