Indian Bank was established on 15th August 1907 as part of the Swadeshi movement. Education loan is offered by Indian Bank to students who are willing to continue their higher education either in India or abroad.
Eligible Criteria for Indian Bank Education Loan:
Student Education Loan:
- The student should have nationality Indian.
- Student should have taken secured admission to the technical or professional courses in the India as well as in abroad through entrance test and selection process based on merit.
- Student's Age should be 15 to 30 years for studying in India and Student's age should be 18 to 35 years for studying abroad.
Courses Eligible for Getting Education Loan:
For Education in the India:
For Education in abroad:
- Technical, professional or job oriented courses by standard universities.
- Post graduation courses such as MS, MBA, MCA, etc.
- Courses conducted by CIMA - London, CPA in USA etc.
Details of Education Loan:
Exposure of Expenses:
- Fee payable to school, hostel or college.
- Fees for exam.
- Purchase of equipments or books.
- Passage money or travel expenses for studies in abroad.
- Purchase of the computers which is useful for completion of course.
- 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.
- There is no any margin on the loan up to Rs 4 lakh.
- The margin on loans greater than Rs 4 lakh is 5 percent for students in India and 15 percent for the students in Abroad.
- No security is needed for the loan up to Rs. 4.0 lakh.
- Collateral security is needed in form of guarantee of 3rd party in case when amount is between Rs. 4 lakh and Rs.7.50 lakh.
- Collateral or the obligation of guardians, parents or the third party in case when loan amount is greater than Rs. 7.5 lakh.
Repayment period or moratorium period is the course period plus 1 year or 6 months from getting the job, whichever is early. The loan is repaid in 5 to 7 years after beginning of repayment.
Details & Contact:
Phone - (044) 25233231, 25231254, 25231253
Fax - (044) 25231278
Customer Care - (044) 39898911
Toll Free No - 1800 425 1400
Website - www.indian-bank.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.