Why For/Purpose /Objective:
IDBI Bank education loan aim at providing financial support to deserving/ meritorious students for pursuing higher education in India and abroad. With an array of courses to choose from and easy repayment options, IDBI Bank makes sure you get complete financial backing.
Courses Eligibility
Studies in India
- Graduation courses : BA, B.Com., B.Sc., etc
- Post Graduation courses : Masters & Phd
- Professional courses : Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer etc
- Computer certificate courses of reputed institutes accredited to Dept. of Electronics or institutes affiliated to university
- Courses like ICWA, CA, CFA etc
- Courses conducted by IIM, IIT, IISc, XLRI. NIFT etc
- Courses offered in India by reputed foreign universities
- Evening courses of approved institutes
- Other courses leading to diploma/ degree etc. conducted by colleges/ universities approved by UGC/ Govt./ AICTE/ AIBMS/ ICMR etc
- Courses offered by National Institutes and other reputed private institutions. Banks may have the system of appraising other institution courses depending on future prospects/ recognition by user institutions.
Studies Abroad
- Graduation: For job oriented professional/ technical courses offered by reputed universities. Post graduation: MCA, MBA, MS, etc. Courses conducted by CIMA- London, CPA in USA etc.
Special Courses:
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 Institute should be recognized by the competent local aviation/shipping authority.
Quantum/ Amount of Loan
Studies in India: Maximum Rs 10.00 lacs
Studies abroad: Maximum Rs. 20.00 lacs.
Margin/ Allowance:
- Upto Rs. 4 lac - Nil
- Above Rs. 4 lac –
studies in India - 5% of the total course expenditure
studies abroad - 15% of the total course expenditure
Rate of Interest :
Benchmark Prime Lending Rate (BPLR) = 12.75% p.a. w.e.f. July 1, 2009 |
Up to Rs. 4 lakhs |
11.75 % (BPLR - 1%) |
Above Rs. 4 lakhs |
12.75 % (BPLR ) |
Simple interest to be charged during repayment holiday and moratorium
Accrued interest during the repayment holiday period should be added to the EMIs.
Where the borrower has not opted for the repayment holiday or is willing to service the interest during the repayment holiday (for principal) the interest rate should be 1% lower than the applicable rate.
· 50 basis points reduction for girl applicants
· 50 basis points reduction for physically challenged applicants (subject to submission of certificate from a medical practitioner)
* BPLR subject to change
Repayment/ Tenures
Duration of the course period + 1 year / 6 months after getting a job, whichever is earlier.
The loan to be repaid in 5-7 years (maximum tenor 84 months) after commencement of repayment.
Contact
Delhi Tel: 011- 23716181, 23716774/23
Bangalore Tel: 080- 26579675-81,
Chennai Tel: 044- 22355201-16,
Hyderabad Tel: 040- 23236846,
Kolkata Tel: 033- 66337732/7793,
Mumbai Tel: 022- 66553355 .
Website
www.idbi.com
