Why For/Purpose /Objective:
Indian Bank Education loan aim is to meet the cost of education covering fee payable to college/school/hostel, exam fees, purchase of books/equipments, travel expenses/passage money for studies abroad, purchase of computers essential for completion of the course etc.
Eligibility Criteria
- The applicant should be an Indian National.
- He/She should have secured admission to professional/technical courses in India/Abroad through Entrance Test/Merit based selection process.
Quantum/ Amount of Loan
Studies in India: Rs.10.00lakhs
Studies Abroad: Rs.20.00 lakhs.
Higher Quantum of loan:
Studies in India: Rs.15.00lakhs
Studies Abroad: Rs.25.00 lakhs.
Margin/ Allowance:
Upto Rs.4.00 lakhs - Nil.
Above Rs.4.00 lakhs
Studies in India - 5%
Studies Abroad - 15%.
Rate of Interest :
- Upto Rs.4.00 lakhs -12.00 % p.a. at present
- Rs.4.00 lakhs upto Rs.7.50 lakhs -12.00 % p.a. at present
- Above Rs.7.50 lakhs -12.25 % p.a. at present
Concession of 0.50% in applicable rate of interest will be allowed on fresh Educational Loans to Girl Students for studies in India and Abroad with effect from 1st July 2009. This interest concession will not be applicable to
- Existing female educational loan borrowers
- Educational Loan borrowers who are enjoying finer rate of interest allowed to select premier educational institutions.
- Floating Rate linked with Benchmark Prime Lending Rate (BPLR) of the Bank and liable to undergo changes whenever there is a change in BPLR.
Repayment/ Tenures:
Maximum period The loan is to be repaid in 5-7 years after commencement of repayment.
Security:
Documents should be executed both by the student and parent / guardian as joint borrower.
1. Upto Rs. 4 lacs - No security
2. Above Rs. 4 lacs & Upto Rs.7.50 lacs - Collateral in the form of satisfactory third party guarantee
3. Above Rs.7.50 lacs - Co-obligation of parents / guardians together with tangible collateral security of suitable value along with assignment of future income of the student for payment of installments.
* In case of receipt of application for more than one loan from students from a family, the 'family' as a unit will be taken into account for considering the loan and security will be taken in realtion to the total quantum of finance disbursed, subject to margin and repaying capacity of the parent/student.
Contact
Delhi Tel: 011- 23348315, 23348316,
Bangalore Tel: 080- 22958861, 22958862,
Chennai Tel: 044- 28224225, 28224226/4228
Hyderabad Tel: 040- 23228091, 23228341,
Kolkata Tel: 033- 22482597, 22484325,
Mumbai Tel: 022- 22028576, 22820043.
Website
www.indianbank.in
