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For deserving and meritorious students wanting to pursue higher studies, IDBI bank offers Educational loans for a number of courses in India and abroad as well as a few special courses. Like other banks offer educational finance, IDBI bank offers only a maximum of 10 lakhs for studies in India, while foreign studies can fetch you a maximum of 20 lakhs. The repayment starts after one year of the completion of the course or 6 months after getting a job - whichever is earlier. The repayment period is lasts anywhere between 5 -7 years after commencement.
Eligible Courses :
The bank provides loans for the following courses.
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.
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 .
Expenses Covered :
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he loan will cover the following expenses that a student may encounter through the duration of the course.
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* 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
Security :
Upto 4 lakhs - No security.
Above 4 lakhs and upto 7 lakhs - Collateral in the form of third party security.
Above 7 lakhs - Collateral security in the form of Land/ building, (The minimum value shall be 1.33 times the amount of loan sought). Govt. securities/ Public Sector Bonds/ Units of UTI, NSC, KVP, LIC policy, gold, shares/ debentures, bank deposit in the name of parent/ guardian or in the name of the co-applicant (The minimum value shall be 1.1 times of the amount of loan sought).
Loan margins
Upto Rs. 4 lac - Nil
Above Rs. 4 lac
For studies in India - 5% of the total course expenditure
For studies abroad - 15% of the total course expenditure
Current Interest Rates :
Loan Upto 4 lakhs - 12.5 %
Above 4 lakhs - 13.5%
To apply :
You can visit a number of loan centres throughout the country. To see the list, click here.
To apply online, click here.
PS : Interest rates are subject to market change. For details contact the bank.
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