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INDIAN BANK EDUCATION LOAN

Salient Features

    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

    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 of Loan

    For Studies in India: Rs.10.00lakhs and for Studies Abroad: Rs.20.00 lakhs. Higher Quantum of loan subject to a maximum of Rs.15 lakhs for studies in India and RS.25 lakhs for studies abroad also can be considered in deserving and meritorious cases

Margin   

    Upto Rs.4.00 lakhs - Nil. Above Rs.4.00 lakhs:For Studies in India - 5%. For Studies Abroad - 15%.

Interest Rates   

    Please see the Interest Rate link on home page

Repayment Period   

    Maximum period The loan is to be repaid in 5-7 years after commencement of repayment.

Security   

    Upto Rs.4.00 lakhs - Coobligation of parents. No Security. Above Rs.4.00 lakhs and upto Rs.7.50 lakhs - Coobligation of parents together with collateral in the form of a satisfactory third party guaran. Above Rs.7.50 lakhs - Coobligation of parents together with tangible collateral security of suitable value along with the assignment of future income of the student for payment of instalments.

Other Requirements/Details   

    * Holiday Period : The course period PLUS 1-year or 6 months after getting a job, whichever is earlier.
    * Family Income : There is no restriction. The main emphasis is that no deserving student is denied an opportunity to pursue higher education for want for financial support.
    * Place of availment : The loan is to be availed from the branch nearest to the place of domicile of the student.
    * Course of study in India : Diploma/Graduation/Post graduation courses in various disciplinesComputer Certificate courses in reputed institutes accredited to the Department of Electronics.
    * Course of study abroad : Job-oriented professional/technical courses offered by reputed universities, MCA,MBA, MS etc.Courses conducted by CIMA - London, CPA in USA etc.

Source : http://www.indian-bank.com

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