Indian Bank Education Loan Summary Table
| Indian Bank Education Loan Limit | For India –No Upper Limit
For Abroad – No Upper Limit |
| Indian Bank Education Loan Interest Rate | 9.65% per annum |
| Indian Bank Education Loan Margin | No margin required |
| Indian Bank Education Loan Processing Fee | No Processing fee is charged |
| Indian Bank Education Loan Security | Up to 7.50 Lakhs: Only Parent/ Guardian as co-borrower. No Collateral Security or third party guarantee.
Above INR 7.50 Lakhs: Tangible security along with parents as co-borrower |
| Indian Bank Education Loan Repayment | Starts After 1 year of course completion or 6 months after getting a job |
Indian Bank Education Loan Features
The requirement for advanced education from a presumed school is expanding, which as a result, builds the opportunity of finding a generously compensated line of work. Nonetheless, a college with a decent position costs a lot higher because of its superior resources and offices.
To defeat this, Education Loans attain a fundamental part of a students life!
Education loans help those students who have the capacities and potential. The loan covers their costs for education.
The loan can be beneficial to study in India or even abroad. Whatever the case, Indian Bank is there to support the students. Each student can apply for the Indian Bank education loan by following the particular instructions and documentation.
Indian Bank Education Loan Eligibility
| Parameters | Eligibility Criteria |
| Applicant’s Age |
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| Who Can Apply? |
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| Maximum Loan Amount |
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| Frequency Of Repayment |
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| Repayment Period |
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Indian Bank Education Loan Interest Rate
Indian Bank Education loan interest rates range from 8.85% and 10.75%.
| Loan Amount Range | Courses in India | Courses Abroad | IIT, IIM, ISB Courses |
|---|---|---|---|
| Loans up to Rs. 4 lakh | 10.50 %, for Girls – 10.00% | 10.50 %, for Girls – 10.00% | 8.85 % |
| Loans Rs. 4.0 – 7.5 lakh | 10.50 %, for Girls – 10.00% | 10.50 %, for Girls – 10.00% | 8.85 % – 10.00% |
| Loans > Rs. 7.5 lakh | 10.75 %, for Girls – 10.25% | 10.75 %, for Girls – 10.25% | 8.85 % – 10.00% |
Indian Bank Education Loan Schemes with Detailed Features, Documents, Max Loan, Courses
| Schemes | Maximum Loan Amount | Interest Rates |
| Indian Bank Student Loan | Rs.20 lakh | 10.05% |
| Indian Bank Scholar Loan | Rs.40 lakh | 8.95% to 9.25% |
| Indian Bank Global ED-Vantage | Rs.1.5 crore | 10.05% |
| Indian Bank Skill Loan | Rs.1.5 lakh | 9.55% |
| Indian Bank Take Over of Education Loan | Rs.1.5 crore | 10.05% |
Indian Bank Education Loan Documents Required
Under Know Your Customer Policy (KYC), the bank requires certain documents. These documents are required from both the student and co-borrower:
| Identity Proof | One of the mentioned documents for Identity proof:
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| Residence Proof | One of the following documents for Residence proof (It should not be more than 3 months old):
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| Income Proof in case of salaried co-borrower |
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| Income proof for self-employed co-applicant |
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Additional documents: Aside from KYC documents:
| Student Applicant | Mandatory Passport submission |
| Academic Records: X, XII grade results. Graduation results semester wise. Entrance Exam results that formed the basis of admission | |
| Proof of admission: A conditional application letter may be considered | |
| Cost of education, schedule of expenses. | |
| 2-passport size photographs | |
| If the loan was taken out before then, loan account statement for the last 1 year. | |
| Co-applicant | 2-passport size photographs |
| If the loan was taken out before then, loan account statement for the last 1 year. |
Indian Bank Education Loan Offered Courses
The Education Loan covers courses that are only regular full-time Degree or Diploma courses that the student secured through selection or merit. Indian Bank Education Loan also considers Full-time Executive Management Courses like PGPX.
EMI Calculator
You can check the EMI Calculator for Indian Bank education loans by clicking on EMI Calculator.
Indian Bank: Takeover of Education Loan
An Education Loan is Transferable, it is basically a process of transferring high-interest debt from one lender to another lender and with a lower interest rate and better repayment policies.
The Indian Bank Takeover Of Collateralised Education Loans Scheme can be availed at an interest rate of 1Year MCLR + 1.50% spread. SBI also gives a 0.50% concession in the interest rate for girls.
How To Apply For Indian Bank Education Loan
- Visit Dialabank for an education loan.
- Go to the Indian Bank Education Loan page.
- Check out all the eligibility and documents criteria for an education loan.
- Fill out all the details required in the Education Loan application form.
- Once done, our representative will soon contact you for a further stress-free process.
List of Approved Institutes
- Architecture college
- Law college
- Medical college
- Pharmacy college
- Engineering college
- Bio-technology
- college
- Management college
- Science, Commerce, and Arts college
- Physical education college
- B.ED college
FAQs For Indian Bank Education Loan
✅ How long does it take for an education loan to be sanctioned?
It takes 15 days for an education loan to be sanctioned.
✅ Will the education loan interest be the same throughout the entire course?
The education loans are offered at a floating rate of interest, so the rate of interest may increase or decrease depending upon the external economic conditions and internal company policies.
✅ Does an education loan cover all the expenses even if I decide to study in India?
Yes, an education loan covers tuition fees, living expenses, travelling and other additional expenses even in India.
