IDBI Bank

IDBI Bank

Overview

Education loans from IDBI Bank 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.

Loan Feature

Loan Amount Study in India-Rs.10 lakhs;Study Abroad -Rs.20 lakhs
Interest Rate 12.5%-13.5%
Tenure Repayment holiday / moratorium :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 after commencement of repayment.
Pre Payment Charges Before 6 Months:6%; 7-12 Months:4%;More than 12 Months: 3%
Service Charges

Processing Fee: 2.25% of the Loan Amount

Eligibility Criteria : Education Loan

Eligible Courses 1. Studies in India: Graduation courses; Post Graduation courses; 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 institution. 2. Studies abroad: Graduation; Post graduation: MCA, MBA, MS, etc. Courses conducted by CIMA- London, CPA in USA etc. 3. 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 .
  Salaried Self
Age Co-Applicants and Students Age will be considered Co-Applicants and Students Age will be considered
Income Co-Applicant Income will be considered Co-Applicant Income will be considered
Job Experience Co-Applicants Job Experience will be considered Co-Applicants Job Experience will be considered
Residence Proof Minimum Residence Stay Not Available Minimum Residence Stay Not Available

Docs Required : Education Loan

Up to Rs 4 lacs: No security Above Rs 4 lacs and up to Rs. 7.5 lacs Collateral in the form of a third party guarantee Above Rs 7.5 lacs 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). Wherever the land/ building is already mortgaged, the unencumbered portion can be taken as security on II nd charge basis provided it covers the required loan amount. In case the loan is given for purchase of a computer the same to be hypothecated to the Bank.
  Salaried Self
ID Proof Co-Applicants and Student :Passport Copy/ Voters ID card/ Driving Licence/PAN card copy Co-Applicants and Student :Passport Copy/ Voters ID card/ Driving Licence
Address Proof Co-Applicants and Student :Ration card Telephone or electricity Bill/ Rental agreement / Passport copy Co-Applicants and Student :Ration card Telephone or electricity Bill/ Rental agreement / Passport copy/Trade licence /Establishment or Sales Tax certificate
DOB Proof Co-Applicants and Student :Birth Certificate or 10th Class Passing Certificate Co-Applicants and Student :Birth Certificate or 10th Class Passing Certificate
Financial Docs

Co-Applicant Salaried Individual:

  • Bank Statements (latest 3 months bank statement / 6 months bank passbook)
  • Latest salary slip or current dated salary certificate with latest Form 16
  • Proof of Admission to a recognised Institution.
  • Photographs.

Co-Applicant Self Employed Individual:

  • Bank Statements(latest 6 months bank statement /passbook)
  • Latest ITR along with computation of income, B/S & P&L a/c for the last 2 yrs. certified by a CA
  • Qualification proof of the highest professional degree.
  • Proof of continuation (Trade licence /Establishment /Sales Tax certificate)
  • Other Mandatory Documents(Sole Prop. Decl. Or Cert. Copy of Partnership Deed,Cert. Copy of MOA, AOA & Board resolution.)
  • Proof of Admission to a recognised Institution.
  • Photographs.

Other Charges : Education Loan

Documentation Fees

Upto 1 Lac Loan Amount: Rs. 850

>1Lac <=2 Lac Loan Amount:Rs.1100

>2 Lac<=3 Lac Loan Amount:Rs.1400

>3 Lac Loan Amount Rs.1650

Insurance Charges

Upto 1 Lac Loan Amount: Rs. 825

>1Lac <=2 Lac Loan Amount:Rs.575

>2 Lac<=3 Lac Loan Amount:Rs.875

>3 Lac<=5 Lac Loan Amount:Rs.1125

>5 Lac<=7.5 Lac Loan Amount:Rs.1495

>7.5 Lac<=10 Lac Loan Amount:Rs.1995

 

 

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