IDBI Bank

IDBI Bank’s Educational Loan

Objective of the Scheme :

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 services to choose from and easy repayment options, IDBI Bank makes sure you get complete financial backing. However, the facility is also being offered to the meritorious students secured admission through Management Quota.

Eligibility of the Student  :

  • The student should be an Indian National
  • The student  should have secured admission to a higher education course in recognized institutions in India or Abroad through Entrance Test / Merit Based Selection process after completion of HSC ( 10 plus 2 or equivalent ).

Studies in India :

  • Graduation courses: BA, B.Com., B.Sc., etc.
  • Post Graduation courses: Masters and 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.

Studies over a Wide Area :

  • 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.

Eligible 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 competent local aviation / shipping authority should recognize the Institute.

Liability of Finance :

Expenses allotted for the Loan :

  • 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, if insurance cover sought

Quantum of Finance :

  • Study in India- Rs.10 lakhs
  • Study Abroad- Rs. 20 lakhs

Margin :

Upto Rs. 4 lac - Nil

Above Rs. 4 lac

  • studies in India - 5% of the total course expenditure
  • studies abroad - 15% of the total course expenditure
  • studies partly in India and partly Abroad : 5% of the total course expenditure

Rate of Interest :

Loan amount

Rate of Interest (RoI)

Loans qualifying as Priority Sector Lending( PSL ) :

    Up to Rs. 10 lakhs for studies in India

    Up to Rs. 20 lakhs for studies Abroad

BR+1% ( currently 11.25% )

( Floating )

Loan amounts not qualifying as Priority Sector Lending( PSL ) :

    Above Rs. 10 lakhs for studies in India

    Above Rs. 20 lakhs for studies abroad

BR+2% ( currently 12.25% )

( Floating )

Repayment Period of the Loan :

The repayment of loan to begin after the course period + 1 year or 6 months after getting a job, whichever is earlier.The maximum repayment tenor starting from the date of commencement of EMI are as under:

  • For loans up to Rs. 7.5 lakhs: up to10 years
  • For loans above Rs. 7.5 lakhs: up to15 years

For more Details, Kindly refer the following link :

http://www.idbi.com/education-loan.asp

IDBI Bank’s Premier Educational Loan for IIM's, IIT's, ISB

Objective of the Scheme :

IDBI Bank provides loan for students who’ve got admission and also those who are studying at premier institutions like India Institute of Technology, Indian Institute of Management , Indian School of Business can avail of IDBI Bank’s premier education loan at a preferential rate of interest. Read through for more info.

Eligible Courses :

Full time professional and technical courses offered by the Premier educational Institutions of the country

Liability of Finance :

Margin :

  • Up to Rs. 4 lakhs : No Margin
  • Above Rs. 4 lakhs : 5% of the total cost of the course

Moratorium :

Duration of the course period plus one year / six months after getting a job whichever is earlier

Processing Fee / Mortgage Charges :

No Processing Fees to be charged

Loan Amount :

Maximum loan amount up to Rs. 20 lakhs

Rate of Interest :

The rate of interest to be offered is the prevailing Base Rate of the bank.

Repayment Period of the Loan :

  • For loan amount up to Rs. 7.5 lakhs : 10 years
  • For loan amount above Rs. 7.5 lakhs : 15 years

For more Details, Kindly refer the following link :

http://www.idbi.com/education-loan-premier.asp

IDBI Bank’s Educational Loan for Management Quota Students

Objective of the Scheme :

IDBI Bank now offers education loan even to students who have got admission to professional colleges through management quota. Read through to know more and apply

Eligibility of the Student  :

  • The applicant should be an Indian citizen and residing in India.
  • Confirmed admission through Management Quota since he / she has not qualified for admission under merit quota.
  • The courses should be offered by any educational institute / organisation located in India and having the approval of the concerned statutory authorities like AICTE, UGC, etc.

Liability of Finance :

Quantum of Finance :

Maximum loan amount to be restricted up to Rs. 10 lakhs.

Margin :

5 % of the total cost of the programme irrespective of the loan amount and place of study.

Moratorium :

Duration of the course plus six months. Simple interest to be charged during the period of moratorium.

Processing Fees :

1.00 % of the loan amount applied subject to minimum of Rs. 1000.

Rate of Interest :

BR+3.50% ( currently 13.75% )( Floating )( at present BR is 10.25% p.a. w.e.f. February 1,2013 ) irrespective of the loan amount.

Repayment Period of the Loan :

In 84 EMIs excluding moratorium period.

For more Details, Kindly refer the following link :

http://www.idbi.com/education-loan-management-quota-students.asp

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