IDBI Bank Education Loan Scheme – get students loan details from IDBI Bank and how to approach techniques. Know about Eligibility criteria, education loan interest rates in IDBI Bank & documents required.
Also find the relevant details of maximum education loan amount, courses which are eligible to get Study loan. Information is given below,.
IDBI BANK—EDUCATION LOAN
Purpose
IDBI bank aims in providing financial loans for students who are aiming to pursue their higher education in India/Abroad.
[Useful: C Programming Guide] & [Study Abroad Guidance]
IDBI Bank’s Eligibility criteria for students
- Nationality should be Indian
- Students should have secured admission for any professional or technical courses through entrance test or should have secured admission from any reputed Abroad universities or institutions.
Read: Eligibility criteria for getting Education Loan
Eligible course For Study loan
a) Courses in India
- U.G or P.G courses conducted by AICTE/IMC/UGC,.
- Regular courses or diploma courses conducted by major autonomous institutions,.
- Regular courses/diploma courses such as Pilot training, shipping, Aeronautical,. approved by Civil Aviation/Shipping.
- Teacher training/nursing courses approved by Central or state Government.
b) Study Abroad
Job related professional or technical U.G courses or P.G courses such as MS, MCA, MBA,. offered by major universities.
Must Read: Case study on Education Loan
Expenses covered
- College fee and hostel fees,
- Lab fee, uniform fee, book fee and examination fee,
- Computers or laptops purchase,
- Other expenses like Travel expenses[Abroad only], study tours[IV], project work,
Related: How to approach a bank for education loan?
IDBI Bank’s Maximum loan Amount
- Studies in India - Rs. 10,00000
- Study in Abroad - Rs. 20,00000
IDBI Study loan Interest rates
Studies in India:
- For Up to Rs. 10,00000 : BR+1% (Now 11.25%)
- For Above Rs. 10,00000 : BR+2% (Now 12.25%)
Study Abroad:
- For up to Rs. 10,00000 : BR+1% (Now 11.25%)
- For Above Rs. 10,00000 : BR+2% (Now 12.25%)
Read: Top 5 Degrees Preferred by Indian students
Security Documents for Education loan
- Up to Rs. 4,00000 - No security required,
- For Above Rs. 4,00000 to Rs. 7,50000 - Third party guarantee
- For Above Rs. 7,50000 - Security in the form of Land or building.
[Useful: Complete Education loan guide] & [Career Guidance for all]
Repayment of Students loan
- Loans up to Rs. 7,50000 - 10 years.
- Loans above Rs. 7,50000 - 15 years.