IDBI Bank -Education Loan

12 0 Education Loan

Abroad Courses

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.

Provided study loan amount in India : Upto 10 Lakhs

Provided study loan amount in Abroad : Upto 20 Lakhs

Eligibility :

For UG Courses : Min. 75% in +2 stage. For PG Courses : First class in UG courses.(In addition to the above, for foreign universities, TOEFL, GRE, GMAT scorecard and I-20 admit card are essential). For Indian Universities :Not more than 30yrs. For International Universities :Not more than 35yrs.

Maximum loan amount :

Study in India-Rs.10 lakhs

Study Abroad -Rs.20 lakhsLoan 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

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

The repayment of loan to begin after the course period + 1 year or 6 months after getting a job, whichever is earlier. The loan to be repaid within 5-7 years (maximum tenor 84 months) after commencement of repayment.

Interest Rate :

Upto Rs 4 lacs : BPLR – 1% p.a (12.25%).Above Rs 4 lacs : BPLR p.a. (13.25%)

Re-Payment :

Collateral Security

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.

http://www.idbi.com/products/educationalloan.asp

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